Diving into any construction project can cause anxiety, especially over how much you’ll need to invest. What your remodel costs, of course, depends a lot on the scope of the project. Remodeling one room is different from tackling multiple rooms or doing a whole house renovation, (though there are good reasons budget-wise to do everything at one).
The most important factor in planning any remodeling budget is knowing upfront how much you can invest in the project. You should determine not only the overall amount you wish to spend, but also how much you want to invest in each individual aspect of the work. That means prioritizing your family’s lifestyle so you don’t waste time or resources on features you don’t need or want. To help figure out what your remodel costs will be – and keep them within the budget you have in mind – it’s worth writing out a plan to guide you through the process.
You can’t plan a remodeling budget overnight, so the earlier you can get started, the better. It helps to speak to a design-build firm like ours to get a good idea of what you can get for the budget you have in mind. This can be a real time saver, as you won’t spend weeks or months with your heart and mind set on something that doesn’t make sense financially. Many new clients often aren’t aware of how much a kitchen, bathroom, or basement remodel costs, so an initial consultation can help keep you realistic about what you can achieve.
Scope of Work
It’s always important to think about the nature of your remodel as it pertains to the costs involved. For example, a remodel that involves structural changes usually comes at a higher cost than if you’re planning on a less complicated bathroom remodel. Be sure to look at the bigger picture when evaluating how much your remodel costs will be.
Though smaller projects involve working on less total square footage, adding in extras like new high-end appliances, utility upgrades, premium fixtures, and more can add up a higher bottom line. That’s the main reason a “price per square foot” rarely gives an accurate estimate of your true costs.
Understand Your Remodel Costs
Your plan for the costs of your remodel should take into consideration each aspect of the job. Hard costs like labor, materials, and fixtures, as well as soft costs like fees and appliances, all need to be included. A great resource for estimating what your particular project will cost is the Cost vs. Value Report put out each year by Remodeling Magazine.
Don’t be tempted to bring your remodel costs down by choosing cheaper materials, fixtures, or finishes. The old saw is as true in remodeling as it is elsewhere: you get what you pay for. Likewise, going with the lowest bidder to do your remodel can end up costing you much more in the long run if it means lower-quality work. Quality craftsmanship by an experienced company is always worth the investment if it gets you the beautiful home you’ve dreamed of.
The bottom line? The more homework you can do before starting a remodel design, the better you’ll be able to keep the costs of your project in line.
Follow these guidelines to develop your plan for the cost of your remodel and you’ll help maximize your return on investment and ensure your remodel is a happy and successful experience.
At J.T. McDermott, we know that budgeting for a remodel can seem overwhelming, but we’re here to guide you through the process. To learn more about how we can help you financially plan for the remodel you have in mind, schedule a conversation with us today. We look forward to meeting you!