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Basement Remodeling Budget Estimating
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.
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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.
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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.
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As you receive basement remodeling
contractor bids and quotes on expected material and labor costs you can refine
your basement remodeling budget estimate.
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.
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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. |
Photo by Mark Donovan |
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. 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.
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For
a more help on your Finished Basement Project, see my
Basement Remodeling Bid Sheet. The Basement
Remodeling Bid Sheet provides a request for quote checklist section that you can
provide to prospective basement remodeling contractors. It also includes a
comprehensive basement remodeling cost breakdown table, in Microsoft Excel
format, that allows the contractor to include his projected remodeling costs for
every phase of the project.
How to Finance Finished Basement Project -
can help provide funds for your new home improvement project if financing is
required.
Related
Basement Remodeling Information
Additional Basement Remodeling Resources
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on basement remodeling from one of our prescreened and licensed basement
remodeling contractors. This process is free and there is no obligation to
continue once you receive your basement remodeling price estimate.
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