BUDGETING 101 If you're debating about remodeling, the first thing you'll need is a budget. There are myriad costs that you might not be aware of, and will determine the scope of your project. Costs you'll incur will include materials, labor, fees and tools. If you use a contractor to do the remodel, they'll provide you with a similar breakdown when submitting a bid.
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Calculating costs Remodeling costs will include:
- Permit fees
- Construction materials and tools: these costs add up quickly, and could include lumber, plumbing or electrical fixtures, paint, cabinet, insulation, tile
- Labor: this should include an estimate of the total time in remodeling, payroll taxes and workers compensation insurance
- Safety equipment: hard hats, dust masks, goggles, gloves
- Decorative enhancements: light fixtures, window furnishings, door handles, trim
- Repairs due to remodeling
- Cleanup: could include trash dumpster rental or dump fees
Research Many online sites are devoted to home remodeling, fix-up and managing the costs associated with home improvement. A good site is www.letsrenovate.com, or just search for home remodeling costs in your search engine. Alternatively, you could contact one or more contractors, who will itemize the costs associated with your remodel project, including any associated costs for subcontractors. Getting multiple bids will help ensure you'll get the best price. Home improvement retailers like Home Depot or OSH often have free weekend seminars or classes on home remodeling, including experts on hand to answer your questions about budget, scope, or the to help you with the creation of a complete project plan. The more complete your project plan in the beginning, the better sense you'll get for your budget. Software titles like Home Design Complete from Punch Software can help you generate a comprehensive project plan and budget.