How to evaluate your house’s renovation budget ?

Even if it is never pleasant to exceed the budget allocated for the works, many are the ones to whom it happens. But is this a fatality? The answer is no. As long as you do not modify the project along the way and adequately evaluate the cost of the project from the start.

Define a clear project

Setting clear and realistic objectives in terms of building constraints, budget and time is essential to successfully renovate your home. The first step before starting the works is to evaluate the various renovation options and to choose one. Then, the ideal is to book an appointment with a reliable renovation contractor to prevent the work from turning into a nightmare, as is still the case for many owners.

This will be the perfect time to ask him questions about his work methods and therefore being able to evaluate his expertise. Get more details on the various works that he deems necessary for the renovation, based on the specifications provided: what are the indispensable works and the different options according to him? What materials will be recommended for these renovations?

Cipher each expense

  • Cost per square foot method
    Some contractors estimate the cost of a renovation project using the cost per square foot method. If this technique can give a rough idea of the budget to provide, it soon has limitations. For example, the cost per square foot is decreasing, which means, the larger the area to be renovated, the lower the price per square foot will be.
  • Full cost method
    On the other hand, the full cost method identifies and quantifies the totality of the interventions of the different works. If it has the advantage of offering an overview and a global estimate of the project, it requires solid building knowledge. It is therefore advisable for owners who are not very experienced in this area to contact a specialist to make this estimate.

Recourse to a professional to limit surprises

Large-scale projects may require heavy works, finishing, design and decoration works and when you are not a building professional, it can quickly become overwhelming. Asking for a professional helps can avoids you many surprises: professionals work with plans and precise specifications to determine accurately the works needed, without forgetting any details. The crucial works are managed in priority while the others remain optional if the budget is limited. Once the different steps listed, they select the employees that will accomplish each type of works. Finally, they know in which order to execute the works and are used to synchronize interventions.

The combined design-build service: a real plus

Some specialists offer a combined design and construction service: a multidisciplinary team made of professionals from the various fields concerned works closely together to offer a complete service to the client. And as it is combined with the renovation process, you are guaranteed to get a customized turnkey service. No work is forgotten.

Renovating a house is an interesting financial operation: it makes it possible to buy a much cheaper property, to adapt it to one’s taste and to reduce its energy consumption while giving it a real added value.