There are many factors to account for when assessing the cost of a potential remodeling project. You need to add up the cost of materials, permits, and – most complex of all – labor. There will likely be many different workers for each part of your project, from demolition to electrical to paint (and that barely scratches the surface).  

It’s important to factor in a buffer (called slippage) for unexpected costs that may pop up along the way. Although your planning will do everything to minimize surprises, even the best laid plans can be disrupted by unpreventable factors.  

The type of remodeling method you choose can have an impact on how much slippage your project may have; we’ll get into this a little bit later.  

Comparing the budget you have available to spend with the solid list of project priorities you created will help you decide if items lower on the list or prioritization should be eliminated or included in the final project plan.  

The housing experts generally say not to spend more than 10-15% of your home’s value on the remodel of any given room. So, if your house is worth $100,000, it might not be wise to spend over $15,000 on a remodel of a single room. Of course, the nature of your remodel will play a big role in that as well.

Factor in unexpected expenses. In almost any project, there will be overages. This could be labor, material, or finishings. The industry average for overages is between 10-20% of your original budget.