As we head into Spring many homeowners begin thinking about projects for their home, some are long wished-for changes and others can be needed maintenance large scale projects. This often presents a problem, do you have enough saved for the cost of the project, and yet, are you sure what the cost will really be? So how do you know if you have enough set aside?
To get a good grip on the cost you will need bids from contractors, but without a firm plan of all that is involved in your project you may experience wide ranging bids due to different plans.
· A faucet can cost $200 to $900
· A window can be $400 to $1,200
So where do you start and how to budget?
Here are some guidelines for your calculations:
1. Start with average costs
a. When insurance companies need to pinpoint construction costs, they multiply the length by the width of the space and then multiply that by the project's typical cost per square foot.
i. Average per-square-foot costs of remodeling jobs; these numbers are for gut remodels, meaning the room is demolished right down to the framing and rebuilt.
1. Kitchen: $174
2. Powder room: $133
3. Master bathroom: $160
4. Family room: $92
ii. With a less involved project -- in the kitchen, say, you might be re-facing the cabinets and replacing the countertops and appliances instead of tearing out everything – the rule of thumb is to cut your number by about 30%.
iii. For a cosmetic update, as in fresh paint on the cabinets plus new lighting and hardware, reduce it by about 60%.
iv. Adjust for your location
1. A plumber working in Manhattan might charge twice the hourly rate of one in Plano, TX.
2. Same goes for everyone from laborers to architects. In a metro area along the Northeast or Pacific seaboards, add 30% to 40% (use your judgment about your market). In a rural area, especially in the South or Midwest, drop it by 15% to 20%.
v. Modify for style
1. These figures assume you're buying mid-range fixtures and finishes. If you're going upscale, as in granite countertops and stainless-steel appliances, or stone bathroom tiles and a separate soaking tub and walk-in shower, raise your number by 30% to 40%, depending on how elaborate you're getting. For an economy job, say at a rental property, cut it by 25%.
Above all things you consider remember to make your number fit your finances by adjusting the scope of the project as well as your style options; then be upfront about your bottom line with contractors who look at the job.
Helping you find your home is our goal,
Getting you through the process is our expertise!
Keith & Reechia Powell
Powell Realty Group
Plano Real Estate