Whether you want to update your kitchen, redo your bathroom, finish a basement or do some other home renovations, budgeting for a remodel can be tricky. Here are 3 ways to help you determine your home remodeling costs.
STEP 1. CREATE A BASIC LEVEL-SET BUDGET
In order to get an idea of what your home remodeling costs may be, it’s a good idea to start with a basic, and broad, budget checklist. The idea is to list out all the major renovation components in a general way to figure out if your project requires a $70,000 budget or a $700,000 one.
So, how do you do that? First, start by chunking out the various aspects of your remodel. If you want to do a whole home remodel for example, one chunk would be the kitchen. Another chunk would be the bathroom. The deck may be next, followed by the exterior siding and so on. Separate out each major space to be remodeled then start assigning budgets to them.
In order to gather some of those budget figures, you’ll need to do some research. Find some pricing for a few different finishes and fixtures you like As well as appliances and added features you may want as a part of your project. Maybe find some inspiration on Pinterest where home owners post photos of their remodels with their associated costs so you have an idea of where you might land. If you are located in the Reno and Sparks areas in Northern Nevada, you can check out our Pricing page that will give you ranges of various projects in our area.
Once you’ve got some general costs for each chunk of your project, add them all up in order to produce an initial budget estimate for your overall remodel.
Stepping back and building out a basic checklist can help give you an idea of whether your project falls within your budget or if of what you’ve got in mind far exceeds the funds to pay for it.
STEP 2. DRILL DOWN TO THE DETAILS
After you’ve determined your basic home remodeling costs, the next step is to start focusing on the details. By this time you should know whether the general budget you had in mind will cover the cost of your project. But in order to develop an accurate picture of all the costs that may go into your remodel, this step is crucial. In order to start filling in those detailed costs, you should consider working with a professional contractor or design/build firm. Most contractors you will work with will have these resources or be able to connect you with someone who can help.
DO A DESIGN CONSULTATION
The design consultation is aimed at helping to identify each budget chunk in order to determine what is and isn’t possible within the desired budget range.
The consult includes specifically discussing and mapping out your remodel with our designer. It’s one thing to have line items for different aspects of your remodel, but discussing individual design elements and how they may relate to your space(s) will firm up most remaining budget questions. For example, this phase could reveal an additional wall you may want to remove or an extra element you want to include.
Your designer will work with you to build a detailed plan, including renderings, measurements, finishes, and more, so you not only know what your remodel will cost, but also where and how your dollars are being spent.
STEP 3. WORK WITH YOUR CONTRACTOR TO SET A BUDGET FOR THE PROJECT
Once you have all of the details hammered out and know which finishes, appliances, fixtures, etc. you want, it is time to relay the information to your contractor. From here, your contractor will be able to determine if everything on your list of desired items will be able to included under the budget that you have created. Many times, home owners under estimate the cost of a remodel as a whole and get "sticker shock" when the contractor comes back with a number that exceeds the budget number they had in their mind.
Keeping lines of communication open with your contractor and working together to change aspects of the job to stay in budget are crucial and will allow for you to get as close to your desired outcome as possible without veering too far away from your budget. Your contractor in most cases will come back with an "all in" number basically stating their number is what they anticipate the entirety of the job will consist of with some clauses in their contract stating something along the lines of "this is our cost to bring the job to completion however, if we happen to come across something that requires attention, a change order will be issued and the cost will be added to the total of original scope." This is normal and will happen on larger scale jobs such as kitchen or bathroom remodels.
If you are located in the Northern Nevada Reno and Sparks areas and are interested in getting a remodel done on your home, contact Paramount Craftsman Services today to speak with one of our experts and learn how we can Bring Your Vision To Life.
You can learn more about Paramount Craftsman Services by clicking here.
Sourced information from: Lamont Bros
Comments