REMODEL MY HOUSE? WHAT'S THE COSTS IN 2022?
As the real estate market cools down and interest rates rise, a refreshing home remodel is a great way to breathe new life and add value and enjoyment to your home. Weather you have outgrown your home, (Growing family) or your home has outgrown you? (Empty nesting) then a remodel could be just the solution to turn it into the dream home that will continue to serve you in the manner and comfort that you desire and deserve. While remodeling can be fun and exciting, it is always important to remember that it can be challenging and costly. It is a good idea and well advised to hire a Design + Build professional like the folks at Entrueit, to navigate the varied waters of your remodeling plan to help make you’re remodeling project successful, enjoyable and economically efficient.
So how much will it cost to remodel a house?
In the world of HGTV renovation shows, remodeling a home might look like a breeze. Interior design pros tackle a home in an hour, including commercial breaks, and finish on time—not to mention, miraculously under budget. But in real life—well, let’s be honest, it’s rarely like reality TV.
Home remodels can sometimes be complicated and costly. Understanding the Challenges and Creating a development plan and budget beforehand could help avoid the headaches and hard choices that can crop up down the line.
Some factors that determine the cost to remodel a house include:
· The size of the area being remodeled
· Structural changes to the home
· Hardware and appliances needing to be changed or updated
· Plumbing work needed
· Electrical working needed
· Damage found during the demo stage
· Age of your home
Your Design + Build professional can provide you with answers to all of these questions and hold your hand as they walk through the entire process from start to finish.
GENERAL BUDGET GUIDELINES FOR REMODELING
updating existing features in your home? Changing some if not all of the functions in a specific room?
Knocking down a wall in your formal dining room to open it up as an expanded kitchen, is the wall a partition or structural? These are questions that will need to be answered to determine what you will need to budget for your remodeling project.
There are essentially three tiers of home remodeling projects—they are:
LOW-END HOME REMODELING
On the low-end of home remodeling, you’ll be able to complete some straightforward smaller projects. Generally, these projects will only incorporate one room, mostly contain updates to the house, and likely won’t include adding new appliances or other similar items. Your budget for a smaller project such as a bathroom or kitchen update should be roughly $10,000 – $45,000.
MID-RANGE HOME REMODELING
Mid-range projects will typically be a bit larger and encompass more rooms, but the cost won’t increase to an extreme. These remodels will add new appliances, update structural parts of the home and change how a room is used. Many homeowners will consider this price range to be near the top of their budget.
Your budget for mid-range projects should be roughly $46,000 – $70,000.
HIGH-END HOME REMODELING
On the high-end of home remodeling, you’ll be able to complete larger projects that will encompass multiple rooms and likely require an update or change to how the home is used. Sometimes this means making a big addition to your home, finishing a basement, adding a new roof, or other big projects. You’ll be able to complete projects that will add new appliances, update structural parts of the house, and many times also add some needed space to your home. The budget for a high-end remodel project should be around $71,000 – $200,000 or more.
FACTORS THAT INCREASE REMODEL COST
Your homes age
Older homes can be much more difficult for builders and contractors to work with. This is because as you go throughout the project, you’ll likely need to update different parts of the home to get it up to code. In addition, things like electrical and plumbing will have codes that change over time and require updates when work is done on them. A trustworthy contractor will not complete a remodeling job until everything is up to code, even if it wasn’t part of the original plan.
An advantage to bringing your home up to code is that it can add value when you go to sell. If a home is old enough, it sometimes won’t be covered through insurance due to unsafe materials being used throughout that home. Getting those problems fixed will help your home sell and add value.
LOCATION OF YOUR HOME
Your home’s location can also affect the price of your remodel and for reasons that you might not expect. This can range from how close you are to a major city and how accessible the roads in front of your home are. If there are several companies in the area where you live that are willing to do the work, you’ll be able to look for the best deal and best service. But if your home is in a more remote location, you might have to pay a contractor you like more money to do the project.
An advantage to doing projects in more rural areas is that you’ll likely get permits cheaper and be able to save money that way. On the other hand, homes in large cities with high populations will have more required permits and will likely pay quite a bit more for permits.
FINANCING YOUR HOME REMODEL
Paying for the remodel out of pocket won’t be possible for everyone. And, in many cases, you can wrap the remodel cost into your home’s mortgage. When this happens, you’ll likely be able to secure lower interest rates and, in the end, be able to utilize the equity you’ve built up in your home.
Some home renovation and remodeling companies will offer different types of financing when working on smaller projects. Almost all builders will offer you recommendations on where to get a loan for your project.
To learn more about financing your home remodel, contact the Design + Build folks at Entrueit.
THE BEST VALUE FOR YOUR REMODELING DOLLAR
At Entrueit residential remodeling is what we do. Whether we’re working on a new kitchen layout for our single family or multifamily client, remodeling 1 or 50 master bathrooms, or finding a way for our clients to utilize their space more efficiently You can see some of our finished projects on our website.
Looking to get your residential home or apartment building remodeled? We can help! Reach out to our Design + Build team to schedule a free consultation. Learn about our process for the path to your painless new remodel.