How much does renovation cost ?

Renovation costs have been decreasing for the last five years, but so has the return on the investment in them, as home prices have also been on the decrease. Renovation projects can be both very satisfying and profitable or can be a nightmare where everything goes wrong, costs overrun and the whole thing is more trouble than it was worth. However, with a bit of careful planning, clear goals and keeping control of your expenses it’s not that hard to make a renovation project pay off, either in the short term or longer term depending on your objectives.

What you do affects renovation costs.

Your renovation plans, the property in questions and the final goal will all influence what you can expect to invest in renovating a property. Whether it’s a lot of superficial renovation in a newer property or an older one which requires major structural renovation can influence the overall renovation costs considerably.

Quotes for renovating a typical thee-storey brownstone can run from $200 per square foot to $500 per square foot. This is why it’s important to be very clear about what exactly it is you need or want to achieve. Are you looking for functionality and the most space your money will get you or going for a high end renovation with top quality finishing throughout? Are you renovating for yourself or for investment and to sell it on and make a profit as soon as possible?

Kitchen renovation work if you’re talking about gutting it completely and installing everything new, can quite easily cost a small fortune on its own. Many people who have renovated report that the kitchen was in fact the most expensive part of the whole project. There’s a lot more possible variation in kitchen layout and design, not to mention price variance in appliances you could choose to install. On the other hand, electrical work or plumbing work has fewer variables and labor prices could affect the overall price more than material costs. Obviously some rewiring or re-plumbing work could be more complicated due to difficult access, upgrading systems and the like.

Which renovation costs payback most?

When it comes to selling up and moving on, there are certain renovation works that can certainly help make your property more attractive to a potential buyer, and allow you to recover around 80% or possibly more of their original cost. Kitchens are one of the most popular as people look for good flooring, appliances and cabinets already installed. Bathrooms, attic conversions, flooring, carports and garages, landscaping and window renovations are also highly prized by people looking to buy. It’s less likely that they will appreciate your major investment in any structural changes done as part of renovation work.

Average renovation costs.

Based on gutting and stripping back to the walls and ceiling, the following can be used as a guide to renovations costs, with regular fittings and fixtures (not high end finishes). Aim to budget approximately $174 per square foot for kitchen renovation work, a master bathroom should cost around $160 per square foot, a family room in the region of $92 per square foot and powder room $133 per square foot.

When it comes to major structural changes, additions such as rooms, garages, and even landscaping you’ll need to keep in mind any design fees and any building permits or planning permission required depending on what your renovation project entails.

Getting several quotes from local contractors for all the work you would like to get done and then dividing it by the total floor area of the property will allow you to get a better idea of the overall renovation costs per square foot for your own individual project.

To get a better idea of costs, here are some renovation estimates from professionals.

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