Figuring Out & Understanding Your Remodel Budget

Figuring Out Your Budget (updated 6.5.18)

It's a big day, you have decided to remodel your kitchen, bathroom or another important room in your home.

You've probably already tried to answer this question with google. You type in "How much does a bathroom remodel cost" for example, and the results are endless and overwhelming. 

You'll quickly learn that the cost of a remodel starts with location. So you enter in your location and your results diminish a little bit but not much and you're quickly buried in search results that don't make you feel any better. 


Five Major Factors In Remodeling Costs

There are 5 Major factors in how much it will cost to remodel a bathroom or kitchen. They are;

1. Where; your location

2. What;  the details of the work

3. Size;  the square footage of the room

4. Quality; the products and workmanship you expect

5. Who; the professional you ultimately hire

There is no way to know how much your project will cost until the details of the work and the quality of the products are determined. Every client’s project is different, but based on your location, size and what work you want done we can very often establish a cost range. Your target cost will be lower if you plan on doing a replacement of an existing space versus making many modifications to electrical, plumbing or structural changes. These types of changes have a cascading effect in the budget and can add significant costs.  I often recommend that Homeowner's check out

http://www.remodeling.hw.net/cost-vs-value/2018/

This report is compiled each year by location.  It gives a national average but your regional information when used properly is an excellent guide.  


Choosing Your Remodeler

I stress this is a very rough estimate, it could be less or it could be more. The most important two factors will be;

1.What you are comfortable spending?

2.Do you feel like you have a partner in developing your project around your comfort level? 

Starting the design of your project with an open and honest conversation around spending is very important to developing trust. Not every client has an open ended budget so working back from your comfort zone can be an effective way to establish a budget. If you choose to spend more on any item that is your decision to make once you have all the specific details and can review the importance to you. A process like this  leads to feeling confident that you have selected the right person to help guide you, someone who has your best interests at heart and will be upfront and honest.  

 

What Happens If What We Want Is Too Expensive?

First, make sure that you are looking at the right team of professionals.  There are many times when a client calls us for a project and in talking with them in our *FREE* Virtual Consultation  I can give them guidance on who would be the right team.  Here at Murphy's Design we specialize in Master Bathrooms and Kitchen's with a focus on making changes to the floor plan through design.  Minor Bathroom remodeling would not use our skills.  During our conversation I can tell if it's in your best interest to seek out a Contractor more focused on just the minor remodeling.  

 Even major remodeling has cost considerations. When doing large projects its not unusual to look at the project as a whole and make compromises in the materials or finishes we select. Often you can select products with the same look and feel as the more expensive options to save some money. Also, listening to the advice and looking at alternative floor plans can often achieve the same goals without all the required modifications. A wonderful example of this is taking down walls. It is almost always possible. The cost to completely remove a wall can vary greatly depending on your particular home. I have done many projects where we modified the amount of wall we removed or how we created structural support to still open up the room but save thousands of dollars in the  budget.

 

Final Thoughts

The right budget for your project needs to to be developed, having an ally with the experience and access to up to date information is crucial. I believe it is my job to open and honest and guide and educate you as we are designing your project. Through years of experience I have learned that an educated customer is happier overall. That’s how you will find the right budget for your project.