Considering the cost of house renovation always comes to most owners’ mind first whenever they want to refresh their living space. Renovating a house can be a rewarding and exciting project, yet it can also be a challenging and expensive one. So, in this comprehensive guide, our Recybac team will walk you through factors influencing the cost of renovations, estimated expenses for different types of renovation, average costs, and valuable tips for saving the renovation budget.
5 factors influencing house renovation costs
Renovating your home is a long-term investment in your comfort and the house price. To understand the cost of house renovation, let’s find out 5 key factors that help you avoid unexpected cost:
- Remodeling Budget: The homeowner should deliberate carefully on what they wish and the expense they are capable of. Certainly, different parts of the house will cost differently. Moreover, having a clear purpose in mind, like updating living standards or renting or reselling, is also a part of the project cost
- Scope of Renovation: Are you planning a minor upgrade, major renovation, or entire house? The nature of your renovation project will shape the overall cost significantly
- Materials and Finishes: The choice of building materials and finishes, such as hardwood floors, concrete floors, asphalt shingle roofs, kitchen cabinets, etc. can dramatically impact your home renovation cost. Mid-range finishes or luxury finishes? Their price range must fit in your current financial status
- Labour Costs: Human is another essential factor for quality renovations. The expense for professional contractors can vary based on location, the complexity of the project and their experience
- Permits and Regulations: Keep in mind that certain renovations may require building permits, which can be an additional cost
Estimating costs for different types of renovations
Kitchen renovation is the most popular choice for many homeowners. It is definitely a great return on investment to refresh the gathering area, which connects family members at the end of the day. According to RenoAssistance, the home renovation cost for a kitchen is from $19,000 to $72,000 on average in Montreal and Toronto.
Have you ever thought of transforming your old-fashioned bathroom into a relaxed spa at home? To make it happen, the cost of bathroom renovation, including fixtures and finishes, typically falls in the range of $5,000 – $25,000.
Besides kitchen and bathroom, basement renovation is another common project. If you want to extend your living space, a finished basement conversion can range from $20,000 to $75,000, depending on the type of material, like insulation, flooring, or plumbing.
Unlike the interior project with heavy investment, the exterior upgrades are usually around $5,000 – $10,000. The project mostly involves refreshing landscape, garage, or window replacement with a longer renovation process.
What are the average expenses of house renovation projects?
In fact, it is not easy to define an exact average home renovation cost. It depends on many side factors, such as house age, square footage, location, materials, design, etc. So, here are the reference figures that can serve as benchmarks for your project:
- Full-Home Renovation (Low-End): $15,000 – $40,000
- Full-Home Renovation (Mid-End): $40,000 – $75,000
- Full-Home Renovation (High-End): $75,000 – $200,000
- Complete Gut Renovation: $100,000 – $200,000
In addition, the average cost of house renovation can also vary by region and demand. For example, due to a high demand for home improvement services, Ontario is the most expensive province to refresh your place. In contrast, Québécois tends to upgrade their outdoor spaces, such as decks, patios, or pools. Therefore, it is very important to research local trends and consult with specialized contractors to get reasonable estimates.
- Average Cost: $90,000 – $200,000
- Average Cost Per Square Foot: $100 – $300
- Average Cost: $19,000 – $60,000
- Average Cost Per Square Foot: $175 – $375
- Average Cost: $75,000 – $150,000
- Average Cost Per Square Foot: $60 – $200
- Average Cost: $19,800 – $73,200
- Average Cost Per Square Foot: $100 – $200
- Average Cost: $15,000 – $200,000
- Average Cost Per Square Foot: $100 – $200
4 tips for budget-friendly house renovations
Renovating on a budget can be a headache without careful planning. Here are our tips to help you manage it efficiently:
- Set a Realistic Budget: Make a detailed plan and determine how much you can comfortably spend on it
- Prioritize Needs Over Wants: Focus on essential upgrades first and consider luxury additions later
- Reuse and Repurpose: Salvage materials and fixtures from your existing space when feasible
- Get Multiple Quotes: Obtain quotes from a list of contractors to find the most suitable one for your project
DIY vs. Professional services
One of the biggest decisions you need to make when renovating your house is whether to do it yourself or hire an experienced contractor. If you decided to make it as a DIY project, here are some pros and cons:
- Pros: You have control over the project, and it can be cost-saving for smaller tasks
- Cons: It can be time-consuming, and may end up with extra costs to fix mistakes
When should you call in the experts?
Meanwhile, for complex projects like cosmetic renovations, choosing reputable contractors will absolutely save you time, guarantee safety and avoid further expense.
When it comes to construction waste solutions, Recybac is always the first choice of many contractors and individuals‘ renovation projects in Montreal and nationwide. Not only are we offering customized, pristine, and environmentally friendly containers, but we also handle the transportation of the waste to recycling centers for repurposing.
Understanding the cost of house renovation is vital for every home improvement project. The cost of living is never cheap; however, the return on investment will be a magnificent enhancement in many aspects, such as mental health, market value, and living standards. Being a smart investor with your decision, as there are many available options that meet your expectations and budget. Do not forget to reference different quotes, consult with experts and consider those key factors above before moving on.
Recybac proudly presents a cost-effective, quick, adaptable, and green waste solution for your construction site. With our user-friendly online portal, you can manage your order easily with a few clicks. For a quote tailored to your project, contact us!