Remodeling 101: Part 3 - Budgets

Part 3: BUDGETS

The most common question that I receive when I meet clients during the initial consultation of any renovation project is, "How much is this going to cost?". This is not a question that can be answered on the spot. There are many variables that go into estimating any construction project and it is important that the contractor is able to do their due diligence before disclosing cost figures. It is one of the reasons why people are told to get multiple quotes. You would be surprised how much estimates can vary from one contractor to another. 

I like to know my client's budget up front. However, finding this out, is more often easier said than done. People are hesitant to disclose their budgets up front. I understand this mentality... The client is concerned that if they tell the contractor their budget is $15,000 and the actual cost is around $10,000, the contractor will automatically bill up to the client's budget and pocket the difference. I am not saying this doesn't happen, however, if you have done your research and hired a reputable contractor it most likely will not.  

I have had several projects in which I was able to come in under the client's budget and others in which the customer had unrealistic expectations of what their desired improvements would cost. In either situation I can explain and justify the costs and offer solutions to reduce the costs if need be. 

Here are two examples:

Client A (under budget) - Wanted his bathroom remodeled for around $7,000. He received multiple estimates from other contractors for around $10,000 but couldn't justify spending that amount of money on "such a small bathroom". After meeting with both him and his wife and discussing their expectations Investcove was able to complete the job for around $6,300.

Client B (unrealistic expectations) - Wanted her 2,500 square foot home completely renovated including a full gourmet kitchen, custom laundry room, two bathrooms, removal of existing tile and installation of hand scraped hard wood flooring throughout, brand new impact windows and doors, interior and exterior paint, and filling a sunken living room in with concrete. This was an extensive remodel that included heavy duty plumbing and electrical work. In addition, this client chose very high end and expensive materials. She did not disclose her budget upfront but we later found out that she estimated all of the work to cost around $70,000 which was about $30,000-$40,000 less than the actual costs based on her material choices. 

Client A was obviously happy because their remodel came out around 10% less than anticipated. They had a feeling that $10,000 was too much money for their bathroom remodel and they ended up being right. The fact that we knew their budget upfront allowed us to suggest materials that we knew would be conducive to their budget and in this case even came in under budget! This doesn't always happen but we definitely always try. 

Client B was panicked because she received the estimates and was shocked by the pricing. In this case, if she had disclosed a $70,000 budget up front we could have sat down with her and explained why it was unrealistic and how we could get the costs down to where she wanted them to be. 

If you are considering a remodel but have no idea what things costs or what your budget should be here are some suggestions to point you in the right direction:

1) Ask around - Talk to your friends, relatives, and neighbors. Talk to anyone who has completed a remodel in the past year and ask them how much they spent. I know, I know... this is not the most comfortable conversation to have but if you explain why you are asking they will be more than happy to help.

2) Google - Go ahead! You know you Google everything else. Google, "bathroom remodeling costs" or "cost to install new flooring" and read some of the message boards to get an idea of what things costs. As with everything else on the internet... keep an open mind and take everything with a grain of salt!

3) Research - Look at some of our earlier posts on HOW TO: Hiring a Contractor. Do your research and only call contractors that are reputable. Receive recommendations from friends or other trades that you do business with. Make sure they have a portfolio and ask them about their experience in project management and working with budgets.

4) Pictures - Have inspiration pictures for your contractors when they come to the initial site visit. There are multiple ways to achieve one look and pictures can help your contractor guide you in the right direction for your desired outcome and budget.

5) Full disclosure - Tell the contractor your budget. By now, you should have honest and reputable contractors in line and you need to trust that they will do everything within their power to provide you with the best possible pricing. 

6) Trust your gut! - I think this is true of everything in life... trust your intuition! If you have a bad feeling about a contractor then leave it at that and do not do business with them. On the other hand, if you have a good feeling about a contractor then you should probably trust that you are making the right decision! 

If you have any questions on construction budgets please feel free to leave a comment or you can head on over to our Facebook page and post to our wall or private message us! 

https://www.facebook.com/Investcove

Blog post by Aja De Los Santos, GM & Head Designer at Investcove Properties

Remodeling 101: Part 2 - Bathrooms

Part 2: BATHROOM REMODELING

A typical bathroom remodel takes 2-6 weeks, depending on complexity. This overview includes the most common elements of a bathroom remodel. It is important to review and understand these elements in advance before hiring a designer and/or contractor. This will help the professionals you work with create a design and project overview within your budget and time frame.

