Portland homeowners often underestimate how time-consuming and complex remodeling projects can be, but proper planning can ensure your renovation goes smoothly. The first crucial step to preparing for your project is to determine how much it will cost. Here are some tips on how to estimate that cost and keep within your budget.
Gauge expectations with initial estimates
First, it’s important to figure out what projects are your priority. Before you begin crunching numbers and getting into details, do some research to find out the ballpark figures for those particular renovations. You may find that you can’t afford everything you had envisioned, so you’ll have to trim your remodeling to-do list. Keep in mind that renovations in different parts of the home cost more than others. Kitchen renovations are typically the costliest, followed by bathrooms. A good rule of thumb is to plan to spend around $10-60 per square foot.
You should consider what percentage your remodeling budget will be of your home’s total worth, and keep it at less than 10-15% of that value so that you don’t overbuild (upgrade disproportionally to your home’s worth). For example, if you own a $250,0000 home in Portland, you don’t want to spend more than $37,500 (15%) on a kitchen remodel.
Don’t forget to factor in labor costs as you build an estimate. Quality, professional work is generally worth the higher cost.
Consult with (many) contractors
While determining your budget, consult with several local contractors. Consulting with more than one contractor has many benefits, like establishing a clearer understanding of the work ahead, learning various labor options, and getting a more accurate estimate of the project. Find at least three businesses to interview. Check for references and look at their previous work to make sure they meet your standards. Once you’ve narrowed down your search, request each contractor to project a timeline and price for your renovation project. Be clear about your intentions and offer as many specifics as you can (such as desired materials or scheduling needs). Compare each bid, but consider more than just the cost; discuss the timeline and how they would handle possible issues should they arise.
Set aside emergency money
After you’ve determined a final budget, set aside 5-15% additional funds in case unexpected expenses arise. Unforeseen circumstances like finding mold or discovering shoddy electrical work are certainly disappointing setbacks, but having a safety net in the event of such contingencies will allow the project to move forward without pause. Also, consider taking out a homeowner’s insurance policy for construction to avoid liability. Policies usually range between $500 to $2,000.
Find Ways to Save Money Without Cutting Corners
It’s possible to shave some costs without sacrificing quality. Here are a few ways you can do just that.
- DIY – Some projects are riskier to do yourself and are better left to the pros, but there are a few tasks that don’t require as much training or experience that you may feel comfortable tackling yourself. Tearing up carpet, removing cabinetry, and painting walls are all simple enough for many homeowners to do themselves. On the other hand, electrical, plumbing, A/C installation and maintenance, and sanding floors are examples of jobs that should be handled only by experts.
- Opt for more economical finishes – You may have your heart set on quartz countertops, but choosing similar-looking laminate ones can greatly reduce the cost.
- Refurbish items instead of replacing them – Minor, inexpensive changes to your existing items can go a long way. For example, simply painting kitchen cabinets and swapping out the old pulls and knobs with more modern hardware can create a whole new look.
- Time renovations for fall or winter – Home renovators are much busier in the spring and summer, so you may find that you’ll get a discounted price by scheduling your renovation in the fall and winter months.
It takes research and time to construct a solid budget for home renovations, but it will prove helpful in setting your expectations and ensuring you can afford your planned project. Ziebart Construction has a team of home renovation experts in Portland, Oregon who are committed to working with you to keep your budget on track and meet your home remodeling goals. Contact us to get started!
Click Here for a complete guide to a successful remodel in Portland.
