3 Things That Will Dictate the Price of Home Remodeling

Maybe you’re over the moon about finally updating your 1980s bathroom, or eager to knock out that wall and open up your floor plan. Whatever your home renovation plans may be, the issue of cost is never far away. Once homeowners get past the initial buzz of a renovation plan, they start asking important financial questions. Can we afford this? Is there a way to get the costs down without sacrificing quality?

In order to answer these questions, it’s important to look at three factors that actually determine the cost of home renovation. Knowing these things will help you avoid unpleasant surprises after your project gets underway. That way, you can focus on the business of making your renovation dreams a reality.

1. Secrets behind the walls

Most home remodeling shows on TV go something like this: A couple decides to remodel, and everything is going perfectly until they find some terrible secret behind the walls that will cost thousands of dollars to fix.

It doesn’t happen to everyone, but it does happen. Being prepared for unexpected costs is a generally a good plan. The most common surprises involve plumbing and electrical issues, problems with the foundation, and challenges involving load-bearing walls. Getting around these issues can be costly and frustrating if you’re on a strict budget. This is where careful planning, professional assessment and free estimates, and generous budgeting all come in handy.

2. Location

The cost of living and the cost of home remodeling are directly related. If you research home remodeling costs around the country, you’ll either be delighted with where you live or groaning with the rest of your neighbors. The cost difference of a kitchen remodel in Seattle versus Omaha is over $12,000 on average. This is because the cost of materials and labor varies significantly in different cities and states.

3. Materials

Here is an area of home remodeling costs that homeowners can better control. Your choices on building materials, lighting, paint and other accessories can have a significant impact on your remodeling costs. Plan to spend money on things you know you’ll enjoy for a long time, and avoid using budget materials for important aspects of the renovation. If there’s an area that will be less visible, you might lower the costs by choosing more economical finishing touches.

Preparing for home remodeling costs

You might not know what’s behind your walls before you start remodeling, but it helps to know what could be involved. Having a clear idea of material and labor costs in your area is a vital step toward planning your project. Bringing a home renovation specialist into your home for a free assessment is one of the best ways to get a good handle on what your costs may actually be. From there, you can decide what aspects of the project are worth saving money on, and what aspects need the highest quality materials and craftsmanship.

What remodel costs are you most concerned about? Please feel free to comment below.