The budget mostly determines home renovation projects. The amount of money you plan to spend dictates how much renovation can be done. Are you looking to help your old home regain its former glory? You will need an immense supply of both time and finances to make it happen. However, you need not worry. We have put together a comprehensive guide to help you estimate just how much you may need to part with for a complete renovation with Catenacci Construction LLC. Take a look.
Paperwork and Finance Costs
Numerous fees are considered when calculating labor and material costs for your renovation project. Expenses like specialist surveys, permissions, and design work will add to the total renovation costs, whether you budget for them or not. It is essential to ensure that our renovation project is covered by insurance. Usually, standard building insurance does not cover large renovation projects, especially if your house will be left vacant for a long time.
We recommend looking for insurance that covers sites and empty buildings. Specialist renovation insurance covers employers’ and public liability. That means that persons who get injured during the project will be covered. You may have to pay between $800 and $1400 depending on the value of the new building, postcode risk, and the rebuild value. Building regulation fees could cost you anything between $100 and several thousand bucks.
Average Remodeling Cost
Your overall remodeling project may cost between $30000 and $120000 depending on the areas you need to be renovated, the quality of building materials, and the square footage. Most home remodeling projects are significant investments with more than 50% return on investment (ROI) if you plan on selling. Let’s look at an estimation per room for your home’s interior:
- $25000 to $75000 for the attic
- $20000 to $50000 for the basement
- $4700 to $10500 for the roof
- $5000 to $25000 for the bathroom
- $10000 to $50000 for the kitchen
- $1500 to $5000 for the bedroom
- $2500 to $10000 for the living room
Exterior home renovations can cost between $6000 and $20000, depending on the jobs you need to be completed. These may include fencing, siding, landscaping, and exterior painting. Giving your home’s exterior is the perfect way to improve curb appeal, especially if you plan on listing it for sale.
Gutting and Remodeling an Old House
It will cost you an average of $150000 to gut and remodel an old home. The estimation includes costs for demolition, wall and foundation structural improvements, new finishes and appliances, new plumbing and electrical wiring, and a new roof. That means you’ll have to pay between $100 and $200 per square foot. If you are demolishing the home’s interior, you may have to part with around $5000, the highest price being $10000. This would cover tear-out, debris removal, and dumping permits.
Construction and Labour Costs
Most plumbers charge an average of $300 if you pay per job or between $70 to $120 if they charge per hour. You may have to pay more if you call after hours or request emergency services. Electricians charge between $50 and $100 per hour or an average of $350 for the entire project. If you plan on changing your floorplan, prepare to pay the structural engineer anything from $300 to $700 depending on the scope of work to be done.
Remember to factor in HVAC costs which depend on your unit choice. Most reputable brands retail for between $2000 and $5000. You may also incur the following additional expenses:
- Between $3500 and $7500 for AC unit installation
- $2500 to $6000 for furnace installation
- $4000 to $7000 for heat pump installation
- $1500 to $3500 for insulation installation
- $500 to $2000 for vents and ducts installation
- $16000 to $30000 for solar panel installation
Renovations on a Budget
Are you looking to renovate your old house on a budget? The secret is to hold off on replacing expensive countertops, flooring, cabinetry, and other appliances. We recommend refinishing surfaces and reusing appliances to ensure you cut your costs down to the most necessary changes.
At the end of the day, you want your renovated house to match your lifestyle standards. This usually means investing a significant amount of money to match the value of neighboring homes. We recommend consulting a general contractor, architect, or interior designer to get an accurate estimate for your renovation project. Overall, your renovation costs will depend on the extent of the renovation, room sizes, cost of materials, and any underlying problems.