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Costs to Consider When You Renovate a House

If you own your home, there may be areas of it that you want to improve with a renovation. Maybe you don’t like how it looks, or perhaps you’re looking for financial gain by increasing the value of your home for when you go to sell it down the road. But how much does it cost to renovate a house?

 

Many people find home renovation costs quite overwhelming, so it’s important to ensure that you are ready to take on the associated risks and financial implications.

October 2, 2020 in Life

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What to prioritize before a home renovation

Before you begin any house renovation project, it’s important to have your priorities in order. You can’t do it all — at least not all at once — so having a list is a great place to start. There are some things you may want to consider, including:

● Livability

● Enjoyment

● Quick fixes

● Expansion or addition

What factors influence house renovation costs?

As every project is different, there are many things that are going to determine what a house renovation costs. This may include:

● Whether you are planning to hire a contractor or do the work yourself

● Using the lowest quote vs. a more reputable company

● High- or low-cost materials

Kitchen Renovation

A kitchen renovation can be as small as updating the cabinet doors or as large as changing the flooring or countertops. The cost and labor required will be determined by the size of the space.

Bathroom Renovation

A bathroom renovation cost will depend on the needs. Bathroom renovations can include small things like updating the faucets and fixtures to large projects such as changing out the tub or shower.

Basement renovation

Basement renovations can be pricey because in many instances you are starting from square one. You need to include framing, plumbing, and electrical work, in addition to flooring and drywall, in your renovation. You can ask your prospective contractors to provide an overall cost of the project.

Master bedroom renovations

A master bedroom renovation can be expensive when you opt for high-end closets, master bath renovations, and entertainment centers, but if you are prioritizing enjoyment, that might be something to consider.

Home renovations and repairs: What is worth it?

Knowing whether a house renovation is going to be worthwhile before it’s complete can seem impossible. Repairing items in your home, however, can make the home more attractive to buyers. This knocks down the number of things the new owners might need to fix once they take possession.

Roof replacement

A roof replacement can be expensive, but once the home starts to age, this is something that needs to be done. Repairing the roof will ensure that the rest of the home is protected from the elements and can save you or the future owner from a lot of headaches if water were to get in. The cost of a roof replacement can be dependent on where you live and the materials you choose.

Replacement siding

Once the siding on your home starts to peel or crack, you can start to consider new siding. Discoloration of the siding as time passes also can be an early sign that it needs to be redone. Keeping the envelope of your home healthy is important for future buyers, so it’s important to take care of it. The cost for new siding can be dependent on how large your house is and the materials you choose.

Window replacement

Dysfunctional windows need to be replaced to ensure that things aren’t getting in and that your home is efficient when it comes to heating. This can yield tremendous savings on a monthly basis when it comes to paying for the heating in your home. The type of window will dictate the cost of a window replacement.

How much do home additions cost?

Adding a new area to your home is a big undertaking but also can be something you can take your time with. There is no rush to finish if it is not affecting your current living space. Prices can vary, but the most popular additions include garage updates, attic conversions, and additions of an office or bedroom.

 

When determining if you should pursue a project like one of these, things to consider include whether there would be an increase in property taxes, an increase in the future value of the home, and change in livability.

How to pick your contractor

Choosing a contractor can be a stressful process, especially because of horror stories of contractors not doing a good job. Contractors can charge depending on where you live and what type of project needs to be completed. Leveraging online reviews and asking people you trust for their recommendations is typically the best way to find a good contractor.

How to finance your house renovation

Finding a way to pay for these projects is something to consider. If it is a larger project, you may need help with financing – this can be done through personal loans or a credit card. Additionally, you could Use Points for Purchases1 made on your eligible American Express Card to reduce the amount you need to pay out of pocket. American Express Cardmembers may also be eligible for a Personal Loan or our installment program Plan It

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