Home Renovation Costs and Planning

Written by Kevin Li

2022-05-16

Home Renovation Costs and Planning

Before launching a home renovation project, it is essential to consider the following aspects in the planning, such as cost, timeframe, and renovation permits. Home renovation projects often increase the home’s value and improve the use of living space in the house.

While most of these projects can be accomplished as a DIY project, you might need a contractor to avoid costly mistakes.

Renovation costs

When determining the costs of a home renovation, one of the most important factors to consider is the size of the house and the complexity of the renovation. Of course, a larger space will require a larger budget than a smaller one. But some small places with extensive changes may incur the same amount as simple renovation in a larger area. These two factors will determine the overall cost of the project.

Plan for hidden costs

Many new homeowners and home buyers usually don’t account for hidden costs when estimating the costs of a home renovation. A few hidden surprises may include the damages caused by insects out of sight at the beginning of the project and some structural defects that may require extensive repair to the foundation. Hiring a structural engineer to evaluate the situation can be a worthy investment to catch any structural integrity issues early in the project planning phase.

Plan for varying regional costs

While determining the costs of home renovations is essential for the planning process, it is necessary to remember that prices will vary from region to region. For example, a construction project in a downtown city will cost differently than in a rural town area. Therefore, it is good to talk to contractors in the target city to estimate the renovation costs accurately.

Renovation time frame

The time frame for home renovations varies significantly. For example, from six weeks for a kitchen remodel to three to four months for a two-story addition, the length of a project depends on the type of renovation and its scope. Contact the local contractors to receive an accurate estimate on a renovation timeline.

Contractors availability

Availability is another factor that can push the overall timeline longer than anticipated. Some contractors do not do any work for more than one work at a time, while others are flexible enough to accommodate multiple renovation projects concurrently. It is best to survey several contractors and plan ahead of time, especially if you’re renovating an entire home.

The worst thing to happen in a renovation undertaking is to have a half-finished project because of an insufficient budget.

Types of home renovation

After deciding on the budget for your renovation, it’s time to determine what you’d like to achieve with the work. Some homeowners will renovate their entire home, but others may choose to do a few smaller projects in multiple phases instead. In either case, it’s wise to plan your projects ahead of time to ensure that you’ll get the best results.

Cosmetic renovation

If you’re doing a cosmetic renovation, you may want to allocate a smaller budget and a smaller timeframe. A short timeline is best suited for painting, repairing, and touch-up work on the surface of the house.

While most of these projects can be accomplished as a DIY project, you might need a contractor to avoid costly mistakes. In addition, the scope of a cosmetic renovation may be surface level, but the knowledge to do things right requires deep experience and understanding of the regulations in the trades.

Building Permits

Most renovations can be done without permits, such as painting the interiors or installing new kitchen cabinets. However, for renovation works that change the structural arrangement of your home, a building permit is necessary. It is also important to note that the rules and regulations vary depending on the municipality and the type of project. So make sure to get the proper permits for your project before you begin.

Skipping the permitting process entirely and renovating their homes without the proper permits might lead to significant legal problems with your local government. Not only will you be fined, but your project may even get halted while it is in the process. This could also make selling your home a nightmare. And the last thing you want is to face a lawsuit because you didn’t get the proper permits.

Many areas offer expedited permits if you need to get work done quickly. Others allow you to work while the permit process is being processed.

Work with a licensed contractor

When hiring a contractor, make sure to check their licensing records. It is also crucial to make sure the contractor is familiar with the laws and codes in your area. If they can’t do this, look for another contractor.

Work with a licensed contractor with experience in the type of renovation you desire to ensure that your project abides by the municipal building codes and ordinances to ensure the renovations are legal. Some contractors will handle the permitting process for you, but it is essential to verify directly with the municipal compliance office.

Return On Investment (ROI)

The ROI of home renovations depends on several factors, including the type of project and market conditions. For example, renovation projects that add square footage or functional space typically return the highest ROI. Similarly, kitchen and bathroom renovations are among the most expensive constructions but can effortlessly produce a positive return in a hot housing market.

A high ROI for a home renovation project depends on the area’s market conditions, the quality of work performed, and the size of your renovation budget. In addition to making the interior and exterior of your home more attractive and energy-efficient, installing a wood deck or replacing old windows can boost your home’s value.

Some contractors will handle the permitting process for you, but it is essential to verify directly with the municipal compliance office.

Home Renovation Costs and Planning

It is also important to note that the rules and regulations vary depending on the municipality and the type of project.

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