Preparing for your first home remodeling project requires a good bit of research. The first step, of course, is exploring how much your specific project will cost and if it fits within your budget. There is nothing worse than getting your hopes only to find that your dream project isn’t a realistic option financially! Unfortunately, if you’re new to remodeling, you’ll likely be surprised at how much the process actually costs. Even if it’s not a “full gut” or a major renovation, the estimated cost can still be higher than most homeowners expect. One great resource we can provide when it comes to the average cost of various home remodeling projects is this cost vs value report. The report is location-specific and is updated each year, making it a great tool for those in the early research phase of their project.
You don’t have to be experienced with home remodeling to know that it is an expensive ordeal. A lot of time and energy goes into the process, and several hands are involved in completing all the steps that lead to a successful finished product. This is particularly true if you’re working with a design-build firm, in which case there is a large team of professionals working to create your dream space. Unfortunately, even if you choose cheaper materials, fixtures and appliances, the price is not always a significantly less. Sometimes, there are “hidden expenses” that sneak into the total cost of your remodel. While Medford Remodeling provides a detailed Scope of Work document to break down the budget and expose these hidden costs, other contractors may not be so courteous!
There are also added expenses that may stem from your remodeling project which you may not have thought of ahead of time, such as paying for a temporary off-site storage space or frequently purchasing fast food while your kitchen is under construction. Many homeowners do not take these extra expenses into consideration when budgeting for their renovation, and end up surprised when the total cost comes in at 20-30% more than what they were prepared for. It’s a good idea to sit down and make a list of everything you can think of that will contribute to your bottom line before getting started on the project.