Are you itching to renovate your kitchen, finish the basement or update a bathroom? You may be surprised to learn the costs and unforeseen expenses of taking down walls or adding usable space to your home. Here are three short suggestions to get you on the right path.
1. Do your homework! You must begin with a realistic budget. The cost of materials alone can create sticker shock, and making the wrong assumptions can get your project off to a bad start. Skilled labor is a major part of the renovation bill as well. Talk to a range of contractors and get estimates. Once materials and labor are added, it’s standard to add a 10-20% cushion to your budget to cover unforeseen expenses.
2. Know exactly what you want. Many homeowners have a general idea of what they like, but it’s the smaller details that can increase costs and delay projects. General contractors, designers and architects can generate the detailed drawings and spec lists to shop for. Be sure to pick out your materials first, along with a few back-ups for things like hardware, flooring and countertops, so you’re not left waiting if your first choices aren’t in stock.
3. Stick to your plan to avoid higher costs. Change orders will drive up the price of any remodeling project. Sometimes the simplest change can increase your budget if it requires bringing back the carpenter, drywall contractor, electrician or plumber.
If you’re renovating in preparation of selling your home, reach out to Twin Spires Realty for advice on which projects will net you the highest sales price, and for referrals to local, trusted contractors. Best of luck on your renovation projects!