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How To Correctly Estimate The Cost Of Your Home Renovation

When planning a renovation for your home it’s important to make an accurate estimation from the start or you’ll end up having to change your strategy and to have to plan everything all over again. It’s where research plays an important role. You have to spend a bit of time documenting yourself regarding things like contractor pricing, the features that must absolutely be replaced during the renovation, etc.

Pros and cons of renovating.

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First things first: decide whether or not your home needs a renovation. A renovation could increase the resale value of the house but also improve comfort for those living there. It does have its cons however, although not numerous. There’s a possibility you’ll have to move out while the renovation takes place and that you’ll overspend. To make sure this doesn’t happen, come up with an accurate estimation.

Set a realistic budget.

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Usually, it’s advised that you don’t spend more than 5% of the purchase price of your home on renovations. That’s because you won’t much back when selling. But if you’re planning to settle, you can increase the budget. Either way,, set a realistic budget.

The type of renovation.

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Calculate the overall cost based on the type of renovation you’re planning. For example, if you’ve just purchased the home and it’s in deplorable shape, you’ll have to do a full renovation. If you’ve been living there for a while and want to update a few things, you can only focus on a few elements. And if you’re trying to sell, you’ll want to improve the value of the home as much as possible.

What to renovate.

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It’s usually the high-trafficked areas that are the targets of home renovations. Spaces such as the kitchen or the bathroom will more likely need to be renovated more often than bedrooms or hallways. But it all depends on the current state your home is in, your plans for the future and your lifestyle.

The nature of the renovations/ upgrades.

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Certain types of renovations require you to hire special contractors such as an electrician, a plumber or a carpenter. Others are purely cosmetic upgrades and can be done by just about anyone. Figure out the nature of the renovations you plan on starting and check out the fees.{found on blissbloomblog}.

The age of the home.

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Another factor that influences the cost of a renovation is the age of the home. A very old building will raise certain problems when accessing and changing wires, plumbing, ventilation, etc. and will require more changes and repairs to accommodate upgrades and modernization in general.

Building permits.

Some home renovations require you to get building permits. The fees vary by location so take those in consideration as well if necessary.

The size of the home

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Of course, the most important element and the one that influences most the cost of a renovation is the size of the home. Measure the rooms, figure out how much material you need, add the contractor fees if it’s the case and then calculate the overall cost.

Dos and Dont’s.

  • There are a lot of things to take into consideration when planning a renovation and a lot of mistakes you could make.
  • Make sure you upgrade the electrical system and the plumbing first, before you start painting the walls and dealing with small repairs.
  • Use high-quality materials that last or you’ll have to start a new renovation sooner than you think.
  • Measure twice before you do anything else. This is especially important when buying materials such as tiles, flooring and paint or when designing custom furniture.
  • Use the right tools for the right job. This will save you a lot of time and effort in the long run.
  • Don’t skip the prep work and neglect to tape off the edges of the windows and doors or dust the corners before painting the walls because you’ll only regret it later.
  • Do your research. Before hiring a specialist, check their credentials and their portfolio, read the instructions before you install anything you’re not familiar with, etc.

Know your limits. You may want to save some money by doing most of the things yourself but since you’re not a specialist, you won’t do a great job plus it will take you a lot of time to complete a task. It’s also possible that you do more harm than good or are unable to finish what you’ve started.