When homeowners are dreaming of the perfect home, they’re enamored with pictures of high-end products and finishes. When it comes time to actually do a renovation or remodel, they might be shocked at how expensive items can be.
Staying on Budget
Homeowners are always told to start with a budget. That budget should include all the details on the job. It can also include DIY projects that the homeowner elects to do themselves. This added bonus into the budget can be used for overages and expenses that weren’t factored into the budget. Many people go over their budget because they want more expensive materials. With great taste comes a great price tag.
What’s the Cost?
The cost of a renovation depends on many factors from the price of materials to the scope of the project. A bathroom remodel might cost less than a kitchen remodel depending on those factors. The average cost of a renovation project is around $59,000. Each renovation project comes with unique details that will lower or raise that price accordingly. If you choose expensive tile for the kitchen backsplash or an epic bathroom vanity, you’re increasing the drain on your budget.
Most Renovated Room
When it comes to the room most people spend their renovation money, that would be the kitchen. When it comes to resale value, the kitchen is one that will increase the overall home value, which is why most sellers will tackle this part of the home before listing. The bathroom comes in second on the chart of most renovated rooms.
How to Get the Money
Many homeowners don’t take out loans or borrow the money. They use personal savings to make their home renovations. In some younger homeowners, they’ll use credit cards to make home renovations too.
How Long Does a Remodel Take?
The planning stages can take a long time, and they should. That’s when you’re gathering data on your favorite items, and how the project should progress. It can still take a long time to do a renovation. For example, a kitchen renovation can take around 5 or 6 months to complete. It might take longer if the homeowner is performing some of the projects themselves.
A home renovation is a great way to update a home for sale, but many homeowners find that they renovate for themselves too. They want larger, updated spaces and finally have the money or the time to complete the project.