Calculating the Total Cost of Your Project
August 25, 2008
Other than purchasing your home or paying for a college education, renovating your house may be one of the biggest financial expenditures you’ll make. It’s normal to be concerned about the cost of your project. By properly calculating the total cost, your can help reduce your stress throughout construction since your finances will be in order. Here’s how we work with you to help alleviate your worries about cost:
We do our best to accurately estimate the cost of your project.
Using the information that you provide us, we’ll give you a written estimate or bid of the project cost so you know what to plan for in your overall budget. If there are unforeseen circumstances or you authorize additional work beyond the scope of the original project, we provide written change orders along with a revised project total so you will know the revised total cost.
We track the actual cost of your project invoice by invoice.
We are happy to provide a Project Analysis Spreadsheet, along with your invoices to date and a summary of work completed, so that you’ll know how much you’ve spent in comparison to your budget.
Remember to allow for these additional factors in properly calculating the total cost of your project.
The carpentry work completed by House Wright is often only part of your total project. Depending on the size and scope of your project, you’ll also want to budget for:
- Architectural plans. On some projects, our expertise allows us to create a solution that does not involve an architect. Other projects are best suited to having an architect draw up plans so that you can best achieve your vision. We are happy to discuss whether you will need an architect or just a design consultation with us. If you do need an architect, we can recommend one.
- Exclusions. On your written contract, you will often find areas of the project that have been excluded from the House Wright cost.
- For example, unless an architect specifies tile, plumbing or lighting fixtures, these are usually purchased by the home owner so that you can select exactly the ones you want. And unless we are building custom cabinets, this is another item that is often excluded. Make sure you do some research on the price of the exclusions that you desire since they can have a wide range of costs. Then budget accordingly.
- Beyond fixtures, certain trades are sometimes excluded as well. We may exclude painting at your request since you may want to have this done after we are gone and the dust has settled. Other clients prefer to have us manage the painters and we are happy to do so. Either way, you’ll want to look over our exclusions and determine a cost for each of them. If needed, we can help you calculate these.
- The “while you are here” factor. Once you have a handy carpenter in your home, you’re likely to find an old door that needs to be repaired or some other minor project that’s been on your to do/to fix list. We call this the “while you are here” factor. You may want to add some additional funds into your budget since we rarely finish a project without a “while you are here” request by the homeowner.
- Unforeseen work. While we wish we had x-ray vision and a crystal ball, we occasionally encounter unforeseen difficulties on a job. Particularly in Marblehead and the North Shore area where there are lots of older homes, we find unexpected surprises. Once we were renovating a home that was originally a fisherman’s shack and discovered that the walls were framed with irregular pieces of driftwood. In order to tie in the new addition, we had to re-frame these walls. Obviously this was not anticipated in the original scope of work. Even on newer homes, we sometimes find problems that were hidden beneath walls or ceilings that need to be repaired in order to proceed with your original project. We recommend that you have some extra room in your budget (between 10-20%) as a safety net so that you can be prepared for the unexpected - if needed.
- Landscaping/site restoration. For an addition that results in disturbing the landscaping in your yard, you’ll want to budget to restore your yard to its original – or better! – condition.
- Other expenses. Some clients choose to move out of their house for a part or all of the renovation. Others find eating out more makes the renovating process easier. Both of these can be an unanticipated increase in your regular household budget.
- Furniture/Redecorating. This is the fun part! Once we’ve created your vision and the last nail is hammered in, you’ll be ready to move into your new space. You may want to have some funds allocated for furniture or redecorating, as you’ll want your new space to look as fabulous as possible!
We hope these words of wisdom will allow you to properly plan for the total cost of your project. Remember, a little advance planning goes a long way in reducing the stress of a project.
This blog is brought to you by James Gilroy House Wright Inc. We’re an exceptional builder, not your average contractor. We focus on serving clients in Marblehead, Salem, Swampscott, Lynn, Nahant, and Beverly, MA. We are happy to discuss your project with you. You can call us at 781-639-4868 or contact us from this website for a FREE estimate.
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The EPA now requires all contractors to be Lead-Safe Certified Firm. House Wright is fully certified to make sure your family is safe from the lead that is sometimes found in older homes. Ask how we keep your family safe.