Remodeling a house: Cost estimates & best budget practices

Thinking of renovating your home?  Consider the following:

If you’re planning a home renovation, the first thing you should do is draw up a budget for remodeling. House cost can vary depending on the project, but remodeling costs can be estimated accurately as long as you include all the major factors.

Price per square foot, electrical or plumbing work, load bearing walls - all of these things play a part in your total remodeling cost. So, how can you figure out an estimate?

Cost of completely renovating a house

A full renovation may cost you anywhere from $10,000 to $500,000 - though $500,000 tends to be for larger and luxury properties. Depending upon the construction characteristics, price changes can be drastic. Final costs are usually dependent on the structural repair or mechanical work done in the home, as well as the home’s condition, location and materials used. 

Remodeling projects will generally be classified in three different categories: high-end, medium-range and lower end depending on the type of design. The difference between these three categories is primarily the building materials used. However, major structural changes can also affect remodeling cost.

Home remodel cost by room type

Many homeowners might prefer to remodel a single room rather than the entire home. These upgrades can yield higher return on investment by boosting the resale value of your home. 

Bathroom and kitchen remodels are the most common. The cost for each varies greatly on the materials and square footage. Also, if you include an entirely new set of appliances in your remodel, it will also affect the cost. 

Certain features and styles come with a higher price tag, too. For example, farmhouse style sinks and butcher block countertops are considered high-end renovation items.

Additional costs and considerations

It’s important to acknowledge the possibility of unexpected expenses during a home renovation project. Increased labor costs due to delays and last-minute building material changes are just a couple of examples.

Also, you may discover a more serious structural issue once you begin a cosmetic remodel. Structural repairs and remodels will increase your timeline and stretch your budget, so it’s important to have a thorough understanding of your project before you get started.

The best way to get an accurate estimate for the cost of your remodel is to shop contractors for a quote. The more preparation you can do, the more successful and affordable your project will be.