Common Household Renovations – How Big Should Your Budget Be?

Common Household Renovations - How Big Should Your Budget Be?

Owning a property is a huge expense that doesn’t only stop after you have actually bought the property. There are endless expenses thereafter that you need to budget for. Home maintenance and day-to-day fixer-uppers need to be considered. Things like blocked drains, leaky faucets, burst pipes, and the normal wear and tear need to be budgeted for monthly. But there are the bigger renovations that need to be done in the home too. These are alterations to your home that you will need to consider well in advance and start saving up for to make sure that you get the job done well. 

You will also need to do a lot of research into what you want to have redone, consider the aesthetic feel, the design, the practicality of the renovation and how it will impact the structure of the home. It is best to save ideas and create a folder for everything from budget to contractor details. Bigger budget renovations are a lot of hard work, so you will need to make sure that you get the right people to do the job. Do your research thoroughly. Start by typing builders near me on Google, and getting a list of the best 10 of them. Later you can talk to your friends and family for advice and compare quotes and quality of work of the builders in your area to pick out the best person for the job. We thought we would take a look at the most common renovations people do in their homes, what you can expect and what kind of budget you will be looking at.

The Kitchen Remodel

We kicked off with the kitchen remodel as this is the most popular renovation that can be undertaken in your home. In fact, 81% of remodels are kitchen based alterations. People choose to remodel their kitchens for various reasons. There could be some structural damage or wear and tear that over time has started to impact the integrity of the kitchen. The cabinets or flooring could be getting old and falling apart, or there could be a leak that is damaging the area around it. 

An old kitchen that is outdated can also be unsightly for the home-owners, and more modern and personal design could create a family-based space to make more memories. A full kitchen remodels can take over 12 weeks to accomplish. This will involve wall removal, floor replacement, and full reconfiguration of the floorplan to make it more ergonomic. A project that involves the replacement of cabinets, sinks and the basic appliances can take anything from six to eight weeks. 

There are hundreds of great kitchen design ideas to choose from, so take your time to put your ideas together. It is also wise to approach several contractors with your ideas to see whether they are achievable. Keep in mind the structural integrity of the house too. There might be load-bearing walls that you simply can not get rid of, so make sure a proper inspection is done before you redesign your whole kitchen. It is important to note, however, that a kitchen remodel can be one of the most expensive renovations. If you are going all out and redesigning a full new kitchen, you will need a very large budget. On average, however, a medium to large size job is going to set you back an average of $23,000. Naturally, depending on what you do, this could change.

A Brand New Bathroom

The second most popular renovation is the bathroom. Because both the kitchen and bathroom have pipes and running water in them, they are the two spaces in the house that will need the most frequent maintenance and upgrades. As mentioned, pipe bursts and the general wear and tear that comes with water can wear the structure down quickly and create a mold that can start impacting the area. Many bathrooms remodels are to fix this and improve the look and integrity of the bathroom. 

renovated bathroom will add a lot more value to the home and also improve the overall aesthetic design. Popular additions include walk-in showers, floor, and all replacements, modernizing the sinks and faucets and upgrading the toilet. The pipes and drains can also be replaced to ensure that water is not leaking into the walls or floor. 

The average bathroom overhaul can set you back around $10,000 to $15,000. If you are only looking for high-end fixtures and luxury tiles, you can expect it to be a lot higher, and closer to the $20,000 region. There are naturally cheaper ways of redoing the bathroom. Budget tiles, simply redoing the grouting and caulking, updating certain fixtures or adding plants and decorations could give the space the freshen-up you are looking for.

Adding Rooms for an Expanding Lifestyle

Whether it be for an expanding family or adding an office into the home, building on another room is a popular renovation that people opt for after living in the home for a while. It is very common to buy a property with the idea to expand the home to create more space. One of the most important things, however, is to keep in consideration the size of the property and whether your expansion will impede on the boundary limitations. You will need to get the plans of the property and do research into the city laws to ascertain how far you can expand your home. It is normal for restrictions to be put on adding too many stories or building too close to your neighbor’s property and walls. Make sure you know this first to avoid severe penalties. 

These kinds of extensions vary extensively in price. Not only does it depend on the size that you are adding, but you will need to factor in whether you are building up or building on. The type of room is also a huge factor. Is it a bathroom, another bedroom, a full new entertainment area? The options are endless. However, the average home extension costs are much more than the room remodels and sit around $40,000 to $50,000 for the extension.

Wrapping Up

Whether you are improving the current structure of your home, adding sections to it, or creating brand new spaces that make your house a home, you will need to do thorough research on it before undertaking it. Naturally, there are hundreds of other renovations that you can do. Whether it be adding an entertainment area, an outdoor section, a garage or even a deck on the home to relax, you have endless possibilities. Just make sure you start budgeting well in advance and have your facts and figures at hand to make the alterations.