Home renovation can include projects that upgrade an already existing house interior, exterior, or any other upgrades to the house.
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Home repairs, on the other hand, are mainly focused on fixing structural issues in the house or improving the overall aesthetics of the house.
It also includes projects that are meant to make the house functional, such as adding extra storage spaces, repairing the foundation, or installing new wiring. While all these may seem like small and simple projects, they can go a long way in making your house a better place to live in.
There are many reasons why people renovate their homes. It could be that they want to improve its look or they want to sell a house fast.
Everything you want to do to improve the look and functionality of your home comes at a price. Understanding how to compute renovation costs and average renovation costs is critical for your budgeting phase.
How To Calculate The Costs Of Home Renovations?
The cost of home renovations can be calculated in several ways. For example, the actual cost of your home renovation can include all expenditures incurred from hiring professional contractors, purchasing materials, paying for labor, and any other miscellaneous expenses incurred during the construction process. All these things must be included in your calculations. If you’re not familiar with the calculation methods, you can get a professional to do the job for you.
How Much Do Home Renovations Usually Cost?
If you’re planning to do your home renovation anytime soon, here is a rough estimate to give you an idea of how much you should put away to have the look and functionality you’re looking for in every room:
- Kitchen
If you want to easily upgrade the look of your kitchen, you can have a small project by changing the little details like upgrading lighting fixtures or faucets. You can go a little further by changing the backsplashes and extending the counters. These small changes will cost between $5,000-$30,000, depending on the materials you want to use.
For mid to high range projects, you’d need about $30,000-$65,000 or more. This means you want to upgrade your appliances, apply fresh paint, and change your countertops. You can also add custom cabinetry and energy-efficient appliances. You can go even further by changing the walls to hardwood flooring to complete the look.
- Bathroom
On average, bathroom renovation costs about $125 per square foot. The price for renovating the whole bathroom would depend on the cabinets and finishes you choose.
If you want to save on bathroom renovation, you can do the demolitions yourself or choose cheaper options for lighting, faucets, and tiles. There are tons of affordable options in the market.
- Bedroom and Living Spaces
For the bedroom and living spaces, you’d need at least $1,500 if you want to change the paint color and floorings. If the living room is large, you can find yourself spending at most $5,000.
There are also other common additions in the bedroom and living room homeowners do during renovations. When adding a fireplace, you’d need about $900 – $3,700 depending on the design. New flooring will also depend on the type of floor you choose and the total floor area of the room. The cost of changing the flooring will average between $1,500 to $4,500.
- Basement
If you have an unfinished basement in your home and you want to complete it in your next project, you should prepare about $30,000 for the whole remodeling. Remodeling the basement is a big job, but the cost will depend on its current condition.
If you want to add living space or a bedroom in the basement, you’ll need to install new electrical and plumbing which constitutes a major part of the costs. You’ll also need to look at installing new flooring and other furniture if you’re planning to make it a functional space.
Summary
On average, the cost of a single home renovation is up to seven percent more than the cost of building a new home. There are benefits to having major home renovations, especially when it comes to resale.
There’s a great deal of expense involved in home renovations, which may cost a fortune for some homeowners. This is why you should be aware of the average costs of different renovation projects. Having the right knowledge will help you budget your money accordingly and find the right financing options for your renovation projects.