Thinking of renovating, but you’re not sure what things will cost or what a realistic budget is? When it comes to renovating, there’s always hidden costs that aren’t always thought of. We’re going to breakdown how much your renovation is going to cost in this article.
The best thing to do is think about what you are looking to do. If there’s potential in changing the structural integrity of your home, you’re going to want to consult a contractor and an architect ASAP. Never start tearing down walls until you’ve spoken to a professional. Especially if you have a multi story home. Additionally, structural changes can be quite costly if you’re looking to remove walls.
Who Should I Hire?
Once you’ve consulted a contractor and/or architect, reach out to an interior designer. Your biggest advocate is going to be your interior designer. They’ve built a reputation with various vendors and have access to discounts and pricing insights general consumers won’t be aware of or have access to. Additionally, Interior Designers typically save you money in the end as you’re not only paying them for aesthetic purposes. You’re also trusting their years of experience and knowledge for coordinating all the fine details of your renovation that you may never think of.
Reviewing Proposals
Okay, so we’ve consulted the appropriate people and have the design put together, now lets talk about cost. If you have a budget, double it. Yes, this is not a joke. With the amount of DIY and quick construct TV shows on these day’s, your budget probably isn’t enough for everything you’re looking to do. It’s unfortunate, however these shows are extremely inauthentic and don’t represent quality or the reality of the construction industry. If you’re basing your budget off of these shows, it’s not going to work out in your favor once you start renovating.
Trust Your Interior Designer!
What will get you the most realistic budget is working with professionals in your area. Your interior designer is going to get you the most cost effective pricing on materials so always use them as a resource for that. They have an endless supply of vendors and are willing to get you what you want for the price you are comfortable with. Your contractor wont be so generous. In terms of construction, reach out to a few different general contractors for pricing as this will gain you a better understanding of what your renovation will cost.
Do Your Research!
After you have a few ( I recommend at least 3) construction proposals, make sure you’re reviewing the details so you’re able to compare apples to apples. ie, if one contractor is estimating installing engineered hardwood vs hardwood, that’s not apples to apples. Keep in mind, different materials have different install costs. Once you’ve reviewed and all check out to be comparable, but the pricing varies, don’t just go straight to the lowest bid. I can’t stress this enough. While lower bids look enticing, always do your research.
I had a client choose a contractor merely based on the fact that they were $100,000 less than the other 2 bidders, and didn’t bother doing any research of the company. My client received just what they paid for. The project took 3 times as long as it should have because the general contractor wasn’t paying their subs, and they didn’t know what they were doing. Another general contractor had to be brought in to finish the job, which ending up costing the client more in the end.
There are ways to avoid this by asking for references, seeing past project photos, and looking for online reviews. Now, online reviews only mean so much, so don’t let this hold the most meaning when choosing a construction company. Keep in mind, people are more likely to want to complain online, than write about something that went really well.
Also focus on who’s been enjoyable to work with during the bidding process. Who’s been the most communicative, who has taken the time to ask questions, and who provided a detailed proposal? These should all play a role in your decision as this is a very good representation of how the project will go.
Be Realistic
With all of that being said, if you’re considering a renovation, double the amount you think it will cost. Especially if you want something custom and well designed. Kitchens and bathrooms are the biggest items that will cost the most. Kitchens average $70,000+ while bathrooms start at around $40,000+.
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