Total Costs of Home Remodeling= money + nerves + time

Don't forget the costs of lodging, moving, storage, and continuing to pay your existing mortgage when you determine the costs of remodeling your home. Additional stress is also a part of the process.

Financial Costs
Aside from the actual cost of materials and labor, you have to factor several additional costs. Don't forget to include the architectural fees for construction drawings and management. You'll also have to think about where are you going to live during the renovation. If it's a small remodeling project, you probably stay in your home. The difficulty comes when you don't have use of the kitchen.

Another cost that is frequently overlooked if you decide to remodel is where you will live during the construction. If your project is quite ambitious, you have to find alternative accommodations, which means renting a place. You’ll also have to be making your mortgage payment on your existing home during the construction period. Factor these costs into the equation. They all add up quickly.

If you can't stay in your home while its being remodeled, then you have to move and store your furniture also. Our articles on moving can provide you with some good information.

Emotional Costs
Unhappy couple during home remodelingRemodeling is stressful and according to some people it is often the cause of marital strife and divorce. Don’t underestimate this factor when you make your decision to go ahead.

If you are going to remodel your existing home and elect to stay in it during the construction, be prepared for dust (lots of it), and a great deal of inconvenience that is emotionally nerve racking. This is especially true for kitchen remodeling where you will not have access to water, electricity, etc. Things like bathing, cooking, washing dishes and clothes are a challenge. This fact alone should underscore the need to have a good contractor and contract with definite start and completion dates. Anything less and you will suffer the consequences.

If moving is relevant, the emotional cost can also be relatively high. You have to pack, move, and possibly store things. Your valuables may be damaged or lost during the process. Then you have to move back in!

Many people underestimate the emotional costs. They reason that they can handle the inconvenience, but we differ on this matter. If you lead a busy life, have small children, are under a lot of stress from work, then remodeling and the associated moving and inconvenience of living in your home while it’s being remodeled or in temporary quarters can push you over the edge.

Given the above, it's easy to see why some people just decide to buy a new house. You'll be able to stay in your existing house and focus on the decor of the new one. However, this all depends on whether that existing house is ready to sell and is in decent shape.

Time
The time that it takes to complete your home remodeling project will factor into how much money and mental aggravation you will have to put up with. The remodeling industry is renown for delays and cost over-runs despite what you see on HG-TV or here.

Delays in completing your project can push you over the edege

The best way to avoid this is to do your home work up front when choosing a contractor. Remember, if the price sounds too good it probably is. Check all contractors references. Don't just call references, go and visit job sites and talk to owners who have hired the contractor you are considering.

Also check with State licensing authorities to see if the contractor has the proper license for the job they will be doing. Also do not sign any papers giving the contractor the right to get permits without reading the documents thoroughly. You may be unknowingly waiving your right to hold the contractor responsible for the work and building inspector approvals.

The best way to control and manage the work is a payment schedule. That should be part of a written contract. Have a lawyer look it over. It's better to have an architect approve work and then payments. If you give a contractor money up front there's no incentive to complete work in a timely manner.

Finally, we suggest that you follow Donald Trump's advice and fire the contractor if they are incompetent or do not complete work according to the contract's specifications. That might sound harsh, but with a lot of money at stake, that's what it may come to.