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Old 11-09-2013, 07:11 AM   #1
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How I find budget for remodeling my home


I want to do big changes in my home but before hire any company I am not understand how I set my budget.

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Old 11-09-2013, 07:36 AM   #2
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How I find budget for remodeling my home


There are cost estimating books available----the Craftsman series will give you a place to start---look are 'Remodeling and Repair'-----

A local book store should have it----sit and read it in the store---

If you are planning on major changes,like an addition or moving interior walls, I suggest you hire an architect or designer before you ask contractors for estimates---the designer can give you ball park prices---

Without a clear plan of the work,no contractor can give you a price.

Plans first---always.

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Old 11-09-2013, 08:14 AM   #3
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How I find budget for remodeling my home


Quote:
Originally Posted by albertdesuja;1264271
I want to do big changes in my home but before hire any company I am not understand how I set my budget.
First step is a clearly articulated "dream".
-Imagine it is Christmas Morning... what is under your tree?

Second step is to make that into a scaled plan.
Third step is to trim that back to reality and make new plan and lists.
-Hire professionals to do this.

Fourth step is to "shop" the surface materials your desire has.
-This may have you revisit step three.

Fifth step is to interview qualified installers and contractors.
-Get them to bid the plan you already have.

Do NOT hire anyone to both plan and do the work...
NEVER start work without having an agreed plan with contract.
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Old 11-09-2013, 08:43 AM   #4
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How I find budget for remodeling my home


How much cash on hand do you have to do the projects? That's usually the biggest limiter for the plans. Banks are more leery these days for giving out loans for remodels, so if you don't have a tons of money sitting in an account, you start with who will give you a loan, and for what amount. If you want to remodel more than 30-40% of your home, or do substantial structural changes, then you start looking at the fact that it's more cost effective to move than to make all of those changes---unless you live in a location that has substantial intangibles that cannot be replaced. Like you live on a lake, or right next to your sibling. Or, you do all of the labor yourself, and you don't even consider counting the hours times minimum wage as a "cost".


Costs vary by region, and by the age of the project being remodeled. A San Francisco 1950's post war home with little insulation, a 100 amp electrical panel, and galvanized plumbing about to give out will cost substantially more to remodel than a Indianapolis 1980's split level with some insulation, a 200 amp panel, and CPVC plumbing. The "same" project for each could vary by as much as 200% because of the location an ancillary updating costs.

Remodeling Magazine Has a database that compares costs of remodeling projects and the "return" on those projects. It's broken down by region and city. You can look up your project there and get an idea of how much it will cost you. Remember that the "return" you are seeing on the project only happens if you sell the home fairly close to project completion. Even if you get an 80% "return" on a 100K kitchen addition, that still means that you spent 100K to lose 20K at selling time. If you go to sell 5 years down the road, that 80% will look more like 20%.

Also talk with a local realtor about your plans. Over improving for your neighborhood is always penalized come resale. Now if you are the smallest home on a block of luxury homes and you want to pop the top to add another floor and another 2000 square feet, that could be a wise investment come resale because of the location. And that's why you need the input of someone who can compare your home with the homes in your neighborhood and tell you if your plans are appropriate to the location.
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Old 11-09-2013, 09:20 AM   #5
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How I find budget for remodeling my home


I like this part, "First step is a clearly articulated "dream".
I loose interest real fast when a new customer has no clue what they really want.
A good contractor is a busy contractor. his time there to look over your job in most cases is done on his "free time". While there he's not making a dime and is taking away from his real job or family time so make the best of it and have your ducks in a row before he gets there.
Things like pictures out of design magazines, a simple drawing on graft paper, real blueprints, a firm idea on the materials your thinking about using, a reality based budget in mind can all be a big help and will speed up the process and help to give a more accurate quote.
Warning signs I look for when talking to a new prospective customer are things like,
"I want to do this as cheap as possible, I need 3, different quotes on doing this job 3, different ways, I do not want to get a permit so my taxes will not go up, we want to help do some of the work.
Warning signs when dealing with a contractor, refuses to give you references, keeps saying he's highly rated on Angie's list, refuses to give you a contact # to check to see if he really has insurance, no license #, will not answer your questions with a straight answer.
Trust your gut instincts, your going to have to both trust each other or it's not going to end well.
Do not expect him to go shopping with you for things like picking out a paint color, a color of flooring, or siding. It's up to you to decide all this ahead of time.
Do not expect them to do something the way you said you wanted it done then changed your mind and want it redone for free. Time is money. Most will have a change order fee that needs to be signed by both party's and added to the bill.
I('ve had one customers wife ask for $10,000 worth of changes on one job. The wife signed all the change orders, husband waited until the end of the job and refused to pay because he did not sign them. Had to take them to court to get the money but that meant we were out that money for a year)
Find someone you can trust, does a good job, does what they say there going to do, stick with them and take the time to give them a nice written reference. I means a lot to us.
Your original post does not state what type jobs your thinking about doing so your only going to get generic answers.
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Old 11-09-2013, 09:37 AM   #6
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How I find budget for remodeling my home


Quote:
Originally Posted by albertdesuja View Post
I want to do big changes in my home but before hire any company I am not understand how I set my budget.
First learn/speak/write English.
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Old 11-09-2013, 09:45 AM   #7
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How I find budget for remodeling my home


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First learn/speak/write English.
That comment was a little harsh considering probably 99.9% of us knows what she/he is asking.
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Old 11-09-2013, 10:31 AM   #8
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How I find budget for remodeling my home


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Originally Posted by rusty baker View Post
First learn/speak/write English.
English is probably a second language for the OP. If his post is too hard to understand, please ignore his thread, and move on, thank you.
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Old 11-10-2013, 09:39 AM   #9
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How I find budget for remodeling my home


i wish i knew spanish as well as the op know english.
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Old 11-10-2013, 10:39 AM   #10
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How I find budget for remodeling my home


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Originally Posted by Fix'n it View Post
i wish i knew spanish as well as the op know english.
I have enough trouble speaking English....and it's my 1st (and only language)....well...I do speak Pascal and C real well....

To the OP.....

As for budget....what ever you come up with....plan on adding 25% to the 'real' cost...and the time to complete....add another 50%. That is real world....

I'm doing a 2-story addition and only 2 items have come in on budget....foundation and roof.....everything else has cost more than expected....but then it's also because we upgraded a few items....

Also be aware the building material costs change constantly....if we get a hurricane in FL that wipes out a bunch homes....expect OSB and Plywood costs to go way up...
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Old 11-10-2013, 11:49 AM   #11
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How I find budget for remodeling my home


Language is not important if it is conveying the message appropriately. So go for the message not grammatical rules and sentence structure.

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