Renovating a House: How Much Does It Cost?
Learn what you need to know about house renovation costs when considering a reno. This article covers budgeting tips, hidden fees and more to help you plan your renovation.
Renovating a House: How Much Does It Cost?
When it comes to making a home your own, many turn to completely renovating the house. More often than not, this requires a significant financial commitment, so it is important to understand the cost of a home renovation before jumping into the process.
Planning and Preparation Costs
Before you can begin the actual renovations on your home, there are substantial planning and preparation costs. First, review local zoning regulations. Depending on the scope of the renovation, you may need to apply for a permit or two. You can typically obtain the necessary permits from your county or city hall. Planning and preparation will likely also involve hiring a contractor and/or architect, who will need to be paid for their services. The amount you will need to pay will depend on the complexity of the renovation project and what is necessary. It is not uncommon for the planning and preparation for a renovation to total around 15% of the overall cost.
Labor Costs
Labor is likely the most costly element of any renovation project. Depending on the project and the contractors you hire, the cost of labor can range drastically. From electricians, painters, and carpenters to plumbers, landscapers, and more, it is important to research the going rate in your area for the various contractors you may need. This should be done prior to any hiring decisions in order to ensure you are not being overcharged. Additionally, try to plan the project in phases, as this will help to ease the financial burden over time.
Material Costs
In addition to the labor that will go into the renovation, you of course will need to purchase supplies and materials. Again, the cost of materials to complete your renovation will depend on the scope of the project. Larger projects, such as a full kitchen or bathroom renovation, should include all necessary materials and appliances. Materials may include items such as paint, tile, fixtures, cabinetry, hardware, lighting, etc. Your contractor should have an accurate estimate of materials prior to starting the project.
The Cost of Renovating a House
All in all, the cost of renovating a house can range anywhere from a few thousand dollars to hundreds of thousands, depending on the size and scope of the project. Also, it is important to consider some of the less obvious costs that come with renovating, such as debris removal, locations rentals for staging materials, and permits. It is best to sit down with a contractor and develop a full budget that includes all of the necessary items, and perhaps even a 10-20% contingency for unexpected costs.