What You Should Know About Your Remodeling Budget

Taking on a remodeling project demands peak organization. Checklists will become the homeowner’s best friend throughout the process and trips to home improvement stores, bathroom showrooms and flooring outlet warehouses become part of the weekly grind.

Yet, the one area that often gets completely overlooked is the remodeling budget. Recent insider articles in the construction industry have noted that one of the primary reasons for both major and minor remodeling projects being put on hold or abandoned altogether is poor budget management.

A basic search of top considerations for a successful home remodel always brings back two results — a well-regulated budget and keeping to a schedule. Truth be told, one cannot exist without the other. That said, here are a few things homeowners need to keep in mind when it comes to their prospective remodeling budget: 

Labor — Changes to the workforce are occurring at all levels. This includes the construction site. As the need for more skilled labor increases, so does the cost for employing such vital workers. 

Materials — During the last few years, prices for construction materials saw massive spikes in cost. Much of this was due to low supply and kinks in supply chains. However, even a couple of years removed, prices are still high in an attempt to recoup losses. Costs may be even higher for luxury materials.

Contingencies — The ‘just in case’ scenarios of construction are innumerable. Even with what could be a simple remodeling project, something can come up that no one expected, such as an unforeseen mold remediation.

Permits — Depending on the type of remodeling project, permits can run the gamut in terms of price. It may be up to the individual homeowner to find out what this price might be or the contractor may provide it as part of their service.

Geographical Differences — Prices for materials, labor, and just about every facet of a remodeling project can vary simply because of where it is taking place. The same can be said for materials being delivered to the site from certain areas. It pays to trust a general contractor who understands supply chains and has vetted sources to help in meeting budget and style.

Rooms vs Whole House — While it may seem easier to remodel room by room, you will have significant savings by doing the remodel all at once. 

In terms of the last few things one may consider when it comes to their remodeling budget, there is more than meets the eye. Starting small and growing, the scope of the project changing, and working with wide price swings all are part of the give and take a client will experience over time. Navigating these changes in the best way means working with the right construction company.

The right general contractor will work with trusted trades and have vendor lists that are reliable. Online shopping and discount websites often lead to more expenses when faced with broken items, delayed arrivals and defective parts. T. Locke Construction has served the central Texas area for over twenty years, earning our client’s trust through our incomparable designs and workmanship, as well as our commitment to transparency. Click here to contact us about your upcoming remodeling project today. You’ll be glad you did.