Why Do Remodels Go Over Budget?

Comment by The AQK Team on July 24, 2017

Why Do Remodels Go Over Budget?

 When you plan a project around your house, you probably set a budget. If you’re like most of us, it’s a pretty strict budget.

 

For big projects like kitchen or bathroom remodels, you need a bigger budget, understandably. But when you have these bigger projects, if things go wrong the budgets tend to get a little messed up.

 

Going over budget on a remodel isn’t a rare occurrence. But the question is, why does it happen so often? And how can you avoid it?

 

You have champagne tastes, but you set a beer budget.

Or at least a mid-range wine budget.

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This is the most common reason remodels go over budget.

 

When you make your budget, you have a strict plan for yourself and your remodel. But once you get caught up in everything and you start to see your project come to life, you’re more willing to splurge. You start to pick more upscale products and more expensive finishing touches. All of this adds up to you going over budget. Sometimes, by a lot.

 

So where exactly do things go over budget?

 

  • Custom cabinets. While stock cabinets can cost around $50 a square foot, custom ones can rack up almost 2 grand for the same amount of space!
  • Special features like wine racks or a knife drawer. Once you get done adding all the cool features and fun knick-knacks, you can kiss your budget goodbye.
  • Countertops. There is an absolutely huge range of countertop prices because materials can differ so greatly. Maybe you go into the remodeling process thinking you want a plastic laminate countertop but fall in love with a quartz one. This will significantly impact your budget.

 

You have not-so-great karma

One of the things you have no control over when it comes to busting your budget? Structural issues.

 

Call it what you will: fate, karma, destiny. But you can’t control it, and often you can’t foresee it either.

 

Anything from termites to unknown water damage to a faulty ceiling can seriously destroy your budget. When you discover these issues, you have to fix them. There’s usually no way around it.

 

That’s why we recommend that 15-20% of your budget is reserved for this kind of surprise!

 

You’re fickle

Something that you kind of have control over when it comes to your budget? Changing your mind after the project starts, or not picking out everything beforehand.

 

If you don’t pick everything out–tiling, cabinets, the finishing touches, EVERYTHING–you can bust your budget big time. Things will cost more on short notice and you may mess up the schedule and take longer, all which adds up to saying bye-bye to your budget.
why do remodel go over budget

So are you doomed to fail?

⅔ of projects go over budget. Less than 5% come in under budget. So are you basically destined to blow your budget?

 

Not necessarily. Especially not with our team of expert planners on your side. Give us a call today and we’ll find the perfect budget for you.

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