Establish a Budget

It is important to establish the money side first. There’s nothing worse than thinking $10,000.00 will be enough, only to discover that the cost will actually be $ 30,000.00.

If you have no idea about costs, the best thing to do is find out.

Talk to someone who has completed a similar project. A friend, family member or neighbor may be willing to share the costs involved for their home renovation or decorating project.

Call a local interior designer, architect, or decorator, to get an idea of what they charge for a design. Make sure you are calling an individual or firm that handles residential work, not commercial.

Who to call depends on your project.

A renovation or addition will require the services of an interior designer or architect.

Just decorating, with no physical changes to the structure of your home, call a decorator or interior designer.

A local general contractor, specializing in residential work, can provide an estimate for construction cost.

Explain your project clearly. Before making any call, write down your information. Jot down any questions to ask. Provide as much basic information as possible without getting into too much detail. At this point the types of windows, doors or colors you like are not important.

For example:

“I plan on doing an addition to the main floor of my bungalow. It’s approximately 15 feet by 20 feet. It’s going to be a family room coming off the kitchen area. I would like a lot of natural light exposure and to have exposed ceiling beams.”

Ask the interior designer or architect, if they can give you an estimate as to how much the design fee would be for this type of project. How long would the design take? Do they also do project management or permit applications? They will probably ask you a few questions, such as “Are you planning on extending the basement area?” Take notes. This may bring up points that you need to consider.

A general contractor will provide you with an estimate on the actual construction cost. Again, find out how long construction will take…three weeks, two months?

You will likely get a square footage price. The odd time you might get an approximate overall cost.

So...for example…15 x 20 feet = 300 square feet x $ 95.00 per square foot = $ 28,500.00 This could be the construction cost to actually build that extension. Remember this is only an estimate. And you need to add on design fees, permit fees, etc. Don’t forget about the new furniture, and accessories.

Consider this. For large renovation or addition projects, many people choose to move out of their home during the construction process. In a case like this, the cost of a hotel or apartment for that time period should also be included in the budget.

The same process would apply for any interior project. Briefly explain your project.

“There is a room in my basement, approximately 12 feet by 23 feet. I would like to update it to a more modern look and have an entertainment area. Possibly with some new built in units for the TV, DVD player. “

Ask the interior designer or decorator, if they can give you an estimate as to what the fee would be for this type of project. Find out if the items they select must be purchased directly through them or if this is optional.

Remember, you are only trying to establish your budget. These are not firm costs. It is only to get an idea of the costs involved for your project. At this point, do not get pushed into any meetings or agreeing to anything with any firm or individual.

The budget is not only important to you. It is also important to the interior designer, architect or decorator. When it is time to proceed, provide them with the relevant information. Such as, you would like to spend $30,000.00 or whatever your budget is, on the final construction and finishes. They don’t need to know about any personal costs, like the hotel fees, etc.

The next step from Budget: Wants and Needs

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