As more and more people experience the American dream of homeownership, being able to budget for estimated remodeling costs can be a highly desirable skill. There are many reasons to decide to remodel, such as additional space, decorating change, additions, upgrades, or simply the need for a change. The worst thing a person can do is jump right into a remodeling project without taking the time to find out what the costs might be. No one wants to start a project only to find out there isn’t enough budget to finish it.
Knowing what to expect when it comes to remodeling costs can save a lot of surprises in the end and helps homeowners understand exactly what type of remodeling job they can afford. The biggest variable in remodeling costs is the actual remodeling desired. Larger projects will obviously cost more than smaller projects. Anything that requires a lot of demolition, electrical, and plumbing work also tends to increase remodeling costs simply because more labor is needed to accurately complete the project. Homeowners interested in remodeling should design a plan around the remodel they wish to undertake.
There are two options for estimating remodeling costs. The first thing is that a homebuyer can use online construction cost calculators or professional estimating software to get a general idea of a budget. The other second option is to contact a contractor and get a professional estimate. People planning to do their own home remodeling can still benefit from getting a professional opinion. The most common method for estimating remodeling costs is the square foot method. In general, the cost per square foot for a remodeling job can range from $100 to $700.
This is, of course, a very wide range for anyone who needs accurate remodeling costs. On average, it would be safe to say that the cost per square foot will be around $300-$500. The value will go down for those looking to remodel on a budget, and of course, up for those looking for more luxurious additions. The time of year can also affect the costs of a remodeling job, especially during slow or busy hiring seasons. The only sure way to get the most accurate remodel cost estimates is to quote everything yourself or with a professional. With established prices it would be much easier to modify plans to fit within budget as needed.
When it comes to deciding if estimated remodeling costs are really worth it, a person must consider their ultimate home goals. For people using remodeling in hopes of increasing the overall value of their home for sale, keep in mind that different remodeling projects can expect different payback amounts. On average, a remodeling job will generate around 60-80% of your total cost, depending on when the job is finished and the house is listed for sale. People who are investing in homes they plan to live in for a long time may be less likely to worry about budget and more likely to make the changes of their dreams.