Remodeling your home is a great way to add value and it can be tricky to predict the costs. You want to make sure that you aren’t overspending and that you’re keeping the costs at a reasonable level, which is not so easy at all!
Though the remodeling projects would cost you a bit, they are indeed some of the best ways to add value to a home. If you are worried about the cost of your renovation then keep reading to see some of the best ways to estimate the costs of your renovation.
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Start with a plan
If you want to keep your renovation costs in check then you need to make a plan and a budget so you don’t start to go overboard. Go through your finances and figure out the money that you have available for your remodel so you can plan accordingly. You should also start making a list of what needs to be redone and what you’d like to have redone if there’s space in the budget.
Figuring out the cost of different plans will largely depend on things like your timeline, your overall budget, and how extensive you need the remodel to be. If you need something to be done as soon as possible or as complex as possible then you might end up paying a bit more to your contractors. Once you’ve nailed down what you need to be redone, when you need it done by, and how much you’re hoping to spend, then you can start looking at how to get it all done.
Ask people
After you’ve decided on a new roof or kitchen, you need to start asking around to see what the prices are like for your area. Asking a company directly means they are providing you with a professional estimate that’s usually based on what they think the job will need. This is great but some devious companies provide customers with much smaller estimates in order to draw in their clients while providing them with a higher cost upon completion.
Asking people you know (or locals in online groups) for their experiences with specific companies can sometimes provide you with a better insight and approximate cost than asking the company. They have nothing to lose by giving you their honest experiences and the truthful cost of their home renovations. It’s one of the best ways to find companies that will provide you with quality work at an honest price.
Get technical
If you have a large number of jobs in one room that is impossible to get an approximate cost for then look into using an online remodeling calculator. This website allows you to put in information like the room type, the things you want to replace, the project size, and the material quality you’d like, along with choosing the region you are in to give you an approximate cost of the remodel.
The website uses an algorithm to figure out all of the costs that are needed at once based on the approximate cost that year for things like labor and materials. It’s not 100% accurate but it’s a great way to estimate how much each room is going to cost without doing too much math.
Talk to a professional (or two, or three!)
If you’ve found that your property requires quite a bit more work than you thought then it might be time to look for a trusted contractor. Ask friends and neighbors for recommendations and find a contractor that will be willing to come by and look at what needs to be done. To get the best approximate cost, you need to talk to more than just one contractor.
Getting a few more in there to have a look at your home and give you a bid is the best way to get an idea of what the cost will actually look like. Even if the numbers they each provide you with are vastly different, you can still look at the average cost between them to give yourself an idea of how much the entire renovation will end up costing.
Start chopping it down
Unless you get everything you need for the exact price you’re looking for (luck you!) you will likely need to start making some hard decisions once you start figuring out what the total will likely look like. Go back to the list that you made at the beginning of your plan and make sure you have everything that needs to be finished first covered before you start on your wants.
Unfortunately, construction jobs often come with unexpected costs that you should try and factor into the budget so you don’t wind up out of money. It’s hard to estimate how much extra you’ll likely need but putting aside a slush fund of 10% is a good start. Things like mold, water damage, and termites can wipe out your remodel budget completely so it’s best to have something there in case you get a nasty surprise.
Estimating the cost of your remodel can depend on so many factors but luckily, there are a few ways to get a rough estimate. As long as you plan ahead and do your research, you will likely end up with a remodel that is close to the estimate you made.