How Much Does It Really Cost to Remodel a House?
Share this article:
Understanding House Renovation Costs
Home Renovation Costs: General Findings
$10,000 or less: 39% $10,001 to $20,000: 20% $20,001 to $30,000: 14% $30,001 to $40,000: 13% $40,001 to $50,000: 7% Over $50,000: 8% Savings: 51% Credit card: 32% Personal loan: 9% Other: 6% Cash or debit card: 2% Inheritance: 2%
85% said they would remodel again 53% gave their level of happiness with the remodel the highest rating. This is nearly double the percentage of respondents who spent $10K or less and also gave their level of happiness the highest rating (27%). 77% said it was their first time remodeling 33% said they regret the remodel, while only 9% of all respondents said the same 53% said their relationships were strained by the remodel, almost double the percentage of all respondents who said the same (27%)
Calculating Renovation Costs: Estimation Methods and Tools
Factors Influencing House Renovation Costs
Size of the project: The larger the project, the more expensive it’s going to cost overall. Level of customization: Basic renovations, such as new paint or flooring, and choosing standard materials and fixtures can help reduce costs, whereas changing your floor plan and choosing high-end, custom finishes will increase costs. Materials and finishes chosen: Having to special order items will cost more than choosing standard materials and finishes you can find in stores. Labor costs: The amount of work that needs to be completed and how many people are required to perform the work will affect the total cost of the job. Project timeline: Typically, the longer the project takes, the more you’ll spend overall due to the cost of labor increasing. Whether or not you run into any issues: Unexpected expenses may include finding mold in your home, needing to obtain a permit, discovering your foundation is cracked, and more. Serious issues will oftentimes need to be handled before the contractor can move forward with the project.
Regional and National Average Renovation Costs
Budgeting and Financing Home Renovations
Home Equity Loans or Lines of Credit
Tips for Cost-Effective House Renovations
Hiring Contractors and Managing Renovation Costs
Styled in the modern farmhouse aesthetic (18%) Used a credit card (42%) Cost more and took longer than expected (62%) Remodeled the kitchen (75%)
Advice From Past Remodelers
Rome wasn't built in a day. Measure twice, cut once, and take your time. Remember to remodel to what you like and not what everyone else thinks you should like. Buy second-hand. Look for free materials and items on Facebook Marketplace, Craigslist, etc. If you're doing the project yourself, research and learn everything beforehand, even if it seems simple. And never leave something almost done to start another. It will stay almost done forever. Pinterest fails happen.
Frequently Asked Questions
About the Author
Share this article: