Whether a homeowner decides to tackle a home renovation one project at a time or they take a whole home approach, there are factors that can affect the cost of the remodel. Knowing these and understanding their roles can help homeowners plan better.
The location of the home is not only a factor during the buying and selling process, it can also impact the cost of a renovation. The cost of living in a particular area is a significant driver in the cost. As an example, a home remodel in San Francisco will generally cost more than a similar project in Denver, Colorado.
Two of the most popular remodeling projects — renovating the kitchen and the bathroom — are also some of the most expensive. Choosing to renovate a bedroom or the living room means that the cost will typically be lower in comparison.
Typically, an older home will cost more to remodel than one that is newer. Not only is additional work often required to get an older home up to code, but they are also more likely to have hidden issues that can drive up the cost.
For homeowners who are on a lean home renovation budget, DIY can seem like a good choice. Carefully weigh the pros and cons of doing so, however. In some cases, hiring a professional can save money, time and stress in the long run.
Perhaps not surprisingly, the size of the home can make a significant difference in the cost of renovating it. In fact, homeowners should expect that the average cost of remodeling a home with 1,000 square feet to be less than $20,000. A 4,000-square-foot house, however, can cost an average of $100,000.
Working with the information above, a homeowner can prepare a more realistic budget for their next renovation project. In the process, there could be the potential for boosting the home’s current equity significantly.