The Cost of Home Renovation
While some people look to find or build new houses to live in, many others prefer to renovate the homes in which they currently live. Although home renovations may be a lot less expensive than buying a new house, home renovation costs still have the potential to break the bank for any budget. Total home renovation costs can range anywhere from $15,000 to $100,000 with an average cost of roughly $50,000. This article will highlight some of the common costs associated with and factors contributing to home renovations to give consumers a better idea of how they should budget for these projects.
Alexander Djerassi recognizes that the type and size of rooms being renovated has a major impact on the overall cost of a project. At an average cost of $25,000, kitchen renovations top the list of most expensive rooms to renovate. Basements and bathrooms are also among the priciest renovations with average costs of $20,000 and $10,000 respectively. These types of rooms are expensive to renovate, because they generally take up the most space and require the most plumbing and electrical work.
Beyond the type of room, home renovation costs are also influenced by work permits and labor. Anyone wanting to take on their own projects must be familiar with local laws and regulations, and they must purchase any necessary permits to complete plumbing, electrical and other work around or inside the home. These permits typically start at an average cost of $400 and can reach upwards of $2000 a piece. Alexander Djerassi cautions that paying trained professionals to do the work can also prove to be extremely costly, because labor is charged at an hourly rate and often requires hiring multiple experts to complete the job. These hourly rates fluctuate between $20 and $150 depending on the complexity of the work and level of expertise.
Other factors that influence the cost of renovation include: cost of materials, location, home type and size. In order to build new additions or repair any damage, nails, tiles, paint, wood, tools and hundreds of other materials may need to be purchased before completing the job. While many of these materials have low per-unit prices, they can add up quickly over time. Location also plays a major role in renovation cost, because prices and values vary from state to state and region to region. In terms of the type and size of a home, the cost of renovation can vary depending on whether the home is considered an apartment, condo or other living structure. The cost of renovating an apartment is generally at the lower end due to its smaller size and less stringent work requirements, while condos are more expensive to renovate because of their larger size and complexity. A 5000 square-foot home normally costs more than a 2000 square-foot home to renovate. This is especially true if the majority of extra space is taken up by bathrooms, kitchens and other complex rooms rather than bedrooms. older homes are also more costly to renovate than newer homes, because they require more specialized labor and materials for them to be brought up-to-date.