Sticking to a budget is forever a challenge. Making a budget for a big project you have never done before is an even larger challenge. When it comes to home renovation costs, building a feasible budget needs a detailed plan and lots of research.
Happily, we have performed most of the work for you. Just follow the steps below to make a remodeling budget that will keep you overspending on your next project.
How much does it cost to home remodel?
The average cost of renovating a home that is less than 1,000 square feet is $18,351. For houses in the 3,000 to 4,000 square foot range, the average cost increases to $36,120. The renovation made to an older home tends to cost more than a fresher one, mainly in the plumbing, wiring and other areas.
Usually, you can guess to spend at least $100 to $200 per square feet on any home renovation.
How much should I spend on a renovation of home?
To get the right idea of what your remodeling budget should be, consider the worth of your house as a whole. You do not want to spend more than ten to fifteen percent of your house value in a single room. If you spend more, the worth of the renovation will be proportionally included in the value of your home.
For example, if your house is value $100,000, the highest you should spend a kitchen or bathroom renovation is $15,000. If your home is valued more, the spend on a renovation could be higher.
Tips for saving on home renovation costs
When making your remodeling budget, use these tips to additional decrease your costs:
Full demolition yourself
If you are pulling up tile or removing cabinets as part of your renovation, consider doing the job yourself. As long as there is no expertise needed, this is the best way to decrease labor costs and keep a few dollars.
Other fixtures and finishes yourself
Your contractor will likely charge you an hourly fee to do your shopping for you and may even charge a markup. Be obvious about your plans so your contractors know you are taking on that liability yourself.
Be your own project manager
If you need to hire extra subcontractors for your project, interview and pick them yourself instead of having your common contractor do it
Do your own painting
Having a room painted by an expert can cost $300 or more. Plan to fully any needed painting yourself and you can get rid of that costs from your remodeling budget.