Renovations cost! Whether you have the money or not, you want to know what the project is going to cost before you get started. You want a budget. The majority of homeowners, especially those doing a renovation for the first time, find nailing down a budget very elusive.
For the next few weeks our blog will be digging into the mystery of the “renovation budget.” Today, we’re answering the question, “What factors contribute to my bottom line?”
It’s NOT all about Size
Many homeowners are under the impression that because they are doing a “small” renovation, their project isn’t going to be too costly. Often people come to us asking, “What is your square foot price?” There are builders that talk in those terms. However when considering additions or renovations, size plays much less of a role than features. What’s important to your budget, is what you are doing inside that square footage. Here are a few things you need to consider when determining the cost of your project.
RENOVATIONS (inside your existing home)
ADDITIONS (outside your existing home- up, down, out)
Simply put, the more boxes you have checked, the more expensive your project will become. But beyond the structural checklist there are other factors to be considered:
- Style preferences: are you happy with builder grade from the hardware store or do you want more custom carpentry?
- Building strategy: are you doing this DIY, fully contracted or somewhere in between?
- Timeline: do you have three months to complete the project or 9 months?
- Do you have the flexibility to move out or will your trades have to work around you?
There are many, many factors that determine the cost of your project, especially when you want a project that is truly one-of-a-kind. A “turn-key builder” may be able to rattle off the cost per square foot for a new home, but with a custom renovation, one that uniquely reflects your particular style and incorporates the Mexican doors that you bought at an auction in Texas, it is not going to be easy to come to this number. But that’s what TLC loves to do. We walk with you through the list of all the factors you need to consider to help you land on a number that fits within your priorities, comfort level and value system. We then help plan out a way to get the most value out of each dollar you spend. At the end of the day, it’s not about how much money you spend, but how you spend your money.
Leave us your name and email address and we’ll send you our TLC budget tool to get you started on the process.
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