What’s a fair price to pay for your next remodeling project?
- It makes sense to obtain multiple quotes for your next project. As a remodeling contractor I’m not very eager to participate in this process. But, I understand how important it is for my customers to feel that they did their homework and have received a fair price for their project. So, I expect to compete with at least two other contractors for most of our projects.
- However, there are several metrics that you might find helpful even before you receive the contractors’ quotes. The most common metric is cost per square foot. This is obtained by taking the total cost of the project and dividing by the square footage of the room that is being remodeled.
The total remodeling project cost must include:
- Design or Architectural fees
- Construction materials
- Project materials such as; cabinetry, tile, fixtures, etc.
- Permit, disposal, rental fees
- There are a number of web sites that have done a lot of the research using the cost per square foot metric. Indeed, site like Houzz.com, Fixr.com, Home.costhelper.com, etc. have some pretty detailed analysis based on hundreds of projects throughout the country.
- I frequently use the data from these web sites to insure that our proposals are competitive with other high end contractors. My goal is not to be the cheapest because I know we bring a lot more value to our projects than most contractors. However, I know that I need to keep our pricing in line with other high end competitors. So, I also don’t want to have the highest cost per square foot.
My own research has provided a range of costs per square foot that will be helpful in planning for your next project:
- Including a bathroom can add from $5,000 to $12,000 to the project cost
The obvious question is why is there such a wide range?
- The biggest factors tend to be:
- Project complexity: Are you changing the floor plan, moving fixtures, adding space, repairing pre-existing problems, etc.
- Materials selection: Tastes vary from basic off the shelf items to very high end special order or custom made materials.
- Craftsmanship: The amount of finished carpentry, stone fabrication, tile pattern installation, etc. will dramatically impact the labor costs.
- Other factors can include differences in the contractors’ services deliver models, such as;
- How detailed are the project designs?
- How much of the work is done by subcontractors?
- How extensive are the warranty provisions?
- The best approach is to compare your preferred contractor’s cost per square footage versus this or your own research to see if your remodeling project costs are in line.
For more information please visit Home Remodeling Projects Costs in 2016.