The Lowdown on Remodeling Costs
What will it cost? That’s often the bottom line when remodeling. Here’s a look at typical home improvement cost categories. As you plan a remodeling project or compare bids, make sure these key categories are covered:
- Permits: These are remodeling costs people sometimes overlook. Your municipality dictates these fees and can range from $25 to several thousand dollars for a room addition or other large home improvement project. For example, here’s a list of required permits in Fairfax, Virginia.
- Materials: A remodeling project estimate should spell out the types of materials, as a 48-inch range built for a restaurant chef will add more to your budget than a 30-inch range with simple features. One faucet might cost 30 percent more than another.
- Labor: This often accounts for 30 percent of your budget. When comparing bids, make sure you compare like services. An electrician will charge more than a painter, for example. Also, make sure you pay remodeling costs based on completed work and not simply the contractor’s request for payment.
- Delays: Unless your remodeling project runs like a well-oiled machine, you’ll experience delays that can lead to higher prices. If the tile installer or plumber has to make another trip, it will affect your budget.
- Unexpected surprises: Seasoned rehabbers know remodeling often comes with surprises. You’ll be wise to add a ten to 15 percent contingency amount to your remodeling costs to cover things like fixing sparking electrical wires under the kitchen floor or bad plumbing in the wall. If you don’t use the budgeted amount, consider it mad money!
So, how much will your remodeling project cost? Once you realize all the variables that go into a project, you can create a realistic budget for your next remodeling project.