Pro Tips To Estimate Your Construction Remodeling Budget

When you’re thinking about a remodeling project, one of the first steps is to consider how much money you’re going to allot for the job. Sometimes the scope of work simply won’t be able to be accomplished with the budget you have in mind. Before you begin meeting with contractors, it’s a good idea to go through the numbers and come up with a rough estimate so that you can more easily establish a reasonable construction remodeling budget. Let’s go over some key points to consider.

Take Stock Of Your Current Situation

The best place to start when considering a remodeling project is to take some time looking at your current space and deciding what is – and what’s not – working for you. Consider things like:

• Square footage and layout
• Condition of the property
• Current state of equipment
• Facilities like kitchens, bathrooms, etc

Going through this process helps you lay the foundation for the scope of work.

Get More Detailed

Once you have an idea of what you need, start to gather more details. Do you need an entirely new bathroom or just a few updates? Can you change the layout of the space to make it work better for you, or do you need an addition? Which pieces of equipment need to be replaced?

Start Formulating Your Construction Remodeling Budget

While you won’t be able to come up with a perfect estimate, there are some ways to get an idea for how much money you’ll need to set aside. Most of the costs can be broken down into 3 categories: Material, Labor, and Permits/Compliance. Each of these can be quite complex, so you’ll need to consider more than you think.

• Material – how much will you need, and what’s the cost per item?
• Labor – how many people will be involved, and how long will it take? Keep in mind that labor rates can vary. 
• Permits – which permits do you need? What’s the cost to bring your space up to code with the HVAC, Electrical, or ADA regulations?

You may not be able to find the exact answers to these questions, but the more time you spend trying to get close, the better your estimate will be. What’s more, this will save you time when you go to get bids. If you shop around with an unrealistic budget, you’ll be shocked each time when it comes back higher.

If you’ve got a good handle on your budget and would like to discuss your upcoming project, reach out to us and set up a meeting.

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