Start your Basement Remodeling Project off Right by Establishing a Basement Remodeling Budget Estimate
By Mark J. Donovan
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Creating an initial basement remodeling budget estimate is imperative for understanding your total expected basement remodeling costs. Basement remodeling projects can be expensive, and there are a number of high ticket items that you can include in them that can quickly blow your basement remodeling budget if you’re not wary. For example, installing a bathroom in the basement can easily set you back a few thousand dollars when you consider all of the work involved in cutting a concrete basement floor and installing plumbing pipes and a pump_up ejector system.
Also, the inclusion of a wet-bar in the basement is another example of a very expensive basement remodeling feature due to the expensive cabinetry that is normally required. |
By generating a basement remodeling budget estimate first you can get a rough idea of the overall cost of your basement remodeling project and determine how best to finance it. A basement remodeling budget estimate also helps to set boundaries on the scope of the basement remodeling project, such as what features and materials you want to include in it.
| Establishing an initial basement remodeling budget estimate should not be limited to a top level estimate. It should also include detailed cost estimates for each phase of the project, for example waterproofing, framing of walls, installation of new plumbing fixtures and ductwork, electric, drywall, etc.
Initially the costs for each phase of the basement remodeling project can be rough guesses until you actually start to receive quotes from basement remodeling contractors and home improvement centers for materials. As you receive basement remodeling contractor bids and quotes on expected material and labor costs you can refine your basement remodeling budget estimate. |
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Basement remodeling budget estimating also helps to provide you with a more specific idea of what you want to incorporate into your basement remodel, and helps to strengthen your bargaining skills when dealing with basement remodeling contractors.
| By establishing upfront a basement remodeling budget estimate for each phase of the project you can better evaluate the basement contractor bids and material supplier quotes. By comparing your basement remodeling budget estimates with contractor bids and basement fixture supplier quotes you can make smarter decisions on who to hire and what to include in your basement remodeling project.
I have completed a number of basement remodeling projects where I have contracted out some of the work, and when generating my own basement remodeling budget estimates I have found it very useful to use a standard spreadsheet program. |
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Using Microsoft’s Excel program for example, I created my own comprehensive basement remodeling cost spreadsheets that contained all of the major trades and materials required for my basement remodeling projects, such as, framers, plumbers, electricians, etc. And within each one of these major trade categories I created separate breakout line items for individual costs that automatically got rolled up under the major trade categories and the overall cost of the basement remodeling projects. In addition, I also included budgeted and actual columns so that I could constantly compare my real costs to my budgeted costs throughout every stage of my basement remodeling projects.
| If you are interested in downloading my personal Microsoft Excel based Basement Remodeling Budget Estimate Spreadsheet template and its associated Bid Sheet, check out my Basement Remodeling Bid Sheet. The Basement Remodeling budget estimate spreadsheet is editable and automatically roles up the various trade categories and total basement remodeling costs (estimates and actual).
So whether you’re contemplating a full or partial basement finishing project, start off by creating a basement remodeling budget estimate. As you then move forward developing your basement remodeling plans and obtain basement remodeling contractor bids you can update your budget estimates accordingly. |
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By establishing a basement remodeling budget estimate at the start of your project and continuously maintaining it throughout the life of the project, you will reduce cost overruns, and increase the likelihood of achieving your basement remodeling goals.
For more help on Basement Additions, see HomeAdditionPlus.com’s Basement Remodeling Bid sheet. The Basement Remodeling Bid Sheet will help ensure that your hire the right contractor so that your basement remodeling project is done correctly and you get the project finished on time and budget.
Related Information
- More Help on How-to Estimate Basement Renovation Costs
- Include Basement Storage Shelves in your Basement Remodeling Design
- How to Plan a Basement Remodeling Project
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