With people spending more time at home than ever, many are considering making some improvements to their living arrangements.  If you’re interested in upgrading your Colorado home this year, one of the options is completing a remodeling project. The following cost guide will help you get an idea of whether remodeling is right for you or if buying new might be a better option. 

Relevant Cost Factors

Many different factors go into determining the cost of remodeling, so here’s a breakdown:

Location

A renovation project in Colorado is going to be cheaper than the same project would be in New York City. Current estimates of the cost of a professional home remodel in Denver, Colorado are between $10k-$80k which works out to be about $15-$60/sq ft. 

Project Scope

If you’re renovating the kitchen, for example, the average cost is $25,000 while a bathroom renovation will generally be less expensive, at around $10,000. Putting in a new roof will cost between $5,000 and $11,000, on average. For full-home renovations, the price will be directly related to the square footage of the home. 

Home Age

Older homes are likely going to be more expensive to renovate, due to the fact that they often require more work. They can have hidden problems that show up during construction and need fixing or just require additional work to get them up to the current building codes. These are issues that those renovating newer homes are at a lower risk of encountering.  

Professional or DIY

Choosing to hire professional contractors and builders for a remodeling project can be an appealing option for many because it takes the hard work out of your hands for someone else to worry about. But doing so can come at a high price. An estimate from Remodeling Magazine states that hiring labor instead of doing the work yourself can increase the cost of a remodeling project by 18.6% to 50.8%.  Choosing the DIY option is a way to get some big savings since the average DIY remodel costs only $2,500-$12,000. 

Tips for Hiring Professionals

DIY remodeling isn’t for everyone, though, so if you do choose to hire professionals, here are some tips to help make it as positive an experience as possible:

1. 1. 1. Get at least 3 quotes – To make sure you’re getting a fair deal, don’t just go with the first estimate you get. Shop around and get a few options before you make your decision on who to hire.
      2. Read reviews- As with any big purchase, it’s a good idea to read reviews of the contractors you’re considering working with to make sure others had good things to say. You can typically find reviews on their Facebook pages or sites like HomeAdvisor and Angie’s List. 
      3. Ask family and friends for recommendations- Getting a personal recommendation is like the upgraded version of reading reviews. 
      4. Ask for a full itemized contract in writing- Having a written contract makes everyone’s expectations and commitments clear to avoid any confusion. 
      5. Avoid making large payments up-front, never pay in full or in cash up-front- Set up a fair payment schedule with only a small portion such as 10% to be paid upfront. 
      6. Ask to see a portfolio of past work- You can get an idea of what they are capable of and if they’re right for your project. 
      7. Make sure they are licensed, bonded, and insured- These all help minimize your risks as the homeowner and hiring party. 
      8. Ask how damages that happen on the job will be handled- You don’t want any unpleasant surprises if damages occur so it’s best to know the contractor’s policy on damages upfront. 
      9. Check if there is a warranty- In the unfortunate scenario that things break or go wrong in the future, you want to know what their policy is and if you’re protected. 
      10. Ask if they do the work or hire subcontractors- You want to know who is going to be working on your home. There’s not necessarily anything wrong with using subcontractors especially for specialty jobs, it’s just something you should know ahead of time. 
      11. Be informed about the timing of the project – know up-front when they are able to get started, how soon they anticipate completion, and will your project be juggled amongst other projects.

To Build or To Buy

For a home you’ll love, you have a few options. You can buy an older home and fix it up, either with the help of professionals or with a DIY project, or you can start clean with a new home that doesn’t need any work. Remodels can be expensive, stressful, and time-consuming but also very fulfilling in the end when you see a job well done. A perfect, move-in-ready home has the advantage of being simple and convenient. The best option for you is just something you’ll have to spend some time thinking about.