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Renovating a home is quite interesting and exciting. But along with this, it also brings several questions. The common question includes what will be the cost of renovation and how long does it take?
As per the latest report, 48% of Canadians are planning to renovate their home in 2022. Renovating your home can have several benefits. It can improve your home’s value, create space for guests or family members, increase resale potential, and create a happy place to live.
Whether you are planning to change the appearance and ambience of your kitchen or living area, the first step would be to figure out the time, cost and work involved. In this blog, we will discuss every point that is associated with home renovation.
Why Should One Renovate Their Home?
First of all, a home is the most important investment you will ever make. It’s not just about a building that you reside in; it’s about the memories that are made with your friends and family over time.
There are many reasons to renovate your home. One reason is to create a more efficient living space because the layout of your home will change, and you may be able to maximize the use of your existing space. When you renovate, you may find that the value of your home is increased because it can become marketable as a new or updated property.
Also, if your home is too outdated and has become too expensive to maintain, it is better to get it renovated. It would save you money in the long run and make your home more energy-efficient.
If you’re thinking about renovating your home, you can also consider some of these reasons:- interior design ideas- higher resale value- increased living space- cost savings.
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Factors That Affect The Price Of Home Renovation
No two renovation costs will exactly match each other. Every home is unique and demands specialized planning for renovation. The range of home renovation costs varies last. Here we are describing some of the factors that influence the cost of house renovation.
Size
The first and foremost thing that contributes to deciding the cost of renovation is the size. The larger the size, the more you have to pay. Renovation of a studio apartment will be much more economical than renovating a 4 or 5 bhk home. In simple terms, large renovating spaces will naturally cost more.
Materials
For a premium material, you have to pay a premium cost. If you go with premium material, then it would keep you free from regular maintenance and will be durable. On the other hand, selecting cheaper materials would turn out more expensive in the long run.
Home Renovation Contractor
The contractor you are going to select for your home renovation work will have an impact on your home renovation cost. If you go with an experienced and professional contractor, then be ready to pay more. In return, you will get quality service.
On the other hand, hiring an experienced contractor will cost you less, but it might be the case that you will not get satisfactory outcomes. Thus before finalizing the renovation contractor, you should introspect all feasible options so that you get the best.
The quality of materials you will use for your renovation process will significantly impact the overall budget. To save money, some homeowners opt for low quality and inexpensive materials. It results in reduced ROI on renovation, and also, the health of your family members will be compromised.
Thus, it is suggested that you go with good quality materials available at affordable rates.
Duration Of Project
The complete timeframe required to complete the renovation project is directly related to the cost of renovation. The more time required, the more money you have to pay. Thus, it will be good to decide on the estimated timeline in which the entire work is completed.
Seasonal Influence
There are different businesses whose service charges get affected according to seasons. For example, if you are hiring contractors or labor at the time of a holiday or busy season, then it will definitely cost you much. It will help if you plan your renovation projects in off-seasons so that you get them at an affordable rate.
Layout And Condition Of The Site
The cost-efficient design of the house is that it has most of the corners at 90-degree angles. Whereas if you have a number of strange angels in your home, then it will definitely increase the renovation cost.
Also, according to the condition of the site, the cost of renovation will increase or decrease. The condition of the soil, damaged materials, overhead lines, groundwater, wetlands, habitat of endangered species and other such factors have an impact on the renovation budget. The location where the site is, influences the charges.
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What Parts Of Your Home Are Worth Renovating?
In a report by the Appraisal Institute of Canada, it is found that there are certain places in your home that will add value to your property.
Bathroom Renovation
Replacing the outdated tile floors, fixtures, and other bathroom elements will help you recover the good part of your investment. An updated and modern looking bathroom will also catch your attention and effectively reduce your stress. You can either go with a complete remodeling of your bathroom or do it as per requirement. You should select quality elements for your bathroom renovation that can last for a long time.
Replacing Old Windows
You can install new windows to get the new appearance of your home. Also, if you consider using the energy-efficient window, then it will be a great investment. There will be a good amount of savings on heating and cooling factors. The cost of installing windows will vary from contractor to contractor and also on the style you have selected.
Replacement Of Roof
Some parts of the roof missing, buckling, or looking faded? It’s the right time to get your roof replaced. Adding a new roof will bring a new audience to your living environment. With the help of professional roof installers, you will get a perfect roof.
