If you’re thinking about making some changes to your home, it’s time to start planning your budget and think about all of your loftiest design dreams.
Before you get too excited about this new change, it’s imperative to keep the house renovation cost in mind as you plan your project.
Read on to learn more about how you can determine the cost of your house renovation so that you can get the results you want without going over your budget.
The Average House Renovation Cost
There are a lot of factors that go into how much your home improvement cost will be. Mainly, your out-of-pocket cost will hinge on the size of your home, what type of renovations you want, and the cost of things like labor and materials.
If you’re aiming for high-end finishes or you’re planning to do an entire addition to your home, it’s going to cost you more. The average house renovation cost is between $15 and $60 per square foot. However, bathrooms or kitchens cost more at between $100 and $250 per square foot.
You can save some money by choosing to do a few tasks DIY. For example, painting your kitchen, bathroom, or living room yourself can save you quite a bit of cash.
While the average cost of home improvement projects can vary greatly, these numbers are a good starting point. Your final cost will depend on who you hire, what type of renovations you choose, and other factors like current demand and cost of goods. You’ll also need to take disposal costs into account, like whether you need a 30 Yard Dumpster or something bigger or smaller.
Cost vs Value Home Improvement Tips
Many homeowners are looking to renovate before they sell. This can be an advantageous way to get more money when it’s time to list your property on the market.
It’s important to remember that not all remodeling projects will bring you a higher asking price. However, most renovation or remodeling jobs should add between a 50 to an 85-percent return on your investment.
Don’t go overboard if you’re doing a renovation on your home just to sell. Simple updates like new flooring and a fresh coat of paint can make a huge difference without breaking the bank.
Your house renovation cost can be as little as a few thousand dollars to tens of thousands, depending on the intensity and other factors. Before you start a project, take a look at some of the other homes in your neighborhood that have recently sold. If you notice homes selling for a decent price without a brand-new kitchen, you might be able to skip those expensive renovations.
Average Home Improvement Costs: The Breakdown
Let’s take a closer look at what the average cost to renovate a home is based on the room. An exterior remodel typically ranges between $6,000 and $20,000. If you’re adding a deck or swimming pool, you’ll pay more than if you are installing new siding or painting the exterior and adding new landscaping.
Bedroom renovations seem to be the least expensive option. This project typically costs somewhere between $1,000 and $5,000. Most bedroom remodels include adding new flooring or expanding the master bathroom or master closet.
You’re going to pay a higher house renovation cost for kitchens and bathrooms. Plan to pay between $10,000 and $50,000 to renovate your kitchen, and between $5,000 and $25,000 for the bathroom.
A new roof isn’t exactly a remodeling project, but it can definitely increase the value of your home. Your roof is critical to protecting the structure of your property, too. New roof prices vary greatly, but they range between $4,700 and $10,500 on average.
Basement and attic renovations can be costly, too. If you’re converting or improving these areas, it can range from $20,000 to as much as $75,000, depending on the extent and the scope of the project.
When you renovate your home, how much you pay can depend on all kinds of things including exactly what you want to do. For example, adding new flooring can cost between $1,000 and $4,000. New windows run between $400 and $800 per window.
If you’re looking for ways to save money, you can always start small. Painting the walls or adding new crown molding can make your living room look brand-new without busting your budget.
Larger projects like installing a fireplace can cost several thousands of dollars. Simple updates like adding a new vanity and sink to your bathroom may only run a few hundred.
Cosmetic updates tend to cost less than major renovations. For example, installing new cabinets or countertops in your kitchen will cost substantially less than if you want to make the kitchen larger and add more square footage.
You can also make a few changes incrementally to save money on your house renovations. Replace old appliances or outdated light fixtures one at a time if you’re concerned about spending too much money at once. Alternatively, start saving your money so that you can get the renovation of your dreams when you’re ready to take the plunge.
Make the Right Renovation Move
From a beautifully remodeled kitchen to a new deck or roof, consider your house renovation cost to ensure that you get what you want without breaking the bank. Be sure to check with several contractors in your area to ensure that you’re getting the best results for your money.
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