• What is your budget for this project?
• As mentioned in our previous post, it is important to discuss your budget with your contractor and/or designer. A qualified design/build firm will have experience in working with budgets and be able to guide you in the general direction to meet your needs. They will not increase their fees to match your budget or try to convince you to increase your budget. They will explain to you if and why your budget is on target or unrealistic. 
• What is your goal for the remodel?
• Are you looking to update, add space, or both? What is the ideal bathroom you envision yourself in?
• Technical aspects of the bathroom remodel include:
• Current square footage and desired square footage.
• Will your project require an engineer or architect? Most likely you will not need either unless you are moving walls and/or the ceiling.
• Does your project need to be permitted? Your project will require a permit if you are moving electric and/or plumbing. Check with your local municipality for permit regulations. Your contractor/designer will be able to advise you on local rules and regulations.
• Your designer/contractor can help you with these technical aspects but having a general knowledge of what may come up in your initial conversation is very helpful to both parties.
• Other elements of the bathroom remodel include electrical, lighting, walls, plumbing, windows, doors, shower/tubs, toilets, vanities/cabinets, counter tops, sinks, and flooring.
• Electrical - Will you need a service upgrade? Do you need a sub panel? How many outlets and switches will you need? Would you like your lighting on a dimmer switch?
• Lighting - What type of lighting fixtures would you like? Do you want recessed lighting and/or flush wall mounted lighting? 
• Walls - Will you need any wall paper removed and/or installed? Would you like the walls textured or smooth? What color and finish of paint do you envision for the walls and ceiling?
• Plumbing - Will the plumbing need to be upgraded and/or relocated. Most of the time, I advise my clients that we will be upgrading their plumbing behind the wall. The reason for this, especially if it is a newer home, is that the builders use inexpensive materials that are no longer sufficient. 
• Windows - Are there any windows that need to be removed, moved, or installed?
• Doors - Are there any doors that need to be removed, moved, or installed?
• Showers/Tubs - You will have to decide if you would like a tub/shower area or shower area only. If you would like a tub what type/color would you prefer? Do you want tile on the floor or back splash  Do you want a tile listello (this is the decorative band that runs around the shower walls)? Do you want a nook for your shampoo/soap? What type of materials would you like? Pattern? Tile Size? Grout color? Do you want an installed bench? Do you need grab bars? Do you want a glass door? What type of faucets would you like?
• Toilet - Will you be keeping your existing toilet? If not, what make, model, and color?
• Vanity/cabinet - Will the vanity be custom ordered or pre-built? What type of material, color, and stain? What door and drawer type? What type of accessories (knobs, pulls)? 
• Counter tops - What type of material and finish? What type of edge detail? Would you like a back splash?
• Sinks - How many sinks? What type of sink? What color and finish?
• Flooring - What type of flooring materials? Would you like a tile, wood, or PVC baseboard?

These are the questions your designer/contractor is going to ask you when discussing your bathroom remodel. Look at your existing bathroom and write down what you do not like. Then look at pictures and decide on the type of bathroom you would like. Talk to your designer/contractor about your ideas. Be flexible and understand that they are professionals in their field and want to help you achieve your vision. They will explain what can and cannot be done and why. You can then, together, come up with a solution and plan for the bathroom remodel.

Blog post by Aja De Los Santos, GM & Head Designer at Investcove Properties 

Remodeling 101: Part 1 - Kitchens

Part 1: KITCHEN REMODELING

A typical kitchen remodel takes 6-8 weeks, depending on complexity. This overview includes the most common elements of a kitchen remodel. It is important to review and understand these elements in advance before hiring a designer and/or contractor. This will help the professionals you work with create a design and project overview within your budget and time frame. 

• What is your budget for this project?
• I have worked with several clients who are reluctant to tell to me their budget. This is understandable as many contractors will bump their fees and estimates right up to the client's budget limit, however, most honest and reputable contractors/designers do not do this. It is important for me to understand a client's budget because it helps me shape the project within their parameters. I have had instances where we are able to complete the project for far less than the client expected as well as situations where the client's budget is completely unrealistic. 
• What is your goal for the remodel?
• Are you looking to update, add space, or both? What is the ideal kitchen you envision yourself in? The contractor/designer wants to give you everything you want so it is important that you thoroughly understand what you would like to achieve with your project.
• Technical aspects of the kitchen remodel include:
• Current square footage and desired square footage.
• Will your project require an engineer or architect?
• Do you need any walls removed?
• Does your project need permitted?
• Your contractor/designer can help you with these technical aspects but having a general knowledge of what may come up in your initial conversation is very helpful to both parties.
• Other elements of the kitchen remodel include electrical, lighting, walls, plumbing, windows, doors, cabinets, counter tops, sinks, flooring, and appliances.
• Electrical - Will you need a service upgrade? Sub panel? How many outlets and switches are there and how many will have to be installed?
• Lighting - What type of lighting do you want? Recessed lighting or mounted lighting?
• Walls - Are there walls that need to be removed or moved?
• Plumbing - Will the plumbing need to be upgraded or relocated?
• Windows - Are there any windows that will need to be moved, removed, or installed? What type of moldings will be installed around these windows?
• Doors - How many doors will need to be moved or installed? What type of doors? What type of moldings?
• Cabinets - Would you like your current layout replaced or redesigned? What type of cabinets would you like? Custom? Semi-custom? What type of color and finish will the cabinets be? What type of drawers and doors? Will there be any custom built-ins?
• Counter tops - What type of counter top material would you like? What color? What type of edge detail? Will there be a different type of back splash installed?
• Sink - What type of sink? Under mount? What size sink? What type of faucet?
• Flooring - Will flooring need to be removed? If so, what type of flooring would you like installed?
• Appliances - What type of refrigerator, disposal, range/oven, range/hood, dishwasher, microwave would you like? What are the sizes?

Your contractors/designer is going to ask you all of these questions in detail. You will be able to go over everything with them at the time of your consultation, however, understanding all of the aspects and technical details of your remodel ahead of time will help you to achieve the best results. Investcove Properties provides there clients with a remodel work sheet prior to the initial consultation. This helps prepare the client for the types of questions that will be asked of them.

Blog post by Aja De Los Santos, GM & Head Designer at Investcove Properties