When clients make the decision to renovate their homes, one of the most common questions they ask is how much their project will cost. While coming up with a budget for the work that needs to be done is important, answering the question in general terms is not so easy. The cost of renovating depends on the age, size and the number of changes a home needs. The materials and upgrades chosen also play a part.
Ballpark Pricing
In determining the budget for a project, having a ballpark of prices sometimes helps. For most home renovations, a good guideline to refer to is the following:
- 1. Low budget (interior and exterior painting, landscaping, and small repairs) ranges from $25,000 to $45,000
- 2. Medium budget (kitchen and bathrooms upgrades) ranges from $46,000 to $75,000
- 3. High budget (roof replacement, sewer lines ordeals, and foundation fixing) above $76,000
Renovation Costs by Room
Renovation costs depend a lot on the room you need to update. For instance, the cost of improving a bathroom is not the same as adding square footage to and updating the entire living room. The scope of your renovation also has an impact on budget. While you can renovate your kitchen for around $10,000 for instance, costs increase significantly if you plan to buy all new appliances, add custom cabinetry and replace laminate with hardwoods. Let’s take a look at some baseline costs, room by room.
Bathroom
Bathrooms often have a smaller footprint and less extensive upgrades than some other spaces in the home. As a result, this is often a cost effective renovation for homeowners who want to make some improvements but do not have a large budget. An upgrade will typically value you from $9,000 to $20,000 depending on the types of accessories and the extent of things like plumbing and electrical work to be completed.
Kitchen
Kitchen renovation prices vary extensively depending on what needs to be renovated and the type of finishes you are considering. A simple kitchen upgrade is typically priced around $10,000. However, if you plan to replace all cabinetry, appliances, flooring and even the lighting fixtures, plan to spend closer to or even above $50,000 for your renovation.
Exterior Renovations
Many homeowners choose to focus on curb appeal and outdoor living spaces when planning how to spend their renovation dollars. Their desired improvements might include painting the exterior, replacing windows, landscaping or adding pavers, a pool or a fireplace in their backyard. These types of renovations can also range in price pretty extensively. In some cases, clients can curb the budget while still getting the same impact by carefully selecting their materials. A general contractor can often help with this.
Contingency
Regardless of the cost of your renovation, remember that the possibility always exists that prices could be slightly higher. As your contractors tear down walls, remove flooring or make other necessary changes to your home, they sometimes find something unexpected that must be fixed before the renovation can continue. To prepare for such unanticipated costs, add a 10 to 20-percent contingency to your budget.
How long can it take to renovate your home?
To determine the time taken to renovate your home, have a conversation with your Alair Homes Regina general contractor. The timeline is highly dependent upon the type of renovation you are taking on. For instance, a small bathroom upgrade may take only a few weeks while adding an addition could take several months. The timeline can impact your costs if there are unplanned delays, which is a good reason to keep the lines of communication with your general contractor open and transparent.