Real Home Remodeling Costs
The Importance Of Knowing Realistic Home Renovation Costs
So, you'd like to finally get that home remodeling project started that you've had in mind. You've saved some money, gotten a nice bonus from work, or perhaps you're intending to take out a home improvement loan from your local mortgage loan company.
Either way, you may be thinking that you're ready to go.
Have A Cost In Mind?
Maybe, you've talked with a friend who's done the type of remodel you're interested in. Or, maybe you've read an article on what someone says a kitchen remodel, a bathroom remodel, or a full home renovation typically costs.
You've now got a data point, and you might think you're all set to talk with a contractor.
Hold-on a minute. Consider this...
Homeowners Tend To Under-Estimate Remodeling Costs
The problem with a friend casually mentioning what he paid - or an article mentioning an average cost for a specific remodel project is that the cost mentioned might not even be close to what you'd have to spend for what YOU want - in your area. That's because remodeling projects vary in scope, and costs can vary quite a bit depending on where you live in the country.
Remodeling Cost Example From The Article
So, let's take the cost from the article and insert it into a real-life situation. Assume it's a kitchen remodel project.
Say, you reach out to three or four kitchen remodeling contractors and ask them to quote renovating your kitchen. You're not going crazy here, but you would like new cabinets, new appliances, new granite counters, tile back-splashes, etc.
Because the article you read said that you can get a nice kitchen renovation for $15K - $20k, you're expecting to see something in that range on the general contractor's quote. But, if you happen to be located in one of the higher cost areas in the United States or you want nice wood, appliances, etc., "That kitchen can cost you $50K", says award-winning author & Angie's List "Super Service" General Contractor Michael A. Baum.
Watch-Out For Low-Balling
Beware that unscrupulous contractors will agree to start your remodeling project at the reduced project price - them knowing full well they intend to come back to you at some point (& perhaps, several times) and say that they need more money to continue.
Tip - When you opt for a low remodeling cost quote, you could end-up spending the same or more than if you had just gone with the contractor offering realistic pricing in the first place. And, you could have enjoyed a much nicer experience along the way.
~ Don Roberts
Imagine this - you're kitchen is completely torn apart after a week or two of demolition. Your contractor tells you he has to put the project on-hold unless he can get more money from you to continue.
What are you going to do? Sue him? Maybe, but that takes time - probably a long time. Get another contractor to step in? You could, but that will probably take longer that you would like - and it will cost you even more. How about just paying the low-ball contractor?
None of these options are ideal - and, all the while, you're either eating at restaurants, cooking off a hot plate, or both.
Tip - What would be ideal is to know the realistic cost of your renovation project AND find a contractor who does what Michael A. Baum does at Baum Construction & Development in Long Beach, CA. Michael guarantees the contract project cost - as long as the client doesn't make changes to the contract or add things along the way.
~ Don Roberts
The lesson here is to know at the outset what the real remodeling costs are for your area - and to find a general contractor who will guarantee the contract cost.
Realistic Remodeling Costs
Click here to find the remodeling calculators that will dial-in the real costs in your area for custom home construction, full home renovation, kitchen remodeling, bath remodeling, etc. The calculators will provide upper-third, middle-third, and lower-third costs for your area.
Tip - I've heard from multiple General Contractors that homeowners typically end up spending 25% more on a home remodel project than they had expected to. That's because they tend to add things along the way - or the contractor discovers preexisting structural issues that were previously hidden from view.
~ Don Roberts