{"id":779,"date":"2019-04-15T21:54:54","date_gmt":"2019-04-15T21:54:54","guid":{"rendered":"https:\/\/theme.visualmodo.com\/politic\/?p=779"},"modified":"2019-10-21T23:12:23","modified_gmt":"2019-10-21T23:12:23","slug":"how-to-set-a-home-renovation-budget","status":"publish","type":"post","link":"https:\/\/theme.visualmodo.com\/realestate\/how-to-set-a-home-renovation-budget\/","title":{"rendered":"How to Set a Home Renovation Budget"},"content":{"rendered":"
Ready for a kitchen renovation? Anxious for a bathroom remodel? The easy part is knowing your goal for home remodeling \u2014 whether you\u2019re trying to keep up with your growing family, add office space, or increase your home\u2019s value. But figuring out how to plan a home renovation that doesn\u2019t break the bank can be tricky. Here are five key\u00a0steps in planning your home remodeling project.<\/p>\n
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As a general rule of thumb, you should spend no more on each room than the value of that room as a percentage of your overall house value. (Get an\u00a0approximate value of your home\u00a0to start with.)<\/p>\n
For example, a kitchen generally accounts for 10 to 15 percent of the property value, so spend no more than this on kitchen renovation costs. If your home is worth $200,000, for example, you\u2019ll want to spend $30,000 or less.<\/p>\n Something else to keep in mind: Contrary to popular belief, kitchen renovations offer among the lowest return on investment, according to analysis from\u00a0Zillow Talk: The New Rules of Real Estate<\/em>. Every dollar you spend on a kitchen remodel increases the value of your home by 50 cents. The highest return on investment? A mid-range bathroom remodel.<\/p>\n If you plan on borrowing money to fund your home renovations, there are several loans<\/a>\u00a0out there to help with just that.<\/p>\n2. Consider home remodeling loan options<\/h2>\n
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