There are issues with the supply chain across the board as I'm sure you're well aware. Even housing is in very short supply in this current real estate market and with that, many homeowners are opting to hunker down and make improvements to their current homes to better serve their lifestyles without a big move involved. If that sounds like something you'd be interested in, but you have no idea where to put your budget to best use, we have a few ideas to pass along to make sure you're using every penny in the best way for you!
If you have $25k to invest: For a living space, I would recommend that you put a nice chunk of that money in your big furniture pieces - be it a sofa and armchairs or a sectional. Well made window treatments and a media cabinet are also worthy investments because they will last much longer and use your budget efficiently long term. Lighting and rugs could be a splurge or save item while smalls like cabinet hardware, accessories and side tables can be found for lower price points.
It makes more sense to focus on the things you touch and use every day like finishes, cabinet hardware, and big furniture, while staying with the same footprint. No architectural changes would make sense in that budget, but don't underestimate the power of new paint or wallpaper in your space! Depending on the size of your space, another project you could consider for this particular budget is updating your flooring selection.
If you have $50k to invest: For this budget, you could redo a living room and dining room, maybe even a powder room together, depending on the size of the spaces. You would have the means to do just a primary bathroom as well (again based on size), with upgrades in the shower (think second shower head), a freestanding bathtub perhaps, custom cabinetry, and upgrading finishes. Remember to factor in design fees in your budgets (we obviously recommend working with a designer for large renovation projects to keep the process streamlined and make your design dreams come true)! Cosmetic changes in a small kitchen renovation could also be done within a $50K budget, if you are reusing major appliances and keeping the same footprint.
If you have $100k+ to invest: You could outfit an all new kitchen with new appliances, cabinets, the works depending on level of finishes! You could also work on an exterior update in the front or backyard with landscaping (we're working with a client on an amazing pool house right now), or a fantastic primary bedroom and bathroom update! You could also expand on the previous example of living room, dining room, and powder bath, factoring in structural layout changes as well.
A FEW MORE TIPS
Spend more of your budget on things that are difficult to replace. Hard finishes like countertops, tile, cabinets, and flooring are typically large parts of a renovation budget. These items are not easily removed and will be the workhorses of your kitchen and bathrooms. Less money spent on these items usually translates into lower quality, which can mean replacement earlier than expected. Plumbing fixtures also fall into this category of spending more on better quality fixtures made with better raw materials. Believe me, you won't be patting yourself on the back about saving $100 buying a faucet on ebay only to have it fail in a few years and flood your kitchen or bath.
Invest in your design team early in the timeline. Space planning is crucial to get right from the beginning, and that happens much more frequently if you have an architect + interior designer on board to guide you through that design process. If you're looking to start a project within the next year, we recently went into exhaustive detail as to why you should be hiring your team now here in this post.
DO NOT skimp on a contractor! We go into a lot more detail here about How to Search for a Contractor Your Next Project. Have a read and come back if you have questions!
Still have more questions? Check out these blog posts for more insight behind the renovation process!
If you'd like our help with your upcoming renovation, please fill out our inquiry form!