Estimating a Renovation Fee Before the Renovation

By February 3, 2017Blog, Renovation Resources

When starting a renovation project, figuring out the cost is one of the most daunting tasks. Estimating the renovation fee involved in remodeling your home, your office or your business can be stressful and make you want to tear out your hair. Thankfully, there are tools out there that can make the process easier.

Before starting your home remodel, you can estimate the cost your project by using an online remodeling calculator. Most calculators, like the one linked, will ask you for a few specifics regarding your project (is it a bathroom remodel? Kitchen? What’s the square footage involved?) and your ZIP code to give you general costs for your area. For instance, say you were doing a remodel of your 300 square foot kitchen. You want mid-range materials and appliances, and there’s some partial demolition involved. You happen to live in the Dallas/Ft. Worth area of Texas. The average cost would come out to be around fifteen thousand. You must remember though, that these numbers are including the compensation fees of the workers you’ve hired, not just the materials needed to complete the job. These calculators are often able to be used to estimate costs for businesses as well, so don’t think they can only be used for home renovations.

If you don’t want to trust a computer, however, than you can always look at the average prices of work and material in your area. You can generally expect to pay around $70 an hour for a carpenter, while a painter would be paid around $25 to $35 an hour. Electricians, if your job calls of one, can average between $70 and $90 dollars.

Cost of materials are generally simple to figure out by simply perusing the hardware and do-it-yourself stores in your area, such as Home Depot. Do some research on your contractor to find where they get their materials and how much they cost. Paying more than $2 per square foot of fiberglass insulation is much more than the national average, so make sure your contractor allows you to know the materials and costs as a way to keep track of where your funds are going.

Don’t forget to factor in costs that aren’t usual for simple renovations. According to the Houston Chronicle which recently posted an article about renovation costs:

Factors that can raise your costs include rezoning issues, seismic upgrading, installation of new air conditioning, exterior refinishing and the addition of handicapped-accessible entrances.

Knowing these costs ahead of time will help in your renovation cost estimation. Always be thorough in your checking of your home or business before your start your project, so you can anticipate additional costs ahead of time. However, as a buffer, try to put aside a small part of your budget for contingency: a just-in-case fund, for any unforeseen problems that may occur.

If you are planning a future remodel for you home, office or business feel free to contact us.

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