As more and more people are experiencing the American dream by being homeowners, being able to budget around estimated remodeling costs can be a very desirable skill. There are many reasons for deciding to remodel such as extra space, décor change, additions, updating, or just the need for a change. The worse thing a person can do is to jump right into a remodeling project without taking any time to figure out what the costs may be. No one wants to start a project only to find out that there is not enough budgeted to finish it.
Knowing what to expect when it comes to remodeling costs can save many surprises in the end and assists homeowners in understanding exactly what kind of remodeling work they can afford to have done. The biggest variable in remodeling costs is the actual desired remodeling. Projects that are more extensive will obviously cost more than smaller projects. Anything that requires a lot of demolition, electrical, and plumbing work also has a tendency to increase remodeling costs simply because more labor needs to go into the accurate completion of the project. Homeowners interested in remodeling should design a plan around the remodeling they wish to have done.
There are two options to estimating remodeling costs. The first thing is that a homebuyer can use online building cost calculators or professional estimation software in order to get a general idea of a budget. The other second option involves getting in contact with a contractor and having a professional estimate provided. People planning on doing their own home remodeling can still benefit from getting a professional opinion. The most common method of estimating remodeling costs is the square foot method. In general, the cost per square foot of a remodeling job can have a range of $100-$700.
This is of course a very broad range for anyone requiring accurate remodeling costs. On average, it would be safe to say that the cost per square foot will be about $300-$500. The value will decrease for those looking to remodel on a budget and of course increase for those looking for more high-end additions. Time of year can also affect the costs of a remodeling job especially during the slow or busy contracting seasons. The only sure fire way of getting the most accurate remodeling costs estimates is to price everything out yourself or with a professional. With the prices established it would be much easier to modify plans to fit the budget as necessary.
When it comes to deciding whether the estimated remodeling costs are actually worth the remodeling, a person needs to consider their ultimate housing goals. For people that are using remodeling in hopes of increasing the overall value of their house for sale, they should be aware that different remodeling projects could expect different recoup amounts. On average, a remodeling job will bring in about 60-80% of its total cost depending on when the work gets done and the house goes up for sale. People that are investing in homes that they plan on living in for a good while may be less prone to worry about budget and more prone to get their dream changes made.