A home renovation project can be complex or simple and can sometimes turn into a full-fledged home remodeling adventure. Most home renovation programs lead you to believe that gutting and remodeling your home is as simple as a 30-minute programming block. If you're thinking of making any improvements to your home, consider refinancing it to help you budget the costs of remodeling. These are the cost estimates for the most popular renovations homeowners should undertake, either as an individual project or as part of a larger home remodel.
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. Knowing the full cost of remodeling your home helps keep your budget realistic and helps determine where to waste and reduce funding to keep your project up to what you can afford. 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. 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.
While the above cost estimates may be a criterion for giving an accurate idea of what you're likely to spend on your home remodeling project, any unforeseen damage or structural change can significantly increase the overall cost of remodeling. When embarking on any major remodeling project in your home, it's important to think about the potential return on investment. Some renovations are done just before the sale of the home to increase its value, while others are done for personal enjoyment with the goal of adding long-term value to the home. Depending on the type of house and the project, the average recommended expense for remodeling projects will vary.
Experts recommend setting a budget of 5 to 15 percent of the total value of your home to remodel a kitchen or basement and 1 to 7 percent to remodel bathrooms, bedrooms, or living rooms. Many people wonder whether to remodel their home or tear down the walls and build a new home. 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.
