A recent survey revealed that many homeowners underestimate the cost of home remodeling projects. When asked to provide an estimate of a bathroom or kitchen remodeling project, their responses rarely align with the actual prices. For instance, they estimated the cost of a new kitchen floor to be close to $2,000. According to HomeAdvisor, the actual reported cost is nearly $3,000.
Truly, such an endeavor can cost more than you expect. Budgeting wisely, therefore, is of the utmost importance to prevent the so-called “ sticker shock” that has left many homeowners stressed.
Expect the Unexpected
Set aside 20% of your overall budget for additional expenses that may crop up out of nowhere while the project is ongoing. Unforeseen structural damage may need to be addressed, and the plan to achieve a dream home could go awry if you don’t have the financial flexibility to handle such situations.
Avoid Change Orders
Homeowners and home remodeling contractors must have an agreement on whether or not to pursue change orders. Don’t force it if you think it is not necessary unless there is a preexisting structural condition that needs to be addressed before continuing with the project’s timeline.
Consult the Pros
Working with the pros is a surefire way to prevent “sticker shock” when planning a home remodeling project. Through them, you can learn how much a bathroom or kitchen update costs. Be sure to ask them to provide you with a written estimate breaking down the materials and the cost of each as well as the labor. Doing this lets you know how your decisions will affect the bottom line.
As one of the leading new addition contractors in the local area, Design Build Remodeling Group of Maryland combines construction expertise with easy, affordable financing. We work closely with our preferred lender and our clients every step of the way, ensuring their major home improvement project goes according to plan.
Call us at (443) 230-4070 to learn more. You may also fill out our contact form to request a free consultation. We serve residents of Baltimore, MD, and the surrounding areas.