Navigating Your Residential Construction Budget

It’s a journey where every detail matters, especially your budget. Ensuring your project stays on track financially is crucial to achieving your dream project without unnecessary stress.

It’s not uncommon for an estimate to cause some sticker shock. We understand that our projects will often be one of the most expensive investments a client will make, and we treat it that way. From project managers to field crew and subcontractors – your project will be given the attention and respect it deserves.

True Bearing Built operates under the Time and Materials pricing model, similar to a pay-as-you-go contract. As we complete the work, the client pays for services on a twice-a-month basis. Exactly as it sounds, payments cover both time (ours and our trusted subcontractors) and your materials.

There’s no denying construction prices have increased significantly in recent years. Various factors have contributed to this rise, particularly the escalating costs of goods and materials. This trend continues to impact the overall cost of construction projects of any size.

We don’t want you to just take our word for it. Every year, the JLC (Journal of Light Construction) releases a Cost vs. Value Report that analyzes the average cost of various types of projects throughout the country and reports each project’s resale value. If you’ve completed similar projects in a different region or in past years, this is a great tool to understand how construction prices have changed throughout each region and over time.

You may be here reading this article to learn more about how much your next project might cost. In the spirit of full transparency, we feel this information is best relayed through a few case studies.

This full kitchen remodel included a brand-new layout, including the removal of walls which called for additional structural support, new cabinets and granite countertops, contemporary hardware, new tile, and all new appliances.

Outside of the scope of a typical kitchen remodel was the additional expense of adding a 20’ beam supported by new posts and footings. This work added an estimated $15,000 to the total project cost.

Location: Mount Vernon, WA
Year Complete: 2023
Finishes Level:  Upgraded
Sq. Feet: 650
Project Cost: $175,000

This new build is aiming for Passive House standards and set to be complete in Winter of 2024. Features of this home include typical Passive House systems: exterior insulation for high R-value, air-barrier taping, HRV/ERV ventilation system, triple-glazed windows, and electrical infrastructure for solar panels and vehicle charging station.

The interior of the home will feature sustainable cork flooring, an attached accessory dwelling unit with ADA compliant door openings and shower, a media room, and upgraded finishes throughout.

Location: Bellingham, WA
Year Complete: 2024
Finishes Level: Upgraded
Sq. Feet: 2,400 (including patio and screened in porch)
Project Cost: $1,000,000

All of this to say, custom residential projects require a custom budget. What your neighbor paid for her kitchen remodel may or may not reflect the price of yours. Are you removing walls, upgrading appliances, or need to update the existing electrical? All of these can add to the total estimate of your project.

Through it all, our team is here to help guide you through these challenges. With our experience and support, we’ll help you navigate any unexpected issues while staying within budget.

Contact True Bearing Built today to start planning your home project with confidence. Together, we’ll build not just a house, but a home that reflects your style, meets your needs, and provides a comfortable living space for generations to come.