Before remodeling, estimate the cost versus value to make sure it's worth it.
A lot more factors go into estimating the cost of remodeling your home than just materials and labor. On top of these, you must also factor in taxes, building codes, permits and the return rate you will receive if you sell your home. Once you determine the overall costs for the addition or remodeling, you can then decide whether remodeling is the right decision for your home.
Instructions
1. Sit down and make a detailed plan with drawings about what you want when you remodel. For example, if you want to remodel your kitchen to a professional chef's kitchen, list what you need and be specific. A remodeled kitchen may require updating paint, floors, appliances, cabinets and countertops. Make decisions about whether you will be refinishing cabinets and floors, replacing them or hiring a contractor.
2. Determine whether you need new furniture when remodeling your home. Remodeling your basement, for example, might require purchasing a new couch, coffee table and chair. Make a list of the items you need and search for upcoming sales, coupons and rebates prior to remodeling to help save money.
3. Determine average costs for the items needed to remodel your home, based on the list you made earlier. For example, if you're repainting, visit paint stores or home improvement stores to estimate how much the cost of paint will be for each room. Include supplies and materials you need to complete each do-it-yourself project.
4. Contact local contractors for an estimate on projects that you cannot do yourself. Make sure the estimates include the labor, materials and any additional charges such as shipping or taxes.
5. Total the estimate costs from contractors with your own research costs to reach a final estimate for remodeling your home. Make sure you plan for unexpected expenditures, such as special ordering or ordering an additional supply in case something breaks.
6. Determine the rate of return for your remodel by using a cost-versus-value estimator if you intend to sell your home after the project is complete. Online calculators determine how much your home is worth post-remodel, and you can then decide if the additional value of the home is worth the cost of remodeling. As an example, a home prior to remodeling is valued at $250,000. After remodeling the home for $15,000, the estimator determines the home's value at $260,000. The home's value increased $10,000, but upon sale it would not cover the cost of remodeling the home; thus, the owner may not feel the return is big enough to remodel the home prior to selling.
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