How to Estimate Costs for a DIY Project

Estimate the cost of your DIY projects to know what you are getting into.

Do-It-Yourself projects can be rewarding, challenging and money saving ventures. Estimating costs will allow you to determine the price you will have to pay before getting into the project. In this way, you can choose to pay the cost all at once, or segment a project by doing a little bit here and there to break up the cost. Read on to find out how to estimate your project costs before getting started.

Difficulty:

Moderate

Instructions

Things You'll Need

• Pencil & paper or computer
• Calculator
• Time to shop

1. Think your project through from start to finish. Try to visualize performing each step that will be required to complete your project.

2. Start four separate lists to itemize your project.

3. The first list will contain all the tools you'll need to complete your project. These items might include a, hammer, pliers, pry bar, sledge hammer, wrenches, screwdrivers, air compressor, air hose, nailer, paintbrush, razor knife, sawzall, drill, drill bits and so on.

4. List two will contain all of the building materials, supplies and sundries you will need to complete your project. Items such as lumber, drywall, nails, screws, tape, plastic, tarps, paint, drywall mud, electrical wire, outlets, switches, backer board, copper pipe, fittings and thinset might be on this list.

5. The third list will be all of the finish items and fixtures you will need. These items might be: tile, toilet, towel bars, sink, faucet, kitchen appliances, shower door or curtain, lighting fixtures, mirrors, granite or other counter top surface, cabinets, etc.

6. The final list will be your catch all list. It will include things that don't have a home on the other three lists such as dump fees, hauling charges, dumpster rental, license fees, inspection fees, permit fees, subcontractor costs, equipment rental fees, transportation fees and delivery fees.

7. Once the lists are compiled, it's time to put numbers to them. Use every resource available to find out the prices of the items you need. Shop at your local home improvement stores, building and trade supply houses and appliance showrooms. Browse the internet. Pick up the phone and call local businesses and city offices.

8. Once the numbers are added up, a good rule of thumb is to add 15 percent to 20 percent on top. This should cover unplanned contingencies and upgrade decisions made after the project starts.