Remodels are stressful and they’re also expensive. It’s why it’s important to be organized and to be a good planner. To make sure you remain within a budget you should know how to calculate your expenses and to always know where exactly you are in the process of remodeling. Determining the value and cost of remodeling a space is closely linked to a series of factors.
Here are a few tips that will hopefully help you remain within the budget you have established and that will also help you estimate the cost of your remodeling project.
Calculate the cost per square foot.
Calculating the cost of a remodeling project per square foot is easy. You have to multiply the square footage that is being remodeled with the price you have estimated. Some elements such as the finishes and materials can greatly influence the cost per square foot. However, this method doesn’t take into consideration many variables so it’s not always the best way to calculate the cost of a remodeling project. It’s why it’s important to think of all the variables and changes that you want to make before estimating the cost of your remodeling project.
I think everyone agrees that amenities are the most expensive so before you begin the remodeling of your bedroom, for example, decide which amenities are needed and have to be included in the project. In the case of the bedroom you might need new flooring, new lighting fixtures and you’ll probably also want to repaint the walls. All these details have to be taken into consideration and calculated. If you also want other features to be included in the new décor, such as a fireplace for example or some other elements, don’t forget to include them in the list as well.
Split the overall cost into categories.
Coming up with a number for the overall cost of a remodeling project is difficult because there are lots of variables and elements that need to be taken into consideration. It’s why it’s best to create several categories. For example, these categories in the case of a bedroom remodel can be: preparation and design, construction, project management, miscellaneous and hidden costs.
The preparation and design category include the costs related to the interior designer and architect, the permit costs, demolition and preparation costs.The construction costs include costs related to framing, electrical, plumbing, finishes for the walls, ceiling and floor, windows, doors, cabinets, fixtures and the labor costs that come with them.
The project management costs have to do with the person that is in charge of supervising the project and making sure everything is done on time. They also include the costs for the contractor, subcontractors and inspections. You can choose to manage your own project or to let someone else do it and this will greatly influence the costs for this category.
The miscellaneous costs are those that don’t fit into any other category. They include the costs for replacing materials, the cleanup, fees, insurance, equipment and also other unplanned costs that may occur.
The hidden costs category includes taxes and costs that depend on the changes that may occur when upgrading features, changing materials, etc. it’s difficult to estimate a cost for this category so you should calculate a a lower and maximum cost.