Home Renovation Costs: Three Determining Factors

How much will it cost? What’s the damage? What kind of money are we talking about here? In the mind of anyone considering home renovation or remodeling, these are some of the most important questions out there. Given the many economic and financial concerns today, investing in renovations to your home is something that has to be carefully thought out—and very carefully budgeted. Nobody wants to be one of those unfortunate people whose renovation project drags on and on, costing thousands more than they had anticipated.

Of course, it would be nice if we could press a magic button and find out exactly how much a specific renovation will cost, based on what we need, the dimensions of our home, where we live, and so forth. The reality is, you have to consider a number of different factors when determining the cost of home renovations. Only then can you get close to—and eventually nail down—a precise estimate.

Here are five important factors that will determine the cost of every home renovation:

1. What are you renovating?

This is the most obvious, and also the most variable, factor in the cost of home renovation. Adding a new wing to the home will cost much more than updating a bathroom (unless you plan on using pure gold fixtures).

But it’s not just about surface area, or the size of the project you’re undertaking. For example, projects that involve complicated plumbing and electrical work may cost more than larger projects that don’t.

2. DIY or professional?

Why not save some money and do the renovation yourself? This is a fair question if you’ve got serious trade skills and time on your hands. Barring these things, however, the DIY approach can be a slippery slope, especially when it comes to more complicated tasks. Costs can even eclipse those of a professional job, to say nothing of the stress involved.

That’s not to say that DIY can’t save you money—it can, depending on the scope of the project and your level of skill. It is, however, worth considering the possibility of mistakes, stress, and expensive changes. Working with a qualified professional can help you avoid these costs.

3. What quality of materials are you using?

Many people are surprised to learn about the incredibly wide range of building materials available for renovation projects. New tile for your bathroom floor, for example, can run anywhere from hundreds to thousands of dollars. For most homeowners, the most important thing is to find sturdy, quality materials that look good without breaking the bank.

So how do you really determine the cost of your renovation?

If you’re doing the renovations yourself, then the budget is a matter of deciding what you want to do, learning exactly what materials (including tools) are involved, and budgeting for extra materials (a certain number of materials will inevitably be misused or broken).

If you hire a professional home renovator, they should be able to provide a detailed budget and will have to answer carefully for any deviations once the work starts. Qualified professionals are generally very diligent about remaining under the budget ceiling and finishing the work to a very high standard.

We hope you’ve found this information useful, and look forward to your feedback in the space below!