This month on the T.W. Ellis blog we’re talking about planning your remodel. In our previous post, we discussed how you can prep ahead of time for the disruption of a remodeling project “Prepping for your Remodeling Project.”
This week, we’ve got advice on budgeting your remodel, with six tips on how to manage that process.
1. Get a rough idea
Unfortunately, it’s not as easy as saying “X dollars per square foot.” We have some general information on our Home Remodeling Estimates page. Plus, there are some online resources that can be helpful when setting an initial rough budget. One of these is the annual Cost vs. Value Report produced by Remodeling magazine. It offers estimates for the average project in 22 categories in more than 100 markets.
Recognize that those are averages and every project is different. That’s especially true when it comes to remodeling. There are demolition costs, unique situations of the property or home and other challenges that aren’t present in new construction.
When researching costs, don’t forget factors like delivery costs or sales tax. That 6 percent sales tax may not seem like a big deal on a pair of shoes, but when you start talking about thousands of dollars in appliances, cabinets and fixtures, it adds up quickly.
2. Know what you can afford
Now that you’ve done your initial research, it’s important to have at least a round figure in mind. You also should know how you intend to pay for the project. Are you paying cash, taking out a home equity line of credit or some other type of loan? How much are you comfortable spending on the project?
3. Talk to your remodeler
A professional remodeler is going to be able to identify most of those challenges ahead of time and help you accurately plan for your project. Our consultative approach will help you accurately plan for your project. We can help you figure out if the budget you’ve set is realistic or if the project needs to be adjusted.
4. Think design/build
The best way to avoid problems is to work with a design/build remodeler like T.W. Ellis. With the design/build model, the architect and remodeler are on the same team, working together throughout the process. That means more efficiency, and practical designs that can be built to fit your budget.
5. Establish priorities
Know what is important to you. Our goal is to get you everything you want, but you may have to make some cuts to hit your budget. What is going to be essential to your happiness and what can you live without? A good designer is also going to be able to help you come up with some alternatives to save money.
6. Set aside money for surprises
No plan will capture everything. As just one example, a bathroom remodel may discover mold behind the shower. Older homes often will have other surprises hidden in the walls, such as poor insulation or bad wiring. A general rule of thumb is to set aside an additional 10 to 15 percent of the project cost for these unexpected expenses. Ready to plan your project? T.W. Ellis is here to make sure you get the best remodel to meet your needs, at a fair price. Contact us today to discuss your next remodel!