A lot of times, homeowners have false, unrealistic expectations when it comes to the cost of their renovation project. Understanding what things cost requires an in-depth breakdown of each phase of the project, which is often lost in the media production process of their favorite renovation shows.
To help homeowners Nick and Hannah understand the real costs of their project, contractor Zack Dettmore and designer Camille Dettmore give them a thorough breakdown of costs so the homeowners can come up with a realistic budget.
Factors in Cost
One of the biggest factors in the total cost of a project is the cost of living in the project area. For Zack and Camille, who live outside of Manhattan, projects often cost much more than they would in areas like the Midwest. Homeowners may be shocked to see what certain aspects of the project cost if they don’t factor the cost of materials and labor in these more expensive areas.
Things Always Cost More Than You Expect
One rule that Zack and Camille like their homeowners to understand is that the overall cost will always be more than you expect. Certain aspects of the project aren’t as obvious, such as the cost of permits or labor to install smaller items like shower doors or closet hardware. Always plan a contingency, as well, as unforeseen challenges can always pop up and force the cost of the project to increase.
Color-Coded Breakdowns
Zack and Camille helped our homeowners understand how to build a budget. They used color-coded tags to attach prices to certain aspects of the project. Red represents the necessary items like labor, permits, and other unavoidable costs. Yellow are areas of the project that need to be completed, but have some flexibility in the price of the materials. Finally, green represents the nice-to-have aspects of the project that can either wait or be cut out if the budget climbs too high. This helps homeowners understand why the project costs what it does, where they have to spend money, and where they can save.
Information is Everything
To make good decisions, homeowners need the latest information. By building a budget, homeowners can see the cost of the project, balance their expectations against reality, and make the best decisions for their homes, families, and budgets.