I’m doing a complete remodel of my kitchen, gutting it down to the studs. I’m getting an estimate from a contractor that I’m assuming will be near the upper end of my budget. Is there a rule of thumb for how much money should be in kept in reserve for for unexpected surprises. For example – if I have $100,000 should 10%, 20%, 30% be set aside to cover the unexpected?
Thanks
Replies
With the information you provided, you could "guess" anywhere from 25-50%.
A good estimate from someone with experience and some minor exploratory surgery b/4 the fact should narrow that down to 10-20%.
You don't want to hear "I didn't know that was going to be there".
A Great Place for Information, Comraderie, and a Sucker Punch.
Remodeling Contractor just outside the Glass City.
http://www.quittintime.com/
remodel ,50% .maybe more.
YOU ONLY NEED TWO TOOLS IN LIFE - WD-40 AND DUCT TAPE. IF IT DOESN'T
MOVE AND SHOULD, USE THE WD-40. IF IT SHOULDN'T MOVE AND DOES, USE THE
DUCT TAPE.
remodel ,50% .maybe more
Be hard to stay in business very long with that kind of track record, no?A Great Place for Information, Comraderie, and a Sucker Punch.
Remodeling Contractor just outside the Glass City.
http://www.quittintime.com/
my sign on name says it all!!!
i work for myself,so the customer is used to it.YOU ONLY NEED TWO TOOLS IN LIFE - WD-40 AND DUCT TAPE. IF IT DOESN'TMOVE AND SHOULD, USE THE WD-40. IF IT SHOULDN'T MOVE AND DOES, USE THEDUCT TAPE.
if you have $100,000 your budget should be $80,000.
20% is not uncommon
most change orders are customer driven.
if you are a good decision maker, a smaller reserve is needed.
Jeff
Buck Construction
Artistry In Carpentry
Pittsburgh Pa
Thanks everyone. Most of my concerns are related to the structure of the building and what might need to be corrected once the walls are gutted. I was thinking 20% would be a good reserve but wanted to check with some experts.
Can you say more about the building itself?
How old is it?
Has it been remodeled or added to? If so, does it seem to be good work?
Are walls plumb and square?
Do you know of or suspect water/rot issues?
Is it on a slab, or is there an accessible crawlspace?
Has the sewer been updated?
etc. etc.
k
edited add.- how's the wiring? how's the panel?
Edited 4/2/2009 1:04 am ET by KFC
The house was built in 1913. One story craftsman with a crawl space. I'm in Southern California. Walls are neither square or plumb. The wiring was updated within the last twenty years. There's termite damage in one window. The biggest unknown is the construction of the exterior walls. When the bathrooms were remodeled the exterior walls were exposed. The walls were 6.5 foot tall stud walls with a 1.5 foot cripple wall on top. I'm assuming that all the walls were constructed this way. The GC doesn't think so.
Anyone ever run into this?The panel is being moved and updated.
Edited 4/2/2009 1:30 am ET by mattt19
my minimum is 10%. but have also figured in as much as 35%.
I always try to do alot of poking and prying in to walls, attics, crawl spaces, so i can estimate accordingly.
Often is not the case with many contractors. That is a reason (in my opinion) for big problems between cont./client.
that all depends on the contractor and the building, and the plans.
could easily be 1%, could easily be 100%.
solid plans and a good GC will come into play.
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
i agree with jeff... if you know what you want... and you control the design and specs... there should be no change ordersour fixed price kitchens are always just that ...
the only changes are hidden conditions.... and customer addswhere are the heat pipes/ supply pipes for the 2d floor? are they figured in the bid ?what about heat for the new kitchen ?
figured in ?do you have all your countertop selections ?
you have your cabinets/appliances/ finish painting /floor coverings / windows what is going to change ?ask you bidders what they normally see for changes... if you get a low-baller with a lot of changes... you start to figure out why he's the low-ballMike Hussein Smith Rhode Island : Design / Build / Repair / Restore
or he could hire someone who works hourly 'cause this stuff is too hard to bid!
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
I usually factor in 15% for contingencies.
"...craftsmanship is first & foremost an expression of the human spirit." - P. Korn
bakersfieldremodel.com
Hahaha...by the answers you got aren't you glad you asked.....no fortune tellers around here that I know of.....it's a roll of the dice...too many variables.
I'd say tuck away 20% behind crossed fingers
http://www.cliffordrenovations.com
http://www.ramdass.org