Here’s How Much Time (and Money) You’ll Actually Spend on Your Next Renovation

We’ve all heard the running joke that a renovation ends up costing twice as much and taking twice as long. But after delays with my own home updates and seeing friends and relatives experience similar setbacks, I was curious to know if it’s possible to expect the unexpected: How much money should you actually save, and how much time should you expect to spend living in a construction zone or away from your home? 

To approach this topic from all angles, I spoke with three experts: Rachel Brown, an award-winning home builder and the founder and principal designer of RB Interiors, who has more than 20 years of experience in luxury residential design and development; Lindsey Harn, a residential real estate agent and owner of Lindsey Harn group; and John Tricamo, owner of Tricamo Construction.

“The money that people spend on real estate and their homes is the most money that they’ll spend on anything in their entire lifetime,” Tricano says. “People spend hundreds of thousands of dollars, and a lot of planning and thoughtfulness need to go into that.”

Read on for all our experts’ insights about how to best navigate a renovation.

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Ask potential general contractors the right questions.

For many homeowners, it’s significantly easier to hire a general contractor to manage their renovation. No matter the scope, it requires a lot of time management skill, which is where a trustworthy pro comes in. Harn says she has clients who take it on and coordinate with various subcontractors, but it really comes down to your availability, budget, and personal preferences. 

When you choose a general contractor, you’ll want to interview a few to get estimates and see if it’s a good personality fit. Harn says to schedule meetings and take notice if they show up on time and are responsive, and both Harn and Tricamo have several questions they recommend asking potential builders and contractors. These include:

• What’s your experience with these types of projects?
• What are your feelings about our project? 
• How do you bill?
• Are you a licensed contractor?
• Do you have insurance?
• How many people are in your crew?
• How do you deal with problems, errors, or mistakes that pop up?
• Do you have experience with value engineering, or brainstorming ways to save money when possible?

Before making your decision, you’ll also want to ask each contractor to share references from homeowners who they’ve worked with recently.

“Whatever you do, call your builder’s references,” Brown says. “Ask them candidly how far over or under budget their project actually landed. You’d be amazed at what you learn in those conversations.”

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Trust your gut.

Having these conversations in person or over the phone can show how these contractors work—but you should also think intuitively. 

“If your gut is telling you something, it’s pretty hard to overcome that,” Tricamo says. “You have to rely on your instincts. It’s super important to us that we’re aligned with the right clients for us, too, because we’re not the right fit for everybody and vice versa. Being open to the idea of that fit is so important, versus getting the best price. If it’s too good to be true, it usually is, and the old cliche, ‘You get what you pay for’ is very true in our industry. Being an active participant in the process holds everyone accountable.”

Consult with an expert.

Taking on the responsibilities of a general contractor is challenging, particularly for those who don’t have a lot of experience with construction. That’s why Harn advises consulting with some sort of expert, like a designer or architect. 

“Doing a remodel in a specific order makes more sense,” she says. “Consulting with someone who has a lot of experience can provide you with information that can save time, money, and headaches down the road.”

Do a pre-reno trial run.

Depending on the extent of your renovations, you can sometimes stay in your home while it’s under construction. Everyone is different, and Brown has a litmus test to determine what will work for you: Don’t use your kitchen—or whichever area you plan to remodel—for a full week.

“Pay close attention to how cranky you get,” she says. “If you find yourself teetering on the edge of Next-Level Irritable, think hard about whether you have the temperament for a live-in remodel. It’s better to know your limits—and plan a temporary escape—than to discover them mid-demolition.”

If you know you’ll need to relocate temporarily, Harns says to find a place to live for one to two months—or however long you anticipate the project will take. “I replaced my windows recently, and I ended up finding a local hotel for a deal to take a four-day break from having so many workers and noise in my home,” she adds.

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Stash away an extra 20%.

There’s a huge range for any project, from a few thousand to a few million dollars. Understanding what you want and need out of the project and establishing trust between you and your construction team are the best first steps for financial planning, Tricamo says. 

On average, however, both Brown and Harn agree that you should set aside an extra 20 percent more than the estimated costs. 

“You’ll thank yourself later when the ‘construction surprises’ and ‘finish splurges’ inevitably pop up,” Brown says. “My best advice before you swing the first hammer? Do a little neighborhood detective work—hop on Zillow, cruise the MLS, or simply take a drive around to see what homes similar to yours are selling for by the square foot. That will give you a realistic benchmark.”

Harn has another prompt you can share with potential contractors to stay on budget: “I tell them to give me the best- and the worst-case estimate,” she says. “There’s always going to be that element of surprise, especially with older homes, because you can’t see behind the walls or under the floors. Asking for the ‘worst case’ can help you avoid surprises—to an extent.”

Build in a three-month cushion.

Again, it’s difficult to share a timeline for any given project, but Brown’s general rule of thumb is to tack on three months to the best-case schedule you’re given. 

“Every project has its own personality (and timeline quirks),” she says. “Trust me—life, supply chains, and subcontractors have a way of stretching even the most carefully plotted timelines. To prepare, spend time upfront making as many selections as you can before the work begins. Decision delays are timeline kryptonite.”