Are you preparing your budget for your home renovation project? Will you be crunching the numbers to see what will impact the final cost of your development? Not sure what is going to cost the most?
Sorting out your budget for home renovations can be difficult.
Thankfully, this guide provides you with all the key factors that will impact your project's cost. Please take a read and consider them the next time you budget and plan out your project.
The Experience & Reputation of the Renovation Contractors
In every industry, there are always low-end and high-end service providers. That same logic applies to home renovations. You might think that each contractor charges different prices even though they offer the exact same service each time. But it's wrong to think that.
You can hire a cheaper contractor, but you probably won't get the final product you want. You'll find issues down the line, which cost you more in repairs, and you've already paid for sub-par quality.
As for experienced and reputable contractors, you're getting access to a team that offers a better experience and workmanship. They might even offer you useful services, such as access to interior designers or architects. This can all compliment your project so that you get the best possible outcome for your money.
Of course, that means you're going to be charged more for the labour hire, the time and the project outlay. But always remember: hiring an established and experienced renovation contractor will deliver the results you want, whereas an inexperienced contractor will not.
The Layout of Your Project
Let's get straight to the point: the layout of your renovations will have a huge impact on costs.
We're talking about the size and constrictions that come with it. Firstly, the bigger your remodel job, the more it will cost you. That's simple mathematics there.
Secondly, if you need to remodel room sizes or add building expansions, that will require extensive work, and you will have to pay for the more meticulous work your contractors will have to undertake. Any constrictions that you have to overcome will always cost you more.
This also applies to your roof and backyard. If you are undertaking exterior renovations, you are limited to what you can do in terms of your structure and layout.
Be mindful of the layout of your home as it will affect your bottom line.
Quality Parts & Materials
The quality of the parts and materials will significantly add to the overall expenditure for your home renovation project. This can include everything from beautiful granite tiles and kitchen cabinets to a premium level of finishing for floors, walls and ceilings.
But why do specific items cost more than others? Because these materials cost much more to harvest (requiring a more complex manufacturing process), produce (need more man-hours to fabricate), transport, as well as the limits in supply.
This might push you towards getting cheaper products, but with quality items or materials, you're getting products that will last you longer and are more durable than everyday materials.
However, there are ways to ensure that you don't blow your budget on parts and materials.
Look out for deals. Many manufacturers will offer special deals and discounts for specific products. You might be able to steal a deal, so keep your eyes and ears open.
Speak to home renovation contractors about their connections with manufacturers and suppliers. They can put in touch with industry leaders that can offer you quality materials for an affordable price.
Remember that the quality of the work you're undertaking (the choice of materials + the contractors' experience) will set you back in terms of price.
If you set for cheaper and lower quality products, items and contractors, and reduce the size of the project, you'll save more money. But you won't get what you want, and you won't give your home the value it deserves.
The Desired Timeframe
The time it takes to complete a home renovation is directly related to the cost involved. The quicker the work needs to be done, the more it will cost as the renovators will have to work more efficiently and will charge an add-on fee.
At the same time, a project that drags on for too long will increase the expenditure as prolonged renovation time means higher labour and opportunity costs.
Ideally, it's best to balance your project within a respectable time frame so that doesn't cost you more than expected.
The Seasonal Factors
Depending on the time of year you conduct renovations, it might impact the overall project costs. Certain times of the year will influence the project's price range as there might be additional work required, or there is an overload of projects.
For example, as renovations are not common in winter, the builders might charge you more because it requires additional protection and processes to ensure the work is completed safely, securely and to your specifications.
During the warmer months, there might be an abundance of home renovation projects, so the builder might charge more due to a constricted timetable or delay your project until later on.
Try to find a time of year that works for you and ensure your project can be completed on time and within budget.
The Geography of the Project
Most real estate agents will fail to tell you that the cost of the location also will impact the cost of your renovations. Why is this the case?
Because to ensure your home retains its appeal in the neighborhood, it has to adhere to specific standards. It's why homes or apartments near downtown always cost more than those in the suburbs because there is less "show" about them. Or why specific affluent neighbourhoods cause more than others.
There's the factor that renovations contractors will charge more for better quality and better areas, cause they know the work involved. There are also issues such as transportation of items, distance to travel, and the project's size within the desired area.
Remember to consider your neighbourhood's value and appeal when making your plans. It's going to have a significant impact on your renovation project.