Use Your Rough Estimate
Don’t panic when you see the total; your first rough estimate is simply a starting point. In addition, it can help you answer some crucial questions:
• Is your rough estimate within the recommended ratio of your home’s market value? If it exceeds the range shown above, look for ways to reduce your budget.
• Should you do the work yourself or hire a contractor? The elements with the highest labor cost offer the greatest potential savings if you do the work yourself. In most cases, however, there are reasons why labor costs are high, so you should consider doing work yourself only if you’re experienced and confident that you
can successfully complete the job.
• Are you getting accurate bids? If a contractor submits a bid that’s much higher or lower than the ranges shown, ask why.
Reducing Costs
At this point you should have a rough idea of how much your dream kitchen will cost. Are you already over your budget? If so, don’t worry; the first estimate usually exceeds the budget. That’s why you’re figuring costs before you get started—it allows you to make carefully planned cutbacks now, which may save you from having to make drastic ones later. There are several ways to begin lowering your remodeling costs.
Comparison-Shop for Materials
If your heart is set on premium-quality materials, do some homework to make sure you’re getting the best
price you can. If the best price is still too high, bear in mind that good-quality materials can be just as serviceable as top-of-the-line luxury products. Although contractors and subcontractors will purchase appliances and materials for you, this service isn’t free; they typically take a markup on every item they buy. It’s often cheaper to research and purchase the materials yourself.
Comparison-Shop for Contractors
While cost shouldn’t be your first consideration when looking for a contractor, it’s an important one for most
people. If you want to reduce your total labor expense, it’s better to cut back on service rather than on the
contractor’s experience and abilities. Regardless of the contractor’s reputation or how much he or she charges, always check references. Whenever possible, talk to several recent customers and visit some completed job sites. As the saying goes, “The best predictor of future success is past performance.
Do Some Work Yourself
Since labor is often the most expensive element of a remodeling project, you may be able to save money by doing parts of the job yourself. However, tackle only those tasks that you’re confident you can complete successfully.
Bargain hunting is a very practical way to control remodeling costs that many homeowners actually enjoy (but
many others despise). Do bear in mind this simple bit of advice however: Don’t buy junk.
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