Page 6 - Marwood E-Book
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                                                 Developing a Budget

               This is not a task that requires you to get sheet rock prices or square foot unit pricing,
               although that will assist you greatly. This is a process of looking at key product components
               such as cabinets or plumbing fixtures or appliances and once again determining what is
               most important to you. These products are what drives a $25,000 kitchen remodel to
               $50,000 or even $100,000. Will it be marble or wood instead of ceramic tiles or Viking
               Appliances over Thermador? It is the product selection that drives the budget.

               After you have determined your preferred products for your wish list areas, you can
               evaluate your renovation expenditures requirements easily with a plus or minus 25%
               contingency factor. This will provide you what is called a "Cost of Magnitude" for the entire
               wish list. Now you can start studying  your wish list priorities and considering the financial
               impact of your global wish list plan. This is often where homeowners choose a kitchen over
               a bathroom remodel or a outdoor living area over a swimming pool. They fully understand
               that if their finances do not allow them the luxury of the entire wish list at one time, they
               can plan various remodeling phases over a period of time.

               What's important at this stage is that you are now better prepared to start your research
               for the design and renovation team.

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