From the course: Accounting Foundations: Managerial Accounting
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Pricing a home remodel
From the course: Accounting Foundations: Managerial Accounting
Pricing a home remodel
- Now you did a pretty big remodel on your house a couple of years ago. - A huge remodel, major remodel. We gutted the main floor and lived in the basement for about nine months. - The remodel must've cost quite a bit. - It cost something, but we knew what we were getting into when we started the process. - So did you spend more than you originally planned? - We spent a bit extra, but I thought the final cost was very reasonable. - You spent extra, but the cost was reasonable? - Yes, our general contractor, Mitch, was great. The beginning of the process, he sat down with Ramona and me and we went through the entire cost of the project item by item. He showed us the detailed budget. - So did he stick to the budget? - He did a pretty good job, and the thing that I liked is whenever Mitch spent money, he told us how much he had spent relative to the budget on that item. - So you could tell whether you were on target or…
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