When planning for a home remodel, it is always vital to budget out your project. But how do you calculate your remodel costs? Every project will be unique, so it can’t be as simple as punching in a few numbers. However, a little planning ahead can go a long way. This article will cover some important steps to take to help calculate your remodel costs.

Have a Clear Remodel Plan in Mind

What rooms are you looking to remodel? What upgrades are you planning on adding? Do you need to replace appliances? These questions can be a good place to start. Make a list of must-have upgrades as well as your nice-to-haves. Be prepared to compromise on some that don’t fit your budget. This will help you prioritize where to spend.

Additional Cost Factors for the Remodel

Many factors can add to the cost of your remodel. For example, you may need to budget for permits or inspections. This can be especially important for making additions to your home. Basement renovations can be especially prone to needing inspections. Temporary living arrangements can also be a factor. If you are remodeling more than one room or losing access to your bathroom(s) for multiple days, you may need to make alternative plans, such as hotel accommodations.
You should also try to budget at least 10-20% extra just in case. Additional material costs, repairs, and other unexpected costs may come up during a remodel. It is a good idea to set aside money for just-in-case situations.

Plan for the Long-Term

When choosing your upgrades and where to spend your budget, choose long-term investments. Spending a little more for more durable materials can make a major difference. Cheaper materials can save you money now, but will need more investment in the future.

Get More Than One Estimate From a Licensed Contractor

A professional, licensed contractor can help you estimate your budget more effectively. However, it is always a good idea to get more than one estimate. Detailed & itemized pricing quotes from reputable contractors can give you a good range for remodel costs.

Choosing the Right Contractor

When it comes to choosing a contractor, you don’t always have to go with the lower bid, either. Experience, reputation, quality of work, and turnaround time can all be additional factors to consider when hiring. You should also ask if they will be subcontracting any work. Subcontracting is not a bad thing, but it can come with additional costs. Subcontracting can often allow you to get specialized labor for specific aspects of your remodel, such as plumbers or electricians. But make sure they are hiring licensed professionals.

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