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Estimating Renovation Costs

Home Building
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Estimating renovation costs is key to any successful remodeling project. Renovating a home can be a crucial step towards finally living in your dream home or towards making an investment in a property that will be sold in the future. To make this happen, you must seek the services of a contractor or renovations company to provide you with an estimate of the renovation cost and how much time will be needed to complete the job.

Estimating Renovation Costs

The planning stage of any renovation project is very important. Plan the project with your architect and contractor. Renovations can be a simple task as long as you have a complete understanding of your home’s structure, including its electrical and plumbing systems. The more comprehensive and detailed your plan is, the more accurate the estimate will be.

To effectively arrive at an estimate, you and your contractor will need to make a list of everything that will be done for the renovation. This list should cover all the upgrades that will be done on a particular room. Give an allowance to each estimate that you make. It is always better to inflate it a bit rather than go short.

To make the calculation of the estimate easier and quicker, make an assessment per room instead of the entire house. If you want the renovation to focus on certain rooms with a corresponding budget, it will be more efficient to estimate the costs for each room.

Also provide allowance for the additional work required for the renovation project. For instance, the work needs to adhere to building codes and regulations. Consider the permits you have to obtain and the corresponding fees. Include these costs in the estimate.

Determining the prices of the materials to be used is an important part of the estimate –this is actually the bulk of the cost. Your contractor will send his staff to canvass for the materials from their network of distributors and suppliers. This way, they can obtain discounts on some of the materials. With their knowledge and experience, they can not only help save you money on materials but they can also provide you with the most accurate estimate for the renovation costs.

For DIY projects, cost estimators are available online that will assist you in estimating the costs of your renovation projects. Such websites are very simple to use. The tool consists of drop-down boxes where menus of potential projects and design options are available. Simply select your choices and an estimate will be provided in seconds. Aside from convenience, this tool gives you the ability to be creative in tailoring your project according to your budget and taste. You can opt for more practical remodeling ideas or indulge on luxurious designs. The design possibilities are endless, so whether hiring a contractor or doing the estimate yourself, careful planning is key when estimating renovation costs.

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