Considering Basement Renovation
You should not overlook the basement area of your home. A properly finalized and finished basement offers good resale value. It should be insulated properly against moisture and other outside elements.
Makeover Of Kitchen
A properly renovated kitchen will bring lots of value to your home. It will include upgrading cabinets, sink, faucets, stove and refrigerator. Also, you can change the floor of the kitchen to make it more appealing. If you are planning to sell your home, then it will be better if you keep in mind the aging population of Vancouver. It is because buyers will consider the accessibility and functionality of the space.
Estimated Cost of Renovating a House
Home renovation can be expensive, but that doesn’t mean it has to be a financial burden. If you’re looking for a way to save some money, consider renovating a house at least once in your lifetime. There are many ways to do this without breaking the bank, such as using materials you already have around your house or turning to online resources for more affordable materials.
Here we are describing some of the estimated costs for renovating the different areas of the home.
Renovation Cost Of Kitchen
It is time to renovate the kitchen(heart of your home), but it will be a long process. You need to decide what you want in the kitchen and start looking for materials. You can find many different materials online that are affordable and easy to install, such as light fixtures, cabinets, countertops, flooring, appliances, and more. Considering all these, you can estimate your kitchen renovation budget in Vancouver to be approximately $30k – $60k.
This cost will vary depending upon the requirements and other variables of renovation. You will maximize your kitchen resale value by doing a proper renovation. Thus try to plan everything before execution.
Renovation Cost Of Bathroom
Taking care of your bathroom is an important part of your home. It’s the place where you take care of yourself and relieve some stress. Talk with a contractor about what components in your bathroom need updating, such as the fixtures, walls, flooring, etc. According to all these, the cost of renovating the bathroom will be decided. However, in general, you can expect $15k+. If you are looking for a complete renovation that demands substantial plumbing work, then be ready to pay $40k.
Renovation Cost Of Basement
The basement is usually the most neglected room in a house. It doesn’t get much attention, but this can be risky because it’s a prime location for accidents. One way to ensure that your basement stays safe and accident-free is to keep it free from clutter and unnecessary items. Another option is to install stair rails on the stairs leading to the basement or make sure that new steps are installed if your basement has an existing staircase.
If your basement is missing all things, then with the proper renovation, you can get it done. The basement renovation cost will greatly depend on what you are planning to do. However, the approx cost is $10k+.
How Long Do Home Renovation Take?
Home renovations are a lengthy process. The time it takes to renovate your home depends on the type of renovations that you are making. If you are just turning the old furniture into new, a quick project is only a couple of hours. However, if you need to tear down old walls and build new ones, the project will take longer depending on what size of your home is.
Before deciding on how long the renovation will take, it is important to know how much work needs to be done. Doing this first will provide an estimate of how long the project will take.
To offer you a broad idea about the project’s completion time, we are describing it here in example form.
Any small projects such as kitchen or bathroom renovation would take nearly about 1 month. If you have to renovate the bathroom in the best condition, then it will take about 2 weeks of time for construction. Along with this, the standard kitchen renovation will take 3-4 weeks. Depending upon the requirement, it will get changed; either it will increase or decrease.
You have to deliver your 2-3 months’ time for a medium project to get the best outcome. The mid-sized bathroom and kitchen, which require renovation along with plumbing work, would take more than 3+ weeks.
Lastly, the large renovation projects such as complete house renovation or addition of any new floor will take near about 4 to 7 months to design. Even the duration can extend in furnishing it with all desired factors.
*These all are just examples. Depending upon your project requirement, it may increase or decrease.
Final Words
Renovation is a process that improves the functionality and value of a home. It can increase the resale value of a home, as well as improve energy efficiency. Some renovation projects can even save money on utility bills. Proper renovation project reduces the risk of mold and mildew by replacing old flooring, removing wallpaper that contains asbestos, updating appliances, and rethinking your entire lifestyle.
These all things can be achieved at a reasonable price. You can take help from any reliable and affordable Home Renovations Company like EA Renovations for a better outcome. EA Renovations offers unique and customized services for your home renovation, including complete renovations, kitchen renovation, and bathroom renovation, tailored to fit within a budget.
We hope that you get the best in your desired manner!!!
