Did you know that 90% of homeowners have plans to remodel their houses? If you own property, then you might be considering this course of action too.
But you likely don’t have an unlimited budget, which means you need to know approximately how much you need to spend to bring your dream house to life. And besides living in the perfect home you’ve always wanted, do renovations come with any other benefits?
You probably have lots of questions in your mind.
So how much do home renovations cost? And are they worth it? Read on to find out the answers to these questions and more.
How Much Do Home Renovations Cost?
As you may have guessed, there’s no single answer to this question. What you pay will depend on a number of factors, which we’ll explore below.
The Room You’re Renovating
The parts of your house you want to revamp will make a huge difference in how much you have to pay for renovations. For example, renovating a bathroom will cost significantly different from upgrading a bedroom, considering it involves a bunch of piping that’s not involved with the latter renovation.
Because of this, bathrooms cost the most; you’ll pay anywhere between $5,000 to $25,000. Another expensive renovation is the basement or attic. This will set you back between $20,000 to $75,000.
The kitchen can potentially cost a lot too, depending on what you want done (more on that later). It can cost as little as $5,000 to as much as $25,000.
What You Want to Fix Up
The extent of your renovation will affect the costs as well. For instance, if you just want to replace the flooring in your living room and knock out a wall, that’ll probably be much cheaper than gutting your entire bathroom and rearranging where everything goes!
With that said, costs will be through the roof if you want to completely gut your home to its studs and remodel it completely. However, you’ll get everything to your specifications, which can be worth it if you’re planning on staying there permanently.
You’ll also want to take into account any permits you might have to get from your municipality. They can cost anywhere from $500 to $2,000 for your renovation project.
How High-End You Want to Go
The materials you choose for your renovation can also put a huge dent in your wallet. If you go with the cheapest materials around, you can save a ton, but they may not be the most durable around.
If you want more value for money, consider going with higher-end materials. Not only will they look nicer, but they’ll also last longer. In the end, you’ll get what you paid for.
The Contractors You Get
Each company will set their own rates depending on how the market is like where you are. If competition is fierce, then you’ll be more likely to find an excellent contractor that won’t charge an arm and a leg for their services. But if there are only a few contractors out where you live, then they’ll most likely set their prices a bit higher.
Those with better reputations and more experience will charge more too. But like with the last section, you’ll get what you paid for, so don’t go cheap!
Are Home Renovations Worth It?
In most cases, home renovations are definitely worth it. Just having a house that you feel 100% comfortable in can justify the costs for you.
But what are the other benefits you’ll get from renovating your house? Find out by reading on!
Better Utilization of Your Living Space
Maybe the floorplan worked for the family before yours. But for your household, it just doesn’t quite feel right.
In this case, a home renovation allows you to personalize your living space and turn it into something that suits your needs. As a result, you can get more usage out of your square footage.
Savings on Utilities and More
Who says all renovations have to be cosmetic? They can also be functional.
For example, if you replace your windows, doors, and appliances (such as refrigerators and HVAC units), you can always pick the energy-efficient options. Not only will you reduce your carbon footprint, but you’ll also enjoy much lower utility bills.
And if you make changes that are more convenient for your lifestyle, you can save money there too. For instance, if you upgrade your kitchen or convert a room into a home gym, you’ll cut down costs that come from eating out at restaurants and working out at a gym.
Better Home Value
Are you considering selling your home later on at some point? Then know that any renovations you do now are an investment for the future.
These changes that you make to your house now mean that it won’t be as outdated when you put it on the market. You’ll most likely have newer appliances, flooring, tiles, etc., which buyers will like to see. As a result, they’ll be more inclined to pay more for your house.
Consider Getting Renovations for Your Home
Now that you know how much home renovations cost, plus the benefits you can get from them, it might seem like a good idea to upgrade your house.
Make sure you carefully consider what you want to be done and when you want it as well. Then, take the time to find the right contractor who will carry out those dreams for you.
If you rush the process, you might end up with someone who does a subpar job, and you’ll be stuck with it for years to come. So have a little patience and you’ll get the home you’ve always wanted!
For more informative articles like this one on home renovation costs, browse the rest of our blog section!