The thought of remodeling should be exciting and create some sense of enthusiasm. However, for some, the thought of estimating the costs can be overwhelming.  With so many resources online and conflicting reports, it can be hard to pinpoint exactly what you’re going to spend.

To help you budget for your upcoming remodeling job, here are some tips you may want to keep in mind:

The Basics

First of all, understand that there are some basic methods when estimating your remodeling budget. A list can be an excellent starting point to give you an idea on what you’re more than likely going to pay. When creating your list, here are some things you’re going to want to answer:

• A basic labor estimate – Try your best to search the Internet to see what particular remodeling costs may be.  While the numbers will be all over the place, it can give you an idea where your project costs may fall.
• A list of all tasks you want performed – Every project will be unique. What do want to have done?  Do you want planter boxes added to your deck?  Do you want Trex lumber instead of wood?
• Planning – How is it going to be done?  Do you have a deadline?  Does it need to be done immediately or are you willing to wait for a few months?  Some contractors will cut you a discount if you’re willing to work with their schedule.
• Material and equipment acquisition – What is needed for the project?  For instance, if you were to dig a new pond, you would more than likely need some larger equipment, which in turn, would show up on your bill.  Take a close look at what these rentals will cost.
• Area preparation and the protection – How long will it take to prepare the area to get your project rolling?  For example, if the deck is already there and needs to replaced, this will probably be cheaper than starting from the ground up.
• Clean up and setup – This kind of coincides with the preparation/protection point.  What kind of cleanup is required?  Tearing off a new roof will more than likely involve a dumpster.  The same can be said with remodeling a basement.

The Actual Budget made Easy

Determining the final budget for your remodeling isn’t so difficult if you set aside some time to research the costs.

• Determine exactly how much you are willing to spend on your project – write this number down
• Find out how your estimated price can be broken down.
• Take 20 percent of the final budget and put it in the bank for any surprise issues.
• Prioritize your entire list of renovations.

• Create a detailed list with the methods that you will pay for your project.

Don’t Forget the Extra Fees

The estimating of your remodeling project might include some hard and soft cost fees.  These are some extra fees you may want to think about:

• Construction fees
• Fixtures
• Permits
• Consultants

Conclusion

It’s hard to get an exact quote for any project since there are so many factors and each job is truly unique.  The great thing about getting an estimate is that most professional contractors will be more than happy to offer a ballpark estimate for free.  If you want a true ballpark price, even after doing your research, it’s best to talk with at least three to five licensed contractors in your area.

About the Author:

Stephanie Lynch resides in Gilbert, Arizona, and works for Howmuchisit.org – a cost-helping database.  In her free time, she enjoys reading, scrapbooking and spending time with her husband and two sons.