Renovating your community comes with many exciting aspirations. But along with those ambitions, what can also rear its ugly head is a hefty price tag. If you have never done a renovation before, you may be wondering how much it can all cost. The truth is, it all depends! Here at Coastal Reconstruction Group, we made a list with seven factors that influence the cost of a community renovation.
1. Having Champagne Taste on a Beer Budget
We have all been there–where we want the best of the best for our business, residents, staff, and clients. When you do a renovation, something that can blow your budget out of the water is having champagne taste on a beer budget. Before you start designing and whipping up an expensive recipe for your community renovation, settle on a budget first.
Make sure that you have a reasonable amount in your head that has been agreed upon by all those involved. Doing a community renovation should incur responsible costs, where you are not living above your means by acquiring things you can’t possibly afford.
2. Unrealistic Expectations
Another community renovation cost is having unrealistic expectations. There is such a thing as having luxury on a limited budget. A popular misconception is having impracticable pricing anticipations. By simply not knowing how much things cost, we set ourselves up for failure to spend too much money on your renovation.
Some people tend to under estimate the cost of labor and materials. Not understanding how the renovation process works might also influence the cost of renovating your community. Get familiar with what a pre-construction plan needs. Having some idea on what a renovation consists of will help you not only stay within your budget, but know where you can have more bang for your buck.
3. Material Pricing
When it comes to renovating your community, the cost of the material will be a deciding factor on how expensive or how economical your renovation will be. Swapping materials out for a more costly alternative is key if you are wanting to stay on the low end. You can save money by downgrading materials without affecting the overall aesthetic of your renovation. Ideas include trading in top-tier materials for the next price down in places not easily visible. If money is not an issue and you are wanting a high-end product, you can always speak to your general contractor for ideas on how to upgrade your current materials.
4. Finishes and Cosmetic Fixes
If you are on a tight budget, there is no need to re-do and swap out everything for a brand-new item. Renovations don’t always mean “out with the old and in with the new.” Making cosmetic fixes to things that you already have is a speedy, inexpensive, and easy way to save money. People are often astonished to see what their furniture, walls, or even faucets look like with a fresh coat of paint. Another way to save on fixtures and finishes is to order them yourself
However, if getting new fixtures and finishes are in the budget, the cost will depend on the materials themselves. Backsplashes, light fixtures, tiles, and more will all depend on the wide variety of selections available.
5. Schedules
Another cost to keep in mind for a community renovation is how everyone’s schedule will impact the final price. When creating a budget, also think about a realistic timeframe of when things need to be completed. Schedules tend to be a greater challenge and the hardest element to manage.
Frequent changes or making sluggish decisions will clearly hold up the construction work. It’s imperative to focus on a contractor’s ability to schedule their work in a way that they can deliver your project in the time frame necessary. It’s also essential to have clear communication and make timely decisions to keep things moving smoothly and efficiently.
6. Architects with no Budget
A realistic fear some people have when designing a new community renovation, is thinking that the architect will not respect your budget. It’s a great idea to do your research on your architect. Don’t be afraid to ask questions such as:
Can you show me some finished projects and how much it cost?
What is your track record for delivering client’s projects on budget?
Can they do what you want with the money you have to spend?
Can they send cost estimates along the way of each phase of the project?
Bringing on a general contractor early on is a huge advantage to saving money. The general contractor is the one to perform the work, keep it on schedule, and on budget.
Unfortunately, in many cases, the general contractors are usually the last to the table after the architect and owner have already developed their plans. They will then send the plans to bid and can find out at that time that their budget is blown and unrealistic. This means further delays and revision costs to the architect. The best thing to do is bring in your General Contractor early on to start working with the architect from the beginning, or see if they have an architect they are familiar with working with.
7. Your Relationship with Your General Contractor
If you have a great relationship with your general contractor, you can trust them to get the best deals for you. Choosing the right general contractor is key to getting what you want out of your renovation. They will help you set realistic expectations as well as help you with material pricing. Your General Contractor can influence the cost of your community renovation by letting you know if your budget is accurate, and if not, can help you make adjustments to help you stay within your preferred range.
Having a good relationship with your general contractor allows for open and honest communication. They can let you know of any unforeseen events that might be beyond your control. This is important so that you can even budget for the unexpected issues that are sure to arise in any community renovation.
If you are in need of a general contractor, give us a call at 877.708.5501. We’d love to answer any questions that you may have!