Creating a budget for your home remodel
Are you planning a home remodel?
Whether you're looking to update just a few rooms or planning a complete overhaul, one of the most important steps is creating an accurate budget for your project.
There are a number of factors to consider when putting together a budget for a home remodel.
The first is identifying your goals & the scope of the project
Start by creating separate lists of needs and wants. Determine what you can’t live without, what you are comfortable spending, and your home’s value.
Other questions to ask yourself:
How many rooms are involved?
What kind of work will be required? For example plumbing, HVAC, electrical, etc.
How long will the project take? Will it require you to move out of the home?
Will your meals be interrupted?
“Get your bids after you know what the project is”
Once you have a good idea of the scope of the project, you can start estimating costs.
Materials and labor are the two biggest cost factors in most home remodeling projects.
MEET WITH CONTRACTORS & REMODELERS
Set up meetings with carefully selected, local remodeling companies and contractors. Provide an accurate scope of work and honest budget to see if it’s compatible. An experienced, professional contractor will provide honest feedback and costs for the proposed work.
The biggest expenses in most remodeling projects are materials and labor. The past few years have negatively impacted product availability and price. It is important to ask:
What is product availability like for the items needed?
How long is the quoted price accurate? With the rapidly changing markets, pricing may be subject to change.
COMPARE ESTIMATES AGAINST YOUR PLAN & BUDGET
Break out the wants and needs list you created at the beginning of this process.
Does your initial budget line up with your goals? Are there unexpected challenges involved in your project? What quality and skill level is needed?
“Are you hiring an installer or are you hiring an expert guide? The difference is worth the investment.”
Beware of low estimates
If you receive an estimate that is significantly lower than the others, it is probably too good to be true. Over 20+ years of business, we have heard our fair share of nightmare stories of people trying to cut corners and paying the price several times over. Discuss your concerns with a qualified contractor to find the right solution.
CONFIRM thE PROPER PERMITS & schedule
Not all remodeling projects require permits.
Rules vary widely from city to city and year to year. Discuss the proper regulations and responsibilities with your contractor. Failing to obtain permits can cost you in hefty fines, delayed or demolished work, and if you decide to sell your home.
Performance Construction is a qualified remodeling and roofing contractor located in Prior Lake, Minnesota.
We would love the opportunity to work with you on your next project.
Contact us today for a free estimate!