Home renovations are great for every homeowner, whether you’re looking to add beauty and function to your home, increase the value of your property, or are simply tired of your house’s current aesthetics and style. However, these renovations can also be stressful. For example, you might lose sleep upon discovering hidden and unexpected costs that may skew both your budget and timeline for ongoing projects.
One way to combat this is to expect things to cost 50% more and take 50% longer to finish.
An additional tip is to work within a more reasonable price range by knowing exactly how much your planned renovation costs. Here we’ve compiled a list of the most expensive home renovations and what makes them so expensive, so you can avoid biting off more than you can chew.
Fireplace installation
The US Census Bureau’s Survey of Construction reports that only 41% of single-family households had a working fireplace in 2018 — the lowest amount recorded since the survey began in 2001. If you’re planning on installing a fireplace, costs can run up to $7,900 due to ventilation and insertion costs.
Meanwhile, if you opt for central heating or AC, expect to pay for key components like supplies, refrigerants, furnaces, heat pumps, and air handlers. This can cost up to $15,000 depending on the size of your home. However, you can lower this price both now and in the long term with renewable options like solar-powered AC.
Kitchens and bathrooms
Due to the intensive work needed to reorganize plumbing, wiring, and gas lines, remodeling kitchens and bathrooms can be costly. Bathroom remodels can involve new tiling, showers or bathtubs, and toilets. If you incorporate modern features like linear shower drains and towel-warming racks, you may end up spending between $2,000 to $25,000 on these changes.
In kitchens, you might change cabinets, countertops, built-in appliances, and flooring. This can add up if you opt for open concepts or fixtures like kitchen islands, putting your total costs anywhere between $25,000 to upwards of $60,000.
Whole home remodel
If you’re resolving all the issues in an old or historic home, you’ll have to adhere to local code specifications. Among other things, this may mean that you’ll have to replace all existing plumbing and wiring. This can cost you up to $75,000 or more depending on the extent of the repairs. Meanwhile, overhauling the average home may involve repainting, retrimming, and reflooring most of the surfaces in the interior aside from the usual plumbing and wiring costs. If you opt to add things like smart home features or home offices, you can spend up to $200,000 depending on the size of your home.
Seeking professional help
If you’re lost on how to take all these costs into account, don’t hesitate to consult professionals. Today’s finance programs are informed by industry leaders like top banking institutions, so budget analysts have a firm grasp of business that gives them key insights into the housing market. Additional knowledge in data analytics means they’re also updated on the latest industry trends, so they can help you get the most bang for your buck in terms of added style, function, and value to your property.
Meanwhile, our interior decorating consultation program brings you architects and contractors who can help you pick features that align with your vision. Afterward, they can map out optimal placements for these fixtures in the space you have to help bring a fresh and unique look to your new home.
Though renovation can be daunting, it’s an extremely rewarding process. After all, the home is where your heart is — so it’s worth spending the time, effort, and money to make sure it reflects who you are.
Exclusively written for sorellinteriors.com by Jessica Bridget
I’m looking to remodel my kitchen. Any suggestions or recommendations?
Thank you for the great question.
It’s a loaded question about which many thick books have been written. But… we find that the most important aspect of any renovation is finding the right people, which, in your case, would be a reputable kitchen designer and a reliable contractor who will provide you with quality materials and quality work at an honest price! I say this because I read too many posts on social media by homeowners asking for someone who can do their job “cheap”. This is NOT the quality you want in anyone who will be gutting and remodeling a major space in your home… One of the most lived-in, visible and functional areas of your home. You want it done right. So start by deciding what you feel comfortable spending. You don’t have to be spot on… but is it $30K? $100K? $250? or more? Then see what you can get for that amount. Shop around. Go to the big box retailers, visit several local mom-and-pop kitchen design showrooms… get an education about what’s out there, what you want and what you can afford. And, once you’ve narrowed the field, vet the companies and vendors you are more seriously considering. Look them up on the Better Business Bureau site (bbb.org), check that they are licensed with your local government, get a copy of their insurance coverage. Do your due diligence. And finally, if you’re lucky enough to know of any friends or family who’ve had a good experience and are pleased with their renovation, ask them who they used. Hope this helps get you started. Any further questions, please feel free to call us at (631) 499-4688 to discuss your project further.