Adding on a new room addition or redoing the bathroom can be exciting. Once you’ve decided to embark on the project, the question of remodeling costs is sure to arise. Here are some major factors to consider when calculating project costs:
First, assess the value of the specific room or space you wish to upgrade. It’s best to keep renovation costs around or below 10 to 15 percent of your home’s overall value.
Spending more than this amount is not necessarily going to increase property value. Knowing the value of the renovation space and your end goal helps in setting a good budget.
Many factors can sway renovation costs. One factor greatly influencing remodeling costs is room size. The larger the room, the more materials needed to complete the project. You also have to calculate labor costs, unique costs of the project and more.
Home renovation calculators can be found online to assist with these calculations. They’ll ask for the type of space you’ll be completing your renovation project in. They’ll also ask for square footage of the space, estimated material quality and other factors.
If you prefer a more personal approach, hiring a local contractor may be for you. They can assess the project and provide a detailed and precise estimated cost of your renovation project.
Full kitchen remodels are often regarded to be one of the most expensive projects. Kitchens are expensive to remodel because in addition to upgrade materials, electrical and plumbing factors are at play.
Completely renovating a home can be more expensive than a simple room upgrade. On average, a complete home renovation falls between $20 thousand to $75 thousand dollars. In some cases, the cost is much higher.
Return on investment (ROI) should be considered before starting home renovations. Think about the value the home improvement project could possibly bring.
If the project is to enhance the space for your personal enjoyment, it may be best to stick to a tighter budget to save money. However, if you wish to sell your home, spending a bit extra on remodeling can be to your benefit.
The more prepared you are for your home renovation project, the smoother the experience will be. Understand the needs of the space you wish to repair, know what you wish to renovate and the quality of the materials you’ll be using. This will allow for you to come up with a great renovation budget.
Ted draws energy and joy from building synergetic relationships with his Clients. Ted's nature is graciously gregarious and persevering; he's honest; and he's been dedicated to a substantial list of clientele throughout his 25 years in the hospitality business and seven years as a REALTOR. His passion is creating a sincere, successful relationship with people.
Ted grew up in a family of Realtors in central Indiana, earned a degree in economics and philosophy from the University of Notre Dame, and jumped into all aspects of the restaurant business. His ensuing hospitality career path eventually led him into the Event Management Sales & Service role in hotels and quickly guided him to Los Angeles, San Francisco, and finally to a luxury resort in the Napa Valley, where he, his husband, and their dog have resided for 16 years now.
The irony is not lost on Ted that his ‘growth’ journey has culminated in“living happily ever after” in an agricultural area with a small-town feel and sense of community strikingly reminiscent of his youth…and as a REALTOR nonetheless!