How To Budget for a Remodel Project

What are some project costs to consider?

Here are some project costs to consider when creating a construction budget:

• Scope of work: Larger projects like additions will naturally cost more than smaller jobs like a simple bathroom remodel.
• Materials: High-end finishes like Quartzite countertops or custom cabinetry will increase the total budget compared to standard options.
• Labor: Contractor rates and the number of workers needed will impact the cost. Rates may be higher for companies like Calfayan who is state licensed, fully insured with full-time employees.
•  Permits and inspections: Factor in the cost of permits and inspection fees from your local building department.

Unexpected issues: Allocate a buffer (around 10%) for unforeseen circumstances that might arise during construction, and if required, designer or architectural fees..

How can I stay on budget during construction?

• Get detailed bids: Ensure contractor bids clearly outline all expected costs, including materials, labor, and timelines. Learn more about our process… [link to process page]
• Communicate clearly: Maintain open communication with your contractor about any changes or additions to the project. This will help avoid cost overruns.
• Track your spending: Keep a close eye on receipts and invoices to ensure spending stays within your allocated budget.

How can I create a realistic budget?

• Define your project goals: Clearly identify what you want to achieve with the renovation. This will help determine the scope of work and materials needed.
• Research material costs: Get quotes from local suppliers for appliances, fixtures, flooring, etc.
• Talk to contractors: Get estimates from several licensed professionals to understand typical labor costs for your project.
• Consider financing options: If needed, explore financing options to help manage the construction costs.