How Much?!
“I want to remodel my kitchen. How much will it cost?” Familiar question? I would say this is one of the most frequently asked questions in our business.
Almost every other customer contacting us about their kitchen remodeling project (one of the most requested leads) asks about an estimate from the very beginning of our conversation. In most cases, be it kitchen, bathroom, addition, new home or a simple retouch, the first question is — “How much?”
As we have seen, customers, especially the ones without remodeling experience, usually think the cost can be determined from the very first description of their desired project. In reality it depends on various factors: size, design, product and more.
So, we agree that this topic is of interest, one that needs some explanation about why designers, architects and remodelers can’t give you a estimate from the first phone call. It’s not like you are buying a certain stove or refrigerator for which you know the exact price.
If you already have a budget, we can offer a few suggestions for how to protect your project from going out of budget after remodeling starts. If you are just gathering information, our tips can still be helpful for you.
First of all, knowing how much you are going to spend on a particular project makes it easier for both sides. It will help with ideas about design and products, how much time should be spent, and whether or not some custom details will be possible. You also must remember to include at least 10 percent for the unexpected. We have worked with customers who had very defined budgets from the beginning, but when we were in the middle of the process, many of them changed details. So, to prevent surprises, your budget should be a little flexible.
Your next and most important step should be choosing the right team of professionals to work with you.
“House renovation is like a business project; you need partners to accomplish your goals. So, it is very important to carefully look for and choose professionals who will work with you for several months. Those people will help you realize what you really need and what can be removed from the list. They are creators of your own place, which should be exactly the one you were dreaming of!” — Mamuka Grigolia, CEO, TBS Construction
And if contractors are not from your area, it will cost you more, so look locally!
We were thinking about how to make the first meeting preparation process easier for customers and for ourselves too, so at TBS Construction we have created a Design-Build Questionnaire. It collects very important information about your project: size, budget range, products, design ideas, lifestyle and more. When we receive the first call, we encourage customers to fill out this survey so it can be reviewed by our designer, architect or builder who will then be prepared and ready to make suggestions at the first client meeting.
Also, there are calculations about what would be the right amount to invest in your remodeling project. According to appraiser John Bredemeyer (“Here's the Right Amount to Spend On a Home Renovation,” https://money.com/home-renovation-budget-kitchen-bathroom-attic-basement/), the right amount for renovation would be “to spend no more on each room than the value of that room as a percentage of your overall house value.” So, to give you an example from our experience, on a house value of $1,000,000, the owners spent about $100,000 to $120,000 on their kitchen remodel, which is 10 to 12 percent of their home’s value.
Keep in mind everything we suggest here as you pursue your home renovation options. Be in touch with your contractor at every stage of your project. Discuss changes and how to handle the unexpected. These suggestions can help you stay within your budget.
