Renovating your home isn’t always an easy choice. Most people will want to do one room at a time, but sometimes you may find yourself in a situation where you need to renovate your entire home. If this is the case, you’ll need to know that your upgrades are going to require more work, and possibly a lot more materials than you realized. In this guide, we’re going to cover the basics of what a whole house renovation cost should be, as there are certain criteria here that you’ll want to meet.
Are You Ready for It?
One of the most common things to consider, is whether or not you’re actually going to be ready for your home renovation. Things like time will be an important factor, and you may not even be able to access your home, depending on how you end up going about a complete home renovation. That being said, make sure that you are indeed ready for it, and have the money you’ll need saved up already. Most importantly, be advised that a full home renovation is actually expensive, and may even cost more than your home is worth.
How to Find the Cost
You may be surprised, but when you look at a home and have a proper assessment done, an investigator can give you a basic estimation on repair costs. The main way you can actually reduce the costs as much as possible, is by carefully assessing the priority in which you need to renovate your home. For example, you can actually not only increase the property’s value, but you can also save yourself money in the long run by doing a proper renovation and going with cheap but efficient options.
For example, you need to know all of the things that are in the home that can cause future problems and replace or repair those as well (air conditioning units, furnaces, ductwork, etc.). Have those items replaced, and then you’ll be able to maximize your gains and abilities.
Does a Home Renovation Cost as Much as a New House?
This can actually be a yes and no question depending on how you look at it. Many times if you do it wisely though, you can spend a fortune less than you did on the property itself in order to get it back up to or above market standards. Are you planning on living in it or just selling it as-is once you get it finished? This is an important question to ask, because if you’re going to sell it as is, which will get your house sold quickly mind you, you don’t want to put all of the extra whistles and bells in it that you may want in your home.
Conclusion: Using an Analysis Itemized Sheet
One of the best things you can do is make up an itemized deduction sheet that will put rounded up estimates into what all work you’re going to need in order to get your home back up and running. Believe it or not, you’re going to actually spend a lot on things like a brand new furnace unit, and trash hauling, because during a home renovation, people don’t think about the fact that it costs money to get all the old materials out of there.