If you are planning to renovate your home, you are probably wondering about the total cost of the project and how much you should spend to ensure the increment in the value of your home… Well, in the end, the total amount you end up spending lies entirely in your hands. You should know how to mitigate costs. If you fail to do so, the costs can quickly get out of control and skyrocket.
When you determine your home renovation budget, it is also important for you to allow for unexpected expenses. The general rule of thumb implies that you should reserve at least 10% of your budget for flexibility. However, the choice is entirely up to you. Thankfully, you can find plenty of renovation calculators and free remodelling cost estimator online to help you budget better.
Anyway, without beating about the bush any further, here´s how your renovation costs can vary. To be still inspired – take a look at our 15 best house renovation ideas.
Planning to upgrade your kitchen?
Many experts are of the opinion that the kitchen plays a major factor in selling houses. How a kitchen looks and the feelings it evokes can tempt potential buyers to go ahead with the purchase of the house. After all, people want to be relaxed in this space. In most cases, an average kitchen remodels will pay off more than a high-end renovation. On an average, a kitchen remodel can set you back €53,000. However, homeowners are capable of recouping around €33,000, which is 59 per cent return on investment. In the end, the total cost of your kitchen will depend on the type of materials, fixtures, and appliances you choose.
Download for free this basic renovation budget template from Build Me service
Reliable reports indicate that freestanding tubs are all the rage amongst buyers these days. Reports also state that homeowners prefer porcelain tile in their bathroom. A midrange bathroom renovation can cost anywhere in between €35,000 to €45,000. If you are looking to renovate your bathroom with a primary intention of selling your home, you should opt for luxury and streamlined designs such as additional body sprayers, wider showers, and customized tiles on the floor.
Fees you will have to consider
While renovating your home, you will also have to pay for numerous professional services. For instance, you will have to pay the builders and construction services. You will also have to pay the architect or the designer of your renovation project. There might even be a need for you to pay for planning permission.
Renovating the living room
It is a really good idea to renovate the living room. Many homeowners often knock down interior walls to create an open floor plan. It should pique your interest to know that living room renovations have a high return on investment. In fact, reliable statistics indicate that you can recoup as much as 91 per cent of the remodelling costs on living room renovations. It is rather difficult to forecast the exact cost of a living room renovation as this depends on numerous factors such as the complexity and scope of the work, cost of labour, and the quality of materials and finishes etc. However, if we have to give an estimate, the standard renovation can set one back €7,000. Of course, you can always budget according to your means.
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