Most homeowners don’t renovate everyday, so it’s very likely you’ve lost track of how much renovations cost in the current market. We consulted our Renovation Advisors to take the guess work out of renovation budgeting for you!
We’ve compiled the data from a ton of our contractors’ quotes from the last few months, and put them in this handy infographic to make it easy to understand.
Considering the cost of a renovation can be as little as $6,000 to as much as even $1M, we have calculated a median price for a house of average magnitude, a 1000 sq. ft. bungalow, so that information can be useful to as many people as possible. The prices are therefore an estimate, and can vary based on your location, choice of materials, cost of permits, etc.
In any case, our Advisors can help you figure out the price of the project you have in mind, before arranging estimates from contractors.
Infographic on the cost of home renovations
As the infographic shows, a bathroom renovation costs around $17,000, while the price of a kitchen renovation is around $ 27,500. Of course, several factors come into play when it comes to assessing costs. For example, if you change the kitchen configuration, you will need to hire an electrician and a plumber to reorganize the electrical circuits and water inlets and outlets. As for the cost of finishing a basement, it is approximately $33,000, without a bathroom. If you want to build a basic bathroom, you have to consider about $ 12,000 more.
As for the cost of the exterior siding, we chose to take the example of a bungalow with a brick facade and vinyl sides, for a total of $20,550. It should be noted that a change of exterior covering often leads to other renovations, such as insulation. This is not covered in the indicated price. As for the price of a shingle roof, we are talking about $4,000. The price of windows is around $12,500 for a 10-window bungalow.
If you are considering a house extension, be aware that there are several types. For a typical addition, either a room added at the back or on the side of the house, the price can vary depending on whether it is done on a slab, on piles or on a foundation. On average, the price of an extension is between $25,000 and $145,000.
Do you want more details on the price of renovations? Consult our Cost & Price section on Reno-Blog. You will find the prices for each type of project, as well as the details of the calculation.
The return on investment of your renovations
Do you have a budget in mind, but don’t know which renovation to start with? Be aware that some renovations have a greater return on investment than others. As this infographic shows, there can be a monetary return, but also a return in use value, that is to say, to improve daily comfort. If you are planning to sell the house in the near future, renovations with a monetary return on investment would be the first to consider. If you plan to stay in the house for a very long time, renovations for high-use spaces will likely take priority.
If you want to renovate the house for resale, think of future buyers by choosing materials according to home trends, but that still have universal appeal. Look at the neighborhood comparables — it is all well and good to renovate, but it is never good to be the most expensive house on the street! Do not exceed the potential increase in home value. While spending too much than you get in returns is unwise, not putting enough in is equally as unadvised. For example, choosing a low-end kitchen in a house in a high or mid-range neighborhood could hurt you. The buyer could expect to have more quality in the materials and redo the kitchen after the purchase!
In both cases, make sure that the exterior is in good condition before undertaking more aesthetic renovations. Replacing a leaking roof or windows that let in air may be slightly less attractive improvements in term of return on investment, but they are essential to keeping the home’s current value.
To maximize your return on investment, be sure to choose qualified contractors. Sloppy work could cost you dearly and eat away at any potential return on investment. Hiring professionals, such as interior designers or architects, can help you make smart choices that will pay off, without necessarily blowing your budget.
Renovating is worth it
A renovation is an option that pays off in the long term. Investing $17,000 may seem huge, but with what you get from your initial investment, you get a lot more! As shown in the image above, expenses can quickly increase for a trip to $8,000, with zero return on investment.
Want to see real projects with their price?
You can access Reno-Inspiration to view hundreds of photos of renovation projects carried out by our 360° Verified Contractors with their price tag. You can then get an idea of the price of the project that you have in mind based on the images and descriptions.
Do you have a renovation in mind and would like to know more precisely how much it would cost?
Our Renovation Advisors, who have thousands of projects and experience under their belt, can help you evaluate the cost of your project before even meeting with contractors. And if you are ready to go ahead with your project, your advisor can refer up to three 360° Verified contractors to assess the job and provide competing quotes to make sure you get the right price. All at no cost or obligation to you!
Our goal: to help you achieve a successful renovation!