remodeling project budget template

Remodeling Project Budget

Step # 13 in the Remodelormove.com Kitchen Remodel Planner
(get your own free Kitchen Remodel Planner – click here)

 

With your original design ideas improved and clarified after meeting with a real estate agent and an interior designer you are ready to update your original remodeling project budget. If your plans haven’t changed that much and you are confident in your previouse cost estimates and budget then you can skip this step – but if your plans have changed or if you are ready to explore the cost details a bit more, which is always a good idea, the use the free calculators at www.remodelormove.com to estimate the cost of adding a bathroom or remodeling your entire home.

4 tips to getting the best – initial – remodeling project budget and cost estimate.

  1. Accept and learn from “conventional wisdom” about cost per square foot or cost of your project.  If you hear from a few contractors, real estate agents and knowledgeable people that your remodeling plans will cost $100,000..do not ignore them and stick with your $50,000 budget because there may be a very good reason why your project will cost $100,000.  It may be too early to get a final estimate but it is not too early to adjust your expectations to advice from knowledgeable people
  2. Materials typically account for 40 to 60% of a projects cost so understand when you pick out the $8,000 refrigerator, the tile for the bathroom that involves 6 or 8 different tiles and grout colors or the hardwood flooring imported from some far away country and can only be installed by 1 specific company you are making choices that are increasing the cost of your remodel significantly. So if the cost of your remodel is giving you sticker shock – look at the choices you are making to see if you can adjust them and make your budget and your goals better aligned.
  3. Labor is the other half of the cost for your remodel.  There is a 20 to 30% range in labor prices from different contractors and high labor price/high overhead costs and high quoted prices from a contractor does not mean they will do a better job than a contractor who quotes a lower price.  This is where it is important to talk with several/many contractors and really understand who you are confident will do a good job for you and why.  With this knowledge you can pick the best contractor for your project and one that will fit in with your budget.