How Much Will My Renovation Cost?

how-much-renovation-cost

You’ve decided to remodel your home and suddenly you have visions of paint chips, fixtures and counter tops dancing around in your head.

After the initial excitement subsides, home/apartment owners begin to focus on the cost.

Estimates for a home remodel will depend on the scope or quantity of work as well as its overall quality (the quality and quantity of materials, existing site conditions, design concepts, etc.).

Keeping in mind that your particular project will vary and could cost more or less, the ballpark for renovations in New York City, according to Curbed.com, could be “as low as $75/sq ft and balloon up to $500 plus/sq ft with total bills amounting to between $100,000 and $500,000 and up.”

These staggering amounts might render the average person catatonic, but, it’s important to research what you will get for your money.  If you decide to go with the lowest bidder, you run the risk of saving on cost, but losing on quality, sanity and time.   After assessing what kind of work you’d like to do and the financial range of what you’re comfortable committing to, spend a good amount of time researching different contractors and design-build firms.  The biggest roadblock in a renovation, other than money, is the professional hired to undertake the project. A few factors to keep in mind when hiring a contractor are:

  • Valid licensing and certificates, current insurance.
  • Details of written contracts. Make sure the contract is easy to read and isn’t vague or ambiguous; be certain you understand what you’re signing.
  • Quality, craftsmanship, level of professionalism, experience of supervisor on the job.  Ask to see past work, references, etc.

Don’t panic.  Remember, you’ll forget about the price you paid long before you’ll forget about a bad job that you’re forced to look at every day when you come home.