Your hard work has paid off. Whether you’ve been saving up those pennies, or you’ve built up some equity in your home, you’re ready for that big renovation project. But you have one main, lingering concern…
What’s it going to cost?
After all, that’s the most natural thing to ponder when undertaking such a large project. Since your home is most likely the biggest investment you’re going to make, it pays to put a little money in it.
Built to Last Co., a home remodeling contractor in West Lafayette, Indiana, is here to help you figure out how to make the most of your investment. We’ve compiled a few of the main things that affect the price of any remodeling job you hire out.
Material Costs
Material costs aren’t always easy to nail down. There are plenty of variables to take into consideration when planning the budget for your remodeling project. Some of these things are out of your control, and other things are dependent upon your specific project.
Quality of material – The main cost consideration when it comes to material is its quality. Selecting materials is a balancing act where you have to decide which parts to prioritize. Depending on your project, you may be able to use inexpensive materials without sacrificing the desired outcome. Other times, you can strategically place better quality materials while using cheaper materials in places where material quality is less important.
Market Prices – This is one of those factors that’s out of our control. Market prices are constantly fluctuating, which can make things more or less expensive. This leaves us with the option of shopping around for the best price.
Availability – Of course, it doesn’t matter what you’re after if it’s not available. Complications may arise in a project where a certain type of material is not available at the time the project kicks off. If another material is not substituted, this can cause project delays or additional expense for materials that are difficult to procure.
Design Costs
This can vary to a significant degree based on the extent of the work you’re looking to get done. Some jobs are pretty straightforward and take little more than a tape measure and a quick chat to plan out. But if you’re wanting a thorough renovation, and especially if you need a room addition or a new structure, it may be necessary to work with an architect to get the job done.
Also, based on your home’s current structure, it may not be possible to make all the changes you want without significant extra costs to maintain the structural integrity of your home.
Building Codes
Ensuring that new structures are safe and energy efficient requires following an extensive set of building codes. And these codes change as time goes by, as technology changes, and as overall needs change. Especially when it comes to new environmental standards, an older home that was well-built at the time, may need to be updated to meet modern standards. Or you may uncover shoddy craftmanship that needs updated.
The law requires bringing older buildings up to code during renovations should you find something that’s not. This of course, is an additional expense that you may not have seen coming.
Uncovering Damage
In addition to finding things that aren’t up to code, your contractor may even find damage once the drywall comes down. Things like water damage and pest issues can eat up the inside of your home without your knowledge.
Once the damage is uncovered, it could end up adding a considerable sum to your renovation budget. It’s good to plan ahead for unforeseen issues like this.
Eating Out/ Hotel Costs
There are more expenses involved with renovation than the actual renovation itself. Depending on which part of your home you’re upgrading, you’ll need to plan ahead for times when you may not be able to use a certain part—or any part—of your home.
A kitchen remodel may render your kitchen unusable, and you’ll be in for a number of restaurant visits until you have a clean, operational kitchen again. You especially want to plan ahead if you have many mouths to feed. Even fast-food bills will add up when the burger and fries is always x4.
You certainly don’t want to be left without a place to stay! Certain types of renovation may leave you without heat, water, electricity, etc. Hotels aren’t cheap, and you’ll want to plan ahead so you aren’t left out in the cold.
Your Home Remodeling Contractor in West Lafayette, Indiana
We hope these tips were helpful to you! There’s a lot to consider when you’re getting a home remodel. As you can see, this exciting time comes with a long list of expenses that you’ll want to have thought out ahead of time.
If you have any questions about what all is involved with a particular type of home remodeling project or you’d like to get one off the ground, get in touch with Built to Last Co. in West Lafayette, Indiana at (765) 543-5776.