Estimate Remodeling Costs

The way you estimate remodeling costs is a function of the decisions you make on how the project is managed, who will do the work, the design of the changes, and the price of the materials and fixtures you select.

If you choose to hire someone to manage the entire project, and you decide to pay people so that you won't be too inconvenienced during the job, you will spend "X". If you are willing to tolerate inconvenience, and get your hands dirty by doing some of the work yourself, you might spend "1/2 X".

Ways To Arrive At An Estimate

Cost Per Square Foot. The most common way to do a quick estimate is the cost per square foot method. I've mentioned on other pages that this method is useless. I have no idea why people use it so often.

It's easy enough to calculate the square footage, but the cost per square foot is a total guess. For a small addition of 350 to 400 square feet, the per/square/foot/guess could range from $150 to $500. Obviously, this won't help you come to any conclusions that make sense.

For new homes, this method is slightly more beneficial because you don't have the unknowns and variables that are present in a remodeling job. Therefore, a builder (who has already built similar homes and knows what they have cost him) can give you a relatively accurate idea what your new home will cost.

You simply can't accurately estimate remodeling costs unless the bidders see the conditions where the work will be done. The contractor must be licensed and insured. Home-owners need to protect themselves against accidents that may occur on the job.

Let The Contractors See The Job. For an expansion or renovation, the only reliable way to estimate remodeling costs is to get an estimate from a contractor. If you know ahead of time that your brother-in-law will be doing the work and you don't need competitive bids, (A BIG MISTAKE - DON'T EVEN THINK ABOUT IT), you can have a walk-through with the contractor, let him see the field conditions, and explain - in depth - what you want done.

A written list would be better, accompanied by a drawing - even better. The more the contractor knows, the more accurate the price will be.

Have Plans And A Scope Of Work. In the event that you will be getting several bids (HIGHLY RECOMMENDED), it's best to have drawings showing the work, as well as a list (called "Scope of Work"). In that way, you can be fairly certain that the bidders will all be figuring the same work.

This means you might (if the job is big enough) get an architect involved. In the event that the project changes the living space of the house, you will need to file the job with your local building department, creating the need for drawings anyway.

Once the information is conveyed to the contractor, the estimate should take about a week (possibly 2 weeks if there are many trades involved).

The contractors will estimate remodeling costs based on their experience on similar projects in your area, current material costs, and the duration of work which he believes is needed. Compare the quotes from all the contractors.

This estimate will be much more accurate than the cost per foot method, but once you accept a bid, you won't have the ability to change the scope of work without incurring additional costs.

If you're planning a large renovation, get your hands on HOW TO CONTROL YOUR REMODELING PROJECT. You can learn more about it by clicking here.

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Or, if you prefer the telephone, call 866-452-3059 to find out what your project will cost.

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If you have specific questions (or comments) about how to estimate remodeling costs, click here. I'll be happy to hear from you.

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