Doing a SMART home remodel requires that you keep in mind the total cost of the remodeling project.
First, it is vital that you keep your finances in mind, as well as all costs involved in the remodeling process, in order to get to an understanding of the total cost of your home remodel. You need to carefully analyze your finances and all costs associated with your remodel to understand the total cost of the remodeling project. Recognize that this will be more than you put in for the contractor alone. This is why it is a good idea to keep track of your finances, the total cost of the project, and the incidental costs when you make the most decision about how you will pay for your home remodeling project.
Certain of the costs are often forgotten by homeowners, particularly when they are comparing the cost of moving to the estimated cost of doing the home remodel. The costs most often overlooked in home remodeling include:
· Design and planning costs—these are the costs of having to visit home improvement centers and stores in order to get ideas and understand the cost of certain items.
· The extra cost of upgrading from basic models of fittings fixtures and appliance.
· The extra cost of using high grade materials.
· The cost of the interest you are losing when you take your money out of savings to pay for the project.
· The cost of taking out a loan, including interest and other fees, if you borrow money to pay for the remodel.
· Money you save over one year through added water and energy conservation when compared to using less cost-efficient appliances.
· Any changes to the original plan will add to the cost. If you discover problems in the existing structure or change your mind on something, it will all add to the cost.
· Lost time from work will cost you money, especially if you take time off to do some work yourself or use vacation and family time.
· Increases in your taxes—this number will change when you increase the value of your home.
· Your insurance will increase during the remodel and afterward, when your home changes value. Bond costs must also be factored in.
· There may be overtime costs incurred that were not in the original plan.
· There may be extra costs due to damage to property, such as landscaping, and other factors.
· Other unplanned fees or fines.
There are a number of costs that can quickly add up. Many of these costs are not something the homeowner thought of when considering the total cost. If you use an organizer or planner, you will better be able to anticipate, assess and plan for what will ultimately be the final cost of the project.
Understanding what your cost will be is an important part of A SMART remodeling project. When you are planning your remodel, keep these steps in mind:
  • A final plan that is reliable
  • Safety is paramount
  • Move versus remodeling
  • A plan to interview the contractor
  • Right sized project
  • Total cost is taken into account
Being smart about A SMART remodeling project will give you a completed project that will be economical, efficient and meets the needs of your loved ones.