Before you set your heart on a renovation, it’s a good idea to step back and ask yourself about
your goals. Are you seeking a renovation for purely aesthetic purposes, functional reasons, a
value-add, or some combination of all three? “If the renovation you’re considering is for your
personal home, ensure that the changes you’re considering are worth the cost to you,” says
Amalia Graziani, a developer and interior designer for Noor Property Group. “If you’re
improving a property for sale, ensure that the changes you’re making will add value in significant
excess of what you’ll be spending.”
Once you’ve decided to move ahead with the renovation, carve out some time to do some
research on the overall cost, expected timeline from start to finish, and potential curveballs.
“There’s no other way to make sure it’s the right path forward other than by doing as much
planning as possible, putting as much thought into it as possible, and talking to several experts to
get the appropriate amount of feedback and information to make the best decision for yourself, in
hopes you’re moving toward the right path,” says Jon Grauman, a real estate agent and developer.
A survey can also help you decide if now is the right time to start renovating or if it’s better to
wait. It may take several more months to make sure your finances are sound. For example, the
cost may be slightly below budget, or the schedule may not meet your needs (eg, busy sports
season, back to school, etc.).
“Realistically, a planned major renovation can take him six months to several years,” says Eddie
Prchal, his CEO and co-founder of Gunner Roofing. “That’s why it’s important to understand the
whole project. Some people found it cheaper to go into the planning stage after the estimate and
just move in.”
Ongoing research will allow us to determine the approximate cost of the renovation. An internet
search will give you some clues, but be aware that the numbers vary widely and it’s hard to get a
reliable estimate from Google alone. The best thing to do, says Prchal, is to call a local contractor
and ask for a quote. Collect three to five and you’ll know what to expect. “Getting quotes from
contractors is another great way he finds the unexpected,” he says.
With this in mind, construction inevitably has unexpected costs, also known as “slippage”. For
example, if you’re renovating your kitchen, you might have a problem with your plumbing, and
if you’re renovating your windows, you might need to replace the moldings as well. Budget
about 15-30 percent more than you actually receive to cover these additional costs. Great if you
don’t spend any money. If you need it, no surprises. “The worst thing that can happen in the
middle of a project is to cut corners and feel pressured to make hasty decisions about things that
you are likely to remember every time you look at your work.” says Chris Whitehead, founder of
New England Custom Remodeling.
If this extra spending puts you over your desired spending limit, wait until your budget allows.
Choosing the right remodeling contractor is essential to a smooth remodeling process. Good
contractors are very transparent, they are careful with their time management, they stick to
schedules, they respect your home, and they deliver great results.