Considering the cost of house renovation always comes to most owners’ mind first whenever they want to refresh their living space. Renovating a house can be a rewarding and exciting project, yet it can also be a challenging and expensive one. This  guide walk you through factors influencing the cost of renovations, estimated expenses for different types of renovation, average costs, and valuable tips for saving the renovation budget.

5 factors influencing house renovation costs

Renovating your home is a long-term investment in your comfort and the house price. To understand the cost of house renovation, let’s find out 5 key factors that help you avoid unexpected cost:

• Remodeling Budget: The homeowner should deliberate carefully on what they wish and the expense they are capable of. Certainly, different parts of the house will cost differently. Moreover, having a clear purpose in mind, like updating living standards or renting or reselling, is also a part of the project cost
• Scope of Renovation: Are you planning a minor upgrade, major renovation, or entire house? The nature of your renovation project will shape the overall cost significantly
• Materials and Finishes: The choice of building materials and finishes, such as hardwood floors, concrete floors, asphalt shingle roofs, kitchen cabinets, etc. can dramatically impact your home renovation cost. Mid-range finishes or luxury finishes? Their price range must fit in your current financial status
• Labour Costs: Human is another essential factor for quality renovations. The expense for professional contractors can vary based on location, the complexity of the project and their experience
• Permits and Regulations: Keep in mind that certain renovations may require building permits, which can be an additional cost

Estimating costs for different types of renovations

KITCHEN RENOVATIONS

Kitchen renovation is the most popular choice for many homeowners. It is definitely a great return on investment to refresh the gathering area, which connects family members at the end of the day. The home renovation cost for a kitchen is from $19,000 to $72,000 on average.

BATHROOM RENOVATIONS

Have you ever thought of transforming your old-fashioned bathroom into a relaxed spa at home? To make it happen, the cost of bathroom renovation, including fixtures and finishes, typically falls in the range of $5,000 – $25,000.

BASEMENT CONVERSIONS

Besides kitchen and bathroom, basement renovation is another common project. If you want to extend your living space, a finished basement conversion can range from $20,000 to $75,000, depending on the type of material, like insulation, flooring, or plumbing.

EXTERIOR UPGRADES

Unlike the interior project with heavy investment, the exterior upgrades are usually around $5,000 – $10,000. The project mostly involves refreshing landscape, garage, or window replacement with a longer renovation process.