Home renovation is not a cheap venture. The cost is one primary concern of homeowners, whether they decide to do it themselves or enlist the help of home renovation contractors. Surprise costs, delays, and other things that may pop up during home remodeling may shock new homeowners who are not yet fully aware of how much these improvements might cost them.
There’s also the harsh possibility that remodeling plans and expectations won’t be the same in reality. According to the 2019 CIBC Home Renovations Poll, 49% of Canadians have home renovation plans in 2019 with an average budget of over $10,211. Additionally, 39% of them went over budget. Now comes the question of how much the budget should be for home renovations?
Factors that Influence Home Renovation Costs
Several factors affect home renovations’ cost, making it higher or lower than the expected amount of a homeowner’s budget.
- Size of the house
Renovating a larger home space entails a homeowner spending more money on the home improvement project.
- Age and condition of a house
Home renovations for an old house may reveal more expensive costs, such as replacing old knob-and-tube wiring, old lead pipes and removing the buildup of asbestos in the house over time.
- Home renovation contractor
The choice of renovation contractor can greatly affect the total cost of their home improvement project. While hiring an established and trusted renovation contractor requires more money, a home renovation loan can help in shouldering the costs so the job can be done more easily.
- Parts and materials
While the quality of materials used for the home renovation can affect the overall costs, budgeting should not come at the expense of compromising the home renovation project itself.
The Estimated Cost of Home Renovations
- Kitchen Renovation Cost: $25,000 to $50,000
Findings from Trulia’s “Remodeling on the Rise” survey stated that kitchen remodeling is the most popular among homeowners. Depending on the renovation scale, kitchen remodeling can cost you around $25,000 to $50,000. Kitchen renovations do not come cheap, as the Appraisal Institute of Canada recommended that a homeowner allocate 10% to 15% of the expenses for the renovation’s overall value.
- Bathroom Renovation Cost: $9,000 to $15,000
Renovating a home’s bathroom is always a good investment that can impact the value of your home in the long run. Trulia’s survey also stated that a bathroom renovation is the second most popular home remodeling project among homeowners.
The cost of bathroom renovations, with an estimated cost of around $9,000 to $15,000, mostly depends on several factors such as the updates to the bathtub, shower system, toilet, vanity, sinks, faucets, tiles, flooring, and light fixtures. A bathroom update can also involve plumbing, electrical work, or even knocking down walls for a change in the bathroom layout.
- Bedroom Renovation Cost: $5,000 to $10,000
The price for a bedroom renovation depends mostly on the scale and the overall look you aim to have for your home. With improvements such as replacing carpet for hardwood, painting the walls, or simply updating the look of your bedroom space, this could cost you an estimate of over $5,000 to $10,000.
- Basement Renovation Cost: Over $10,000
Renovating your home basement can be a big job, and they can get really expensive, amounting to an estimated cost of around $10,000 or higher. Giving your basement a makeover can involve installing drywall, insulation, flooring, lighting, and even making storage and moisture-proofing your basement space.
Even though a basement renovation can be expensive, it also helps increase the overall value of your home in the long run.
- Painting Cost: $2,000
A fresh coat of paint for the walls of your home can do wonders, as it offers an easy and generally inexpensive way of brightening up your home space. The overall cost of painting your home is dependent on the size of the space, brand and quality of the paint, and labor expenses.
- Flooring Cost: $3,000
Several factors like the type of flooring, home size, and installation quality can lower or raise the flooring cost in your home renovation project. Removing old flooring and addressing issues of this removal can also add to the renovation expenses.