Cost Savings Using IID for Home Remodeling
If you've been following IID for the past year, you may have seen us discuss home remodeling costs in a mostly abstract way. Which got us to thinking, if we don't show you numbers and comparisons, how will you know what IID can really save you? So we've created this post to do just that! We'll show you how IID's affordable interior design results in not only a savings over other interior design fees, but also in construction costs.
Before we dive in, we want to dispel one myth; despite what you've seen on television, remodels do not happen as cheaply or quickly in real life. We say this so you are prepared for the shock you're about to get. Home remodeling, from a simple paint job to a full addition, is an investment. But what we want to do at IID is make that investment as painless as possible for the space that you get in the end!
As we've noted before, design fees and construction costs vary across America. So we've selected three metropolitan areas and utilized design fee (ProMatcher) and construction cost (Remodeling) averages for our comparison; we highly recommend you visit these sites to check the averages where you are located. The cities used are Houston, TX, Tucson, AZ, and Roanoke, VA and we've noted their metro populations in the charts below so you can reference them as you're reviewing the numbers. This gives a good range of major city to a smaller metro area, but we understand there a millions of Americans that live in cities and towns much smaller what we've shown. However, interior design, home improvement stores, and even residential contractors may not be readily available in these smaller areas either; you're options could be a significant drive away. If you're in this situation, select your closest metro area as a starting point for creating a budget.
First we'll look at the design fee comparisons. To see how IID stacks up with other online interior design and interior décor companies, check out the video we made here; we'll detail IID vs. the fees of traditional interior designers in the below chart. Typically, residential interior designers will bill their time on an hourly basis, a bathroom design would likely be billed for 20-25 hours and for a kitchen design, 25-30 hours. This chart shows the average hourly fee for each location, utilizing the lower fee and timing for a mid-range remodel and the higher fee and timing for the major remodel.
As for construction costs, this is where things get a little less easy to compare, but we'll go over a good place to start. As you've noticed, the palettes IID provides are different; while they can be used by someone doing a full gut and remodel, they are more specifically geared toward those who are just looking to give a space a facelift. Take this bathroom, for example.
It's huge, definitely enough space to move around in, but the countertop doesn't match the tile and they're both are pretty dated. That's where we come in. When your space functions well, but doesn't look the way you'd like, an IID palette to the rescue!
According to the National Association of Home Builders, interior finishes accounted for 25.4% of a new home's construction cost. We can use that figure, but not on its own. New and existing construction can be very different and discoveries should be expected on any renovation project. So we'll also include a 15% contingency to cover any surprises that might come up. Utilizing 40.4% of the national averages will give you a good idea of what you might expect with your renovation. As you see here, when you're just spending on a finish upgrade, you can save significantly.
When you take the design fee savings and pair them with your potential construction cost savings, you can see that what you keep in your piggy bank could be significant!
If you're thinking about a home remodel, we certainly encourage you to reach out to local contractors, or if you're more of a DIYer, local building supply stores to start crafting a budget. We hope that this post gives some good general information but remember, these figures are utilizing averages and everything changes prices throughout the US; nothing beats an actual estimate using local data, specific to your project. Happy remodeling!