Interest in home renovations has skyrocketed in the past two years. Despite the high costs of building materials during the pandemic, many homeowners jumped at the idea of improving their homes, both for greater convenience and for a return on investment. Wood prices have stabilized recently and the renovation business is still on the rise. Here are some things to know about home remodeling costs.
An excellent starting point is to evaluate the current value of your home. When planning your renovations, keep in mind that the price of remodeling any single room, except the kitchen, should exceed approximately 10% of the current value of the home. Kitchen renovations are more expensive and, in some cases, can exceed 15% of the home value. Lexie is an assistant editor who is responsible for writing and editing articles on a wide variety of home-related topics.
He has almost four years of experience in the area of home improvement and took advantage of his experience while working for companies such as HomeAdvisor and Angi (formerly Angie's List). Remodeling individual rooms or renovating individual parts of your home can cost anywhere from a few hundred dollars to a few thousand. Estimating the costs of remodeling a home can seem like a daunting task because there can be a lot of details to add up. If you're remodeling your entire house, you can gut it and start over, perhaps changing the floor plan, tearing down walls, or reorganizing electrical wiring in the process.
If you're thinking of making any improvements to your home, consider refinancing it to help you budget the costs of remodeling. Depending on the type of house and the project, the average recommended expense for remodeling projects will vary. You should check with local authorities before starting a home remodeling project to determine what permits you will need. A home renovation project can be complex or simple and can sometimes turn into a full-fledged home remodeling adventure.
An expansion or remodeling of the entire home is a more complex task than a minor renovation and, as such, your renovation costs per square foot may be higher. Building an addition can also have a high ROI when it comes to reselling, according to Matt Lavinder, president of home remodeling company New Again Houses. Even if you don't plan to sell a house anytime soon, consider renovating some mechanical systems to improve the efficiency of your home and reduce bills.