Making your
remodeling/building dream a reality will have a cost, and it's a challenge
balancing your dream with your budget. Here are a few tips for avoiding
surprises and getting results.
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| Identify your
budget early. It can seem like a maze when you start your planning, but
it's worth the effort to understand the "financial size" of the project --
up front. Inevitably, you'll need to make tradeoffs between what you want
and what you can afford. And there's no substitute for good information
about your alternatives -- before you write the first check.
And beware of builders who demand sizeable
payments "up front" in advance of doing the work. We'll never do that. |
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Share your budget
with your builder
Some homeowners are afraid that if
they share their budget with their designer/builder too early, the builder
will “design to the budget” instead of designing the project you want. It's
more productive to assume that your builder is trustworthy -- up front --
and to act as partners. Your builder has access to suppliers of materials,
appliances, and other resources that can optimize your investment... and he
can recommend alternatives if specific budget items become a problem.
Candid, open communication is the key to making this work. |
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Understand "Square
Footage" Costs
Calculating square footage costs can
be tricky. A variety of factors affect square footage costs for new
construction. With remodeling, the number of variables multiplies.
Remodeling square
footage costs must focus on the existing structure, i.e. creating accurate
drawings of the house as it exists; reinforcing the existing framework of
the building to support any new additions; gutting areas of the house
without sacrificing the structural integrity, etc. Allowances must also be
made for the unknown problems that may be hidden behind walls or under
floors. Remodeling must also consider moving furniture, additional site
cleaning, and residents’ schedules. It's important to work through the
details with your builder to completely understand the specifics of your
unique project. |
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Be Realistic
Stretching the dollar and holding onto unreasonable or outdated pricing
standards may mistakenly eliminate many qualified builders. Even worse,
choosing a remodeling company that sacrifices quality wherever pennies
can be pinched becomes a false economy. Ask your builder to provide itemized
bids for each item included in the work — not just a final square footage
price. Then, refine the list -- making tradeoffs to match your budget. |
Ball-park Estimates
It can help your planning to have an idea of "typical" ball-park costs for
various projects. These assume that you place a priority on craftsmanship,
quality products and responsive service.
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Project |
Ballpark Estimates |
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Custom
Home |
$95/sq. ft. and up |
|
Kitchen Upgrade |
$6-12,000 |
|
Kitchen Remodel |
$15-30,000 |
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Room
Addition |
$140-180/sq. ft. |
|
Bathroom Upgrade |
$$6-10,000 |
|
Bathroom Remodel |
$12-16,000 |
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Finished Basement |
$60-70/sq. ft. |
|
Deck |
$25-30/sq. ft. |
|
Screen
Porch |
$50-65/sq. ft. |
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Know Your Options
If it turns out that the time investment or cost for your project seems
initially too
high, don’t give up! It's a puzzle that can be solved.
Faced
with a budget squeeze, many homeowners decide to slightly reduce the scope
of the project to scale it to the budget. Another alternative is to focus
on the quality of the details, instead of overall size. Still other
homeowners do their remodeling projects in smaller, manageable phases. Your
designer/builder should be able to help you decide on the tradeoffs the best
fulfill your goals... within the budget. |
It's hard, detailed work developing and refining a working budget... but it
pays huge dividends as the project progresses smoothly toward the final result:
making your dream a reality. |
