What Will my Remodel Cost?
May 02, 2014
I get this question all the time and the answer I give most often is “it depends.” I like to equate this question to “How much will my vacation to Europe cost me?” There are so many details I would need to know. What countries do you plan to visit? Are you going to fly non-stop? How are you going to get from country to country? Do you want to stay in 5 star hotels or 3 star hotels? And, the list goes on. Just like with vacation planning, there are many questions that will help to define the cost of a remodel, home renovation or new home construction.
“Can you ballpark my remodel cost?”
So, then I’m asked, “Can you give me a ballpark figure?” I can easily give a broad range, but often this is not the answer they are looking for, especially when the answer I provide is “between $100,000 – $200,000.” I once gave a ballpark to a prospective customer and in the end when they decided to do the project two or three years later, they thought the price range I had thrown out was my estimate. So, I am very careful about the numbers I provide early in discussions. For a finished basement, depending on the scope (with or without a bathroom), I can usually estimate pretty closely what it will cost. Similarly, I can provide a decent ballpark estimate for a kitchen remodel that remains within the same footprint.
The value of the initial consult
For a more complex project, a reputable contractor will set up an initial meeting in your home. This is the opportunity for me to begin my questions. One of the first questions I ask a prospective customer is, “what is your budget?” Perhaps you don’t have the project fully defined or have a formal plan, but I am sure that you have thought about how much you want to spend or how much you have set aside for the project. In general, I think some folks are afraid to give me that number, but when a customer is open with me early in the process, it makes for the most productive conversation. Wouldn’t you like to know up front that what you want is not realistic given your budget?
I will ask questions and listen and get a sense of the scope of the project relative to the anticipated budget. Maybe you have a $5,000 budget and you have described $20,000 worth of work. So this is where I dig a little deeper. A customer may have in mind what he or she wants to do, but what I really want to do is understand the function of your home and existing space and why you want to embark on this project. For example, “the kitchen is too small,” “the floor plan doesn’t flow,” “need more storage,” “fixtures are dated.” A good contractor is going to take into consideration what you are looking to accomplish in conjunction with your budget and make recommendations based on that budget. We would not want you to spend money on design costs for plans that you can’t afford. In some cases, you may already have a plan and this is where it gets a little tricky, especially if the plan was created without taking into consideration your budget.
Estimating the project
What is important to recognize is that coming up with an estimate requires a lot of time and effort. Once the plan is completed and you have identified your specifications, that’s when I can more closely estimate the costs of your project. Detailed estimates may be needed from plumbers, electricians, building material suppliers, etc., to arrive at a final total cost. It’s also important to recognize that there are always the unknowns and surprises for which you can expect to spend 10-20% more.
Like you would do with your travel agent for your European vacation, Raven Homes will partner with you to make sure your priority needs are met. We will guide you through the architectural design, budgeting and construction process to deliver your desired remodel at a cost that is not only within budget, but that realistically allows for that cushion for the unknown, much like the incidentals that you end up spending on your European vacation.
Let us know how Raven Homes, Inc. can help you with your next remodeling project by contacting us today.