Finalize Remodeling Budget

Finalize Remodeling Budget

Step # 35 in the Remodelormove.com Kitchen Remodel Planner

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With a finalized design you can finalize remodeling budget with a high degree of confidence.  There are many people who recommend budgeting an extra 20% for the unexpected when remodeling – this is good advice but not necessary if you have prepared thoroughly with a design and a budget

Finalize Remodeling Budget

Budgeting an additional 20% for the unexpected when remodeling is necessary for homeowners who embark on a remodel without a complete design, without all the materials selected and without a fixed bid from a contractor.  I would even argue that you can not even have a realistic budget without these things in place so the preparing for as much as 20% over your original estimate is wise – and even smarter would be to prepare for 30% or even 40% additional expenses beyond your initial estimate based on minimal information.

It is so easy to exceed your original estimates when you consider that materials for a kitchen remodel vary a great deal – a faucet can be $30 or $300 or $1000, countertops $20 to $200 a square foot, flooring $3 to $30 a square foot – examples abound for a huge range in prices.  Labor varies a great deal as well depending on who you hire – contractors all charge different amounts for completing the same project.

It is possible to take your initial remodel cost estimate and create a detailed – accurate budget and then complete your remodel at exactly that price.  If this is the approach you prefer here are the 5 easy (well not so easy but doable) steps.

  1. Create an initial remodeling cost estimate with details for materials and labor
  2. Develop your design and select your materials – always updating your initial estimate
  3. Work with a designer/contractor to finalize your design and material selection
  4. Once you are satisfied with the design and material selection give the contractor a detailed request for quote and request a fixed bid proposal to do the work materials and labor included
  5. Hire the contractor based on their fixed bid proposal for materials and labor
  6. Do not give more than $1000 deposit and do not pay for work or materials before work is complete/materials are installed.