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How To Predict Costs for Your Annual Home Renovations

©Shutterstock.com

©Shutterstock.com

It’s no secret that home renovations entail a lot of time — and a lot of money. Whether you’re dreaming of a new kitchen or want to remodel your bathroom, experts agree you will need to conduct thorough research on the extent of the project and the cost, as it will probably home?utm_term=incontent_link_1&utm_campaign=1232455&utm_source=aol.com&utm_content=1&utm_medium=rss” data-ylk=”slk:take a good chunk of money;elm:context_link;itc:0″ class=”link rapid-noclick-resp”take a good chunk of money out of your savings.

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Indeed, homeowners are spending a lot on home maintenance. A new GOBankingRates survey found that almost 20% of respondents spent more than $7,000 last year on home renovations, with 12% spending $7,001 to $10,000 and 8% spending more than $10,000.

“It’s not the answer most people want to hear, but you have to really do comprehensive and realistic research, including not just the cost to do the work and the materials but also any permits, inspections and other administrative costs that can get very pricey,” said Bobbi Rebell, founder of Financial Wellness Strategies and author of “Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Be Everyday Money Smart.”

There are a few steps you can take to try to predict the costs of a renovation, which might help your budget.

Research and Gather Quotes

First and foremost: Compare. Indeed, one of the most reliable ways to get an accurate estimate of your annual home renovations is to get multiple quotes from contractors or professionals, said Paul Brundell, CEO and founder at Brundell Property Group and Kosy Living.

“When you do this, I’d advise asking for very detailed predictions, outlining the cost of the materials, labor and any additional expenses,” Brundell said.

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