Budgeting for your remodel | Price per square foot does not work!

Indianapolis remodel contractorSo you given a lot of thought to your next remodel project to your Indianapolis area home.  You know what you need and you have done your homework and research on selecting a contractor.  You have done that right? If not, check out this INFORMATION. 

So, you have met with a few contractors. Im guessing you asked a lot of questions. What do you get? What options are available? And, more importantly, how much will it cost?  When it comes to a contractor for your next Indianapolis project, you may get a few different answers when it comes to price.  One of the most common questins we get as an award-winning Indianapolis remode contractor is, “What is the price per square foot?”

From a consumer/homeowner point of view, this is a valid question.  It’s like asking how much is a dozen of eggs. Or, how much to replace the tires on my car.  Most think there is a simple way to determine the cost of a remodel project.  However, from a contractors point of view, this is a loaded question.  A ballpark remodeling estimate per square foot, at best, will provide an inaccurate idea of what to expect. Some contractors will “low ball” this figure and others with “high ball” th is number to cover themselves. After all, consumer always remember the lowest number we throw out to them, right?

price of remodelingMost reputable contractors want to give homeowner’s an accurate idea of what to expect price wise, however most will refrain from quoting specific figures for many reasons.  First, quoting a price per square foot is at best a broad range and a guess where a particular project will fall.  There are simply too many variables on a particular home to be able to accurately quote a price without completing an accurate analysis of the existing conditions, home layout and what an addition or any other remodel will affect in terms of existing space.  For most remodels, a fixed price is the way to go. You will avoid surprises in the long run. In fact, for most projects, the only adjustements to the price is what materials selections the homeowner chooses.

For example, if a quote includes an allowance for floorcovering and specifies carpet and the homowner chooses hardwood flooring, then the homeowner typically pays the cost difference between the two products.  In simpler terms, if the contract called for a flooring allowance of $500 and the customer spent $800, then the homeowner would pay $300 extra in cost to make those changes.  It is simple to explain, they upgraded the original materials to be used according to the contract.  It doesnt really cost the contractor any more money because you chose a different product, so you pay the difference.  Of course, if this choice was specified before the contract was executed, there would be no change.  A fixed price gives consumers a piece of mind to know that there costs will not change unless there is a good reason, or in the case above, a materials upgrade.

Most reputable remodel contractors will offer a fixed contract. It’s good for contractor and great for the homeowner in knowing that unless they change something, their price will NOT change.  Beware of time plus materials contracts. In all but most cases, it is better to get the security of a known price. This allows you to plan and in the cases of some homeowner’s budget for cost overruns, which can happen during a remodel project. Just remember, you control the destiny of most cost changes.  Changes sometimes are inevitable, especially on larger projects. The best you can do is try to agree upon selections at or before the time of the execution of the remodel contract.

There is a lot to consider when choosing the contractor for your next remodel project.  If your looking for an Indianapolis area remodel contractor company, check out OUR advice on everything household, home renovation and improvment and home remodeling.

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