With programs like HGTV averaging millions of viewers each year, it’s not hard to be bitten by the home-remodeling bug.
But watching all the glamorous renovations could make you wonder about home renovation costs. How much could a home remodel cost and what should you budget? What other factors should you consider?
If you’re thinking about remodeling your home and the cost it ensues, keep reading to learn more.
Home Renovation Costs
While it’s exciting to renovate your home, there are plenty of things to consider before you pick up a sledgehammer or choose paint samples. Let’s look at all the elements that play a part in determining remodeling costs.
1. Home Size
The size of your home is going to be a major factor in the overall cost of your renovation. In general, the most square footage that’s renovated, the higher the cost.
On average, a three-bedroom gut and remodel home renovation could cost around $20,000-100,000. The price will increase the larger the home is.
Even if you’re not renovating your entire home, the square footage of a particular room will still matter. Basements, bathrooms, and kitchens are the most remodeled rooms in the home.
Additions such as a master bathroom, room over the garage, extra rooms, and so forth, will also be a part of the cost. However, remember that some home additions, like a garage, can actually boost your home’s value.
2. Types of Renovations
There are three different types of renovations: low-end, mid-range, and high-end. Let’s look at these in more detail.
Low-end materials would include things like painting, appliances, molding, and anything else that doesn’t involve a lot of heavy labor or time.
Mid-range would include the renovation of a full room, like a bathroom or kitchen, higher-end appliances, flooring, and more. These types of renovations can cost thousands of dollars.
High-end renovation is pulling out all the stops complete with the best appliances, full-home renovation, HVAC installation, foundation improvements, and so forth. These are the most expensive and involve much time.
Your budget is going to be the deciding factor in what type of renovation you have and materials used. Be sure to have a number in mind before you move ahead with any renovation and try as hard as you can to stick to it to avoid overspending.
While some people prefer to DIY their home renovation, it’s wise to consult and hire a contractor if you’re going to have a significant renovation. A contractor is trained and knowledgable in ensuring your renovation goes according to plan as safely and efficiently as possible.
While there are contractor horror stories out there, there are equally honest and hard-working contractors who have your best interests at heart. Keeping communication between you and your contractor open is the best way to ensure work is done well and correctly. Schedule a consultation with your contractor and get a quote before hiring anyone.
The cost of a contractor cannot be overstated. If your project is especially large and you need insight, hiring a contractor is a wise investment. This is your home, after all!
4. Exterior Work
Indoor remodeling is what most people think of when they think of home renovations, but exterior work is just as important to your home.
This type of renovation can include siding, roofing, landscaping, window treatments, gutter replacements, pavements, building a garage, building a deck, and more.
On average, exterior renovations can cost up to $20,000 which largely depends on the size of your renovation and materials used, as well as time. This is one area that might fluctuate with time because it takes place outside and progress is dependant on the cooperation of the weather.
Those feature walls are a beautiful addition to any room, but they are considered in the cost!
The cost of materials is going to have a major impact on your costs. The higher quality of the materials, the higher the cost.
If you’re interested, you can cut the cost by looking at refurbished or recycled materials. In most cases, these are more environmentally-friendly and function well. As your contractor or interior designer about your design options.
6. Unexpected Costs
Wouldn’t it be wonderful if every home renovation went as smoothly as possible with very little to no problems? This is hardly the case!
In almost every home renovation, there are problems that pop up, either small or large. The wrong cabinets arrive, the tub is too big, the weather doesn’t cooperate, and so forth. These issues can set you back time, and sometimes, money.
These costs that are mentioned are ballpark ranges and do not include any unforeseen costs. Ask your contractor about what you should budget for in unforeseen expenses, and what type of problems are likely to arise. Keep in mind that it’s wise to factor in unexpected costs if there’s a problem.
7. Interior Design
Watching remodeling shows or reading design magazines is a fun way to discover your tastes in interior design, but what if you’re not that gifted at choosing a theme or furnishings?
In addition to hiring a contractor, you can also elect to hire an interior designer to help you with your layout or the aesthetic of the room. Sometimes it helps to discuss your options with a knowledgeable professional who can offer insight and suggestions to make your space unique and beautiful.