There are many factors that affect the cost of home renovations. Using common sense is key to reducing costs. Changing your renovation plans midway increases the cost. Asking a contractor to help you save money and modifying your plans after completion will save you money in the long run. And while you’re at it, ask your contractor for recommendations to make your renovation project a success. Here are some tips to keep your renovation budget in check.

Why Renovate your Home

Renovating your home can be an expensive endeavor, but the benefits far outweigh the costs. If you have children who have moved out and need a new bedroom, you can turn an unfinished basement into a new bedroom or add on an addition. Older parents may also need to relocate and need new rooms. In either case, a home renovation is necessary. A professional interior designer can help you create a plan and make it a reality.

Renovating your home is an excellent way to increase your property value and appeal to potential buyers. It is also a good way to add freshness to your home and make it more comfortable for your family. In addition, you can improve the functionality and comfort of your house and sell it at a higher price. Investing in a home renovation will help increase its value and allow you to enjoy your home to its fullest.

Cost of a Kitchen Renovation

The cost of a kitchen renovation in a home remodeling project can vary widely. The planning phase involves the creation of detailed drawings and final materials selections. This phase accounts for about fifteen to thirty percent of the total cost. After the design phase is completed, the heavy work begins. Walls must be removed and floors leveled. This can cost upwards of $4,000 per room. Architects are essential for structural changes. They can reimagine kitchen layouts and execute them in the most ergonomic way.

Installing new appliances and cabinets is a significant portion of the cost. Stainless steel appliances can cost an extra $1,350 to $8,000, depending on the type of materials. HomeAdvisor estimates that the investment in new countertops will yield a 25 percent return on the cost. It’s best to choose a neutral color and natural stone for the countertops. These materials will last for many years. They also will increase the value of the home.

Cost of a Bathroom Renovation

The cost of a bathroom renovation can be a large part of your home renovation budget. Depending on the type of bathroom renovation you are planning, you may need to replace the existing cabinets and vanities, or you can add features that increase the cost of your bathroom remodel. Choosing the right materials will affect your bathroom’s appearance and durability, so you should consider what kind of bathroom renovation you want before deciding on your budget.

The average cost to expand a bathroom is $125 to $150 per square foot, which is close to the average for a bathroom renovation. This is because the most common way to add square footage is to take over an adjacent room, such as a closet or a bedroom. This room is then treated as a complete remodel, and the price is based on the total square footage of the finished bathroom.

Choosing a Renovation Contractor

When choosing a home renovation contractor, consider the number of people you will be dealing with. If you’re undergoing an entire home renovation, you will most likely need to hire several trades to complete the project. Considering this, it’s a good idea to engage several home renovation companies, and then compare their prices and terms. In the end, you don’t want to skimp on quality. Depending on your budget and the size of the renovation project, you can choose the company that offers the most flexibility and quality.

When choosing a home renovation contractor, it’s important to discuss your budget and source of funds. There are a few ways to make renovation projects affordable, including home renovation loans. This is a relatively low-cost option that you can afford, but it will depend on the value of the property in the future. Using this method can be a good option for some homeowners, but you should have a solid financial plan before securing a loan.

By Jim