Many homeowners don’t know how much they should save for home renovations. We are a top home renovation contractor and have the expertise and experience to help you. This guide has been created by our team to help you estimate the average project cost. The actual cost of your project will vary depending on where you live, the materials used, the permit requirements and other factors. However, the information can be used to help you make an estimate.
Before we get into the details of cost, let’s first understand why you might want to renovate your home. You will be able to plan and know what you can expect.
WHY SHOULD YOUR HOME BE RENOVATED?
REMODELLING IS A WAY TO INCREASE YOUR COMFORT
It is important to concentrate on the most used spaces if you intend to live in your house after renovations. You should aim to maximize functionality and improve the aesthetics of the home. This can be done by clearly identifying the purpose for each renovation. This will allow you to decide on the best course of action and finalize details such as the contractor and cost estimates.
RENOVATING YOUR HOUSE IN REASONABLE TIME
Consider renovations that offer a greater return on your investment if you are looking to sell your house quickly. Consider potential buyers when choosing the items that you think will be most appealing to them. It is also a smart idea to consider current trends when making modifications. Whatever you decide, don’t spend more than what is necessary to increase your home’s value. You should not be afraid to spend when you need to achieve the desired results. It is important to find a balance and determine which changes will bring you better returns in the future.
OTHER REASONS YOU SHOULD RENOVATE YOUR HOME
Remodeling your home can bring you financial benefits. Remodeling your home is less costly than purchasing a new property. This includes legal fees, transfer taxes, realtor fees and miscellaneous moving expenses. To make the most of your home, you can remodel it.
WHERE CAN I START RENOVATING MY HOME?
It is better to concentrate on renovations that will add value to your home and make it more useful. Bathrooms, kitchens, basements are the most profitable remodels according to home contractors. These are great places to start depending on what you need and the purpose of your remodel.
FACTORS THAT INCREASE THE COST OF HOME RENOVATION
- Age Renovating an older property can uncover things like lead pipes and knob-and-tube wire wiring, asbestos, or other materials that could increase costs.
- Size– A larger house will result in a higher cost of remodeling.
- Labour Quality You may need to spend more if you are hiring a reliable home renovator with credentials, insurance, and experience. But the end result will be well worth it.
- Complexity Removing walls, changing electrical or plumbing system or adding an extension require more investment.
- Timeframe If you are looking to sell your home soon, it may be worth considering making minor improvements like painting your house.
- Fixtures & Finishes– The overall cost of remodeling can increase depending on the quality and features like the bathtub or flooring.
WHAT PERCENTAGE SHOULD YOU BUDGET
Budgeting for home renovations is not a set number. Because homes are different sizes and require different amounts of work, there is no set number. To manage unexpected costs , it is recommended to allocate 15% to 20% of your budget. It is a good rule of thumb to budget between 1% and 2% each year for maintenance and improvements. Consider building permits, fees for architects or designers, costs for temporary relocation, and other expenses.
Below is a breakdown of the average cost for home improvements and an average return on your investment.
4 ESSENTIALS FOR HOME RENOVATION
ESTIMATING HOME REMOVAL COSTS
As a percentage of the overall house value, don’t spend more than what each room is worth. You can reduce expenses by estimating the value of your home. When remodeling your home, it is better to think about your needs and not your wants.
GET RENOVATION QUOTES FROM MULTIPLE CONTRACTORS
Hire a contractor to renovate your home. Make sure you know what you want and get multiple estimates. To get an accurate estimate, discuss the details.
STICK TO A SINGLE HOME REMOVAL PLAN
Avoid making last-minute changes, and don’t alter the original plan to incorporate new trends. Modifying your original renovation plan can often change the order of activities which could impact the cost estimate.
THINK OF THE HIDDEN RENOVATION FINANCIAL RISKS
Despite the exterior appearance of your home looking great, there may be hidden problems beneath the surface. These flaws can increase renovation costs. It is important to budget 15% to 20% of your total budget to cover unexpected expenses.