Every construction project is unique in its scope and execution for a variety of reasons. Whether you are planning a DIY project, or hire a design build firm to help you space plan and ultimately execute the job, there are an infinite number of decision points that will shape the outcome and the budget. Finishes will always have an impact on the budget level for any project, whether it’s a whole house renovation or a kid’s hallway bathroom, but in most cases the most impactful part of the process will be space planning. Most Homeowners (and some contractors until they get too far into a project), don’t truly understand the scope and budget impact of significantly changing the existing space. That can range from true structural impacts of removing walls or enlarging openings to moving mechanicals such as electric, plumbing or HVAC supplies or returns to new locations. In more cases than not, even an experienced contractor won’t know the true impact of the scope until post demo.
In most cases, each Homeowner has to weigh the cost benefit of what the long term impact their project will be providing compared to the immediate improvement in the function of their daily lives. Generally added value to a home comes with something tangible, such as an added bathroom, bedroom or more finished square footage in the case of a space like a finished basement. All the same criteria that a tax assessor or a home appraiser would use to develop a value. That isn’t to say that Homeowners shouldn’t be making improvements to areas of their home that don’t check any of these boxes. There are instances where general life cycle improvements are necessary, even if they won’t bring you more value on paper. Things like roof replacements, window replacements and furnace/air conditioning replacements are necessary evils and if not performed it will have a negative impact on the functionality of your home while you are in it and will make your home significantly less marketable when it’s time to sell. Renovations and updating of the interior spaces of the home are no different. Updating kitchen and bathrooms won’t check the box on the appraisers valuation calculation when comparing to homes with more square footage, more bedrooms, more bathrooms, etc., but they do provide for increased marketability of the home and most importantly an improvement in the functionality, look and feel of the space for that Homeowner to enjoy while they are living there. The key to these projects is controlling the budget by making the appropriate space design and finish selection decisions.
When you start considering a renovation of your space, consider first how you could best use your existing footprint and mechanical locations. This will typically save on the overall budget and overall timeline of the project. With the help of design professionals you may be surprised how that space can be repurposed for more efficiency and functionality. If it’s determined that expanding the space is necessary to achieve your overall renovation goals, talk to a professional contractor about the potential impacts on the structure and mechanicals of proposed scope. Establishing that will help you make a more informed decision on the cost/benefit of the overall project.