Home remodeling costs can range from inexpensive to very expensive. The cost depends on a variety of factors such as is it a do-it-yourself project, will you need to hire a professional remodeling contractor, how extensive of a project, and other hidden costs. When you are planning your budget for remodeling, it is important to have a general idea of these costs so you do not go over budget. The cost of remodeling can be broken down into three stages.
Planning and Permit
If you are doing a small remodeling job such as putting in a new kitchen floor, you may be able to cut costs by doing it yourself. If it is an extensive job such as adding another room, you will generally have to hire a professional unless you have the knowledge and skill to do it yourself. Although what permits you will need depend on your city and state most will require you to have a municipal building permit, especially if you are adding an addition to your home. The building permit will have a fee for the license to do the remodeling. If you are remodeling to turn a residential home into a business, you may need a lawyer to talk to those that will grant the authorization to do so or to draw up the papers to make it a business. The fees for the lawyer will need to be figured into the costs
This is where the majority of the costs will be found, especially with large remodeling jobs. When you hire a contractor to do the work they can charge a percentage of the project cost or a flat rate. It is best to choose one that charges a flat rate because you will know how much you have to put in your budget to cover the costs of the contractor. If they charge a percentage then you will only have an estimate of the cost. You will have to consider the cost of the building materials like paint, nails, lumber, or any equipment you might need to rent.
During this phase, there may also be unforeseen expenses such as a delay in finishing the remodeling on time due to the weather or late delivery of materials. These could increase the cost of the project. If you are having the entire house remodeled and have to stay in a hotel delays could cost extra days in the hotel or more meals eaten out.
After effects of remodeling
The remodeling costs do not end after the project is completed. Having renovations done could cost you more in property taxes and home insurance. The reason is that both are based on the property’s value.