Guide to 3 Tips to Calculate Property Renovation Cost Correctly, House Refurb Advice, Help

3 Tips to Calculate Property Renovation Cost Correctly

7 Jan 2021

3 tips to calculate property renovation cost correctly

The renovation of a property is a complex task that needs days of preparation, hours of research, and usually weeks to carry out. It is far from a simple and straightforward task. If you’re new to the whole thing, you’ll have an incredibly hard time getting the renovation done.
One of the biggest ways homeowners crash and burn when trying to renovate their home is by miscalculating the costs. It results in unfinished projects, cutting corners, and shortcuts. This is why it is one of the vital things you can get right, and this article will give you tips to get the costs correctly.

#1 Take a Systemic Approach

You need to take a systemic approach that doesn’t overlook the many parts of renovation from the raw materials to the electrical connections and much more. If you try to calculate the cost of the renovations haphazardly, you’ll have very little success as there are many different moving parts to a successful renovation, and you’re bound to overlook something if you’re not careful.
If you’ve managed any large tasks with complex subprocesses, you’ll easily be able to craft a systemic approach to the renovation, but if you don’t have any prior experience, it might be more difficult. It is best to break down the renovation task into its subtasks and write down the estimated cost of each, and you can work from there.

#2 Consider the Extra Cost Not Included in the Construction Process

If you’re looking to get an accurate figure that will reflect the total costs you’ll incur when the project is over, you need to include way more than just the raw construction costs, there are many other costs you need to include:
● Permit costs: if you are planning on doing a substantial renovation in the home, you likely will need a permit to carry through with the job, and this will cost you both money and time, and it might even require the time of a professional, so you should not neglect it.
● Cleaning costs: you need to make sure the home is clean and livable after the renovations are done, and if you’ve ever renovated home, you know you’ll have dirt, old furniture, and waste everywhere after a renovation, and the clean up will often cost money.
● Alternative accommodation costs: depending on how far-reaching the renovation is, you might even need to move out of your home temporarily and live in accommodation. This usually isn’t a substantial cost as most people live with their families or friends, but this isn’t always the case. It is better to play it safe and add the cost to the final estimation.

#3 Use Up-to-Date Data

The prices of primary construction material and renovation services are quite volatile and change by season. If you don’t use the latest, up-to-date data, you will get inaccurate estimations that won’t accurately reflect the cost of the renovation. This is done by using trustworthy websites and high end builders that will help you access the most reliable data and use the latest techniques to come up with accurate cost estimates.

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