“What does it cost to build this project?” For prospective clients, the cost of the renovation is one of the most important considerations in starting a new project. However, there is no simple answer to this question and a lot of factors have to be taken into consideration when calculating cost. The existing conditions, scope of work that is proposed, type of finishes, timeline, building requirements etc. all influence the price. Another factor to consider when creating a budget is hard cost versus soft costs and including a contingency fee. Hard costs are related to materials and labor and usually include items that are included in a Contractors estimate to build out the project. Soft costs include professional fees, regulatory approval application fees, special inspection fees etc. Soft costs can vary from 10-20% of the renovation hard costs. A contingency fee that includes an additional 10% of the hard costs should be considered to address issues that might not have been accounted for. While it is hard to estimate exact project costs before any design work or drawings have been created, this cost estimator will provide an overall budget which can be used to plan out and budget for a new renovation project. Follow the link to find out how to plan your renovation, how to budget and choose the right team for your project. RenovatinginNYC (renovation101.us)