Breaking Down Home Renovation Costs

Home renovations can be expensive and time-consuming, so it is important to know what you are getting yourself into before you determine which part of your house to start on – especially if you have a few different options. (See options for Kitchen Contractor Costing in Tampa, FL here.)

For many people, the costs of home renovations, including kitchen renovations, bedroom remodels, bathroom gutting, and more can be overwhelming. Whether you just purchased a new home or you are looking to update what you already have, some people are itching to make updates while others are dreading them. If you are looking to make some updates or changes to your home, you should first know about how much you are going to have to spend.

Basic Home Renovation Costs

Generally, the cost of your home renovation will depend on where you live, how big your house is, the type of house, and what you want to do. For a low renovation budget, you can expect to spend between $20-$50 thousand dollars on updates that include small repairs, new landscaping, painting, and maybe floor replacement. You can expect to pay between $50,000 to $75,000 on those upgrades plus something like a kitchen remodel or a bathroom remodel. Over $75,000, you can expect to fix some major problems with your home like sewer lines or roofing. 

Largest Home Renovation Costs

There are some things, like painting, that won’t cost you that much in the end. However, there are some aspects to home renovation that may cost quite a bit more. For example, appliances and cabinets in a kitchen remodel will take up quite a bit of the budget for an average-sized home. If you have a large kitchen, or you want specialty appliances, it can cost even more.

For a complete kitchen remodel, you can expect to pay upwards of $20,000 with a full gut and replacement for a small kitchen. If you have a bigger kitchen, you can expect to pay more. Once again, it all depends on what you want. 

For a bathroom remodeling, you can expect to pay around $10,000, depending on the bathroom. Now, if you are going to bring water lines into areas of the home where there aren’t water lines, you can expect to pay much more. The same can be said if you are going to knock down walls to build a bathroom out.

One of the biggest costs for a home is the roof – upgrading your roof and replacing it can cost a lot of money. It is best to talk to a professional to see how much that will be.

On the opposite end of the spectrum, new floors can be expensive as well. If you want to completely change the flooring of your home, you will need to pay for someone to take out the flooring and then someone to put it back in (usually this will be the same company). How much this costs will all depend on what type of flooring you want – a new wood floor will cost much more than laminate. 

If you have an older home, it may be a good idea to update your electrical system. This can cost up to $5,000, but it will be worth it when you don’t have to worry about your home catching on fire.

Getting A Return On Investment On Your Home Renovations

One of the major reasons someone will decide to update their home is because they want to sell it at some point. Parting with money to renovate your home can be a good way to make more money in the end – a kitchen remodel, for example, is one of the biggest selling points for any home. You can expect about an 80% ROI for a good kitchen renovation in most markets. In more competitive markets, like Tampa or the surrounding areas, you may even get a bit more.

The kitchen is the heart of the home, so the ROI on kitchen renovations is obviously higher. However, bathrooms also get a good return on investment, coming in at about 70%. The key is that you have to ensure that the work is done properly and that everything looks good. Sloppy work can actually take away from the resale price. Of course, you may want to think about staging your home, ensuring everything is cleaned, and that you use quality products.