Ready for a new look? A home renovation could be just the thing you need! If that’s the case, you're probably wondering what a good price to budget out your renovation should be. There are endless amounts of renovations you can make on your home, from small improvements to major changes. If you’ve owned your home for a while now, it’s time for a refresh.

THESE ARE GENERAL GUIDELINES ONLY, FOR MORE SPECIFIC PRICING SPEAK TO A CONTRACTOR 
 

Which home renovation is best for you?

You should first look at your needs and wants. This will help you decide what's best for you because it can show you that some renovations are more important than others.

For example, if you haven't renovated your bathroom or just moved into an old house, you may be experiencing leaks and cracks. This can be very unhealthy and must be fixed immediately. Another example would be if you just moved into a new house and the basement is unfinished. Making renovations on the basement will give you more living space. If you have a good budget this should be the first thing you should look at when moving into a new house as it can make your home a lot more comfortable.

Besides these necessary changes, if you are someone who loves spending time in the kitchen, making this change might bring you the most joy from improving this area. Renovations take plenty of time and money so doing what makes you the happiest could give you the most use of your money.

One consideration you might make when looking at making a renovation is, "Will it increase the value of my home?". This may be a big concern if you are looking to sell your home in the near future. An important tip is to focus on your self enjoyment over financial beliefs because at the end of the day it's your house and it's good to do what makes you happy. On the other hand, if you are looking at flipping a home it's good to make sure you focus on improving materials such as modernizing the kitchen countertops and making more aesthetic choices. 

How much will a bathroom renovation cost?
 

Bathrooms can get very messy and not appealing when out of shape, so making a renovation on a bathroom can be a great way to improve the comfort. Bathroom renovations can range from simple jobs like replacing the sink, to complex jobs like remodeling the entire bathroom.

The heartbreaker is the price which relies on a few factors. First, the length of the project. Since most contractors charge hourly for labour, prices usually start at $45/hour and could increase from there.

Depending on your contractor, you may need to add extra costs for the materials. The cost for materials can vary based on what you choose to use. For example, premium fixtures and finishes will be a higher price due to the quality and look.

You may be able to save money on labour by doing it yourself. This may be good for smaller renovations as it's less complicated than bigger projects, like plumbing and electrical.

A bathroom renovation could cost anywhere from $9,000 to $40,000 when using a contractor. For larger projects you may be able to negotiate for a cheaper price which can save you some money.

 

The kitchen is the central place for a home and some call it the heart of the house as a lot of the entertainment happens there. One thing people like upgrading in the kitchen is the appliances. Another common change in the kitchen is getting new countertops, adding an island and upgrading the lighting fixtures.

 

The cost for a kitchen is similar to a bathroom, but since kitchens tend to be larger they require more materials and hours. Normally, you're looking at around $12,000 to $40,000 for kitchen renovations but this could increase. Again, it is recommended that you get a professional to do your kitchen as there is a lot of plumbing and electrical work involved.

How much will a basement renovation cost?
 

Most of the time basements are left unfinished, and you may want to make it more livable. Renovating your basement is a great way to add living space and could also be used as a rental unit.

Since the basement requires the most amount of work, this will be the most expensive renovation.

Finishing a whole basement involves adding floors, walls and lighting. Also adding new rooms to a basement could be an expensive cost.

Usually, basements have a lot of extra space so some people use it for recreational purposes like a gym, theater or bar. These all require special equipment which will raise the price even more.

It is highly recommended that you hire a professional contractor to do the work on your basement. The contractor will help you figure out a good layout, bring in fresh new design ideas and give you high quality work on your basement.
 

Want to find more content like this? FOLLOW US on Instagram for all things real estate!