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Home Renovation Costs in 2021 - TIME BUSINESS NEWS

2021 Home Renovation Costs

2021 Home Renovation Costs

Are you thinking of having a home renovation this 2021? 

Unless money is not an issue on your part, it would be smart to know about a home renovation price guide for free. That way, you get to devote the money you need for your desired remodeling projects.

Let this home renovation price guide (for free) help you with the budgeting process. 

How Much Does it Cost to Renovate this 2021? 

When it comes to house renovation costs, the saying ‘one size fits all’ does not apply. 

Many factors will affect the total cost, such as your location and the degree of home remodeling. The area or square feet of your home and the labor costs per hour in your zip code can inflate the prices, too. 

Depending on the type of the whole house remodel, the average price range of renovation is as follows: 

Low-End: $25,000 to $45,000

This renovation budget applies to a small remodeling project. This will likely include exterior and interior painting, cabinet refinishing, new landscaping, and other small repairs. 

Mid-Range: $46,000 to $75,000

You can expect to pay this amount for a more involved remodel. 

Apart from including the projects above, this amount will cover some bathroom remodeling and a complete kitchen renovation, subject to your preferred appliances. 

High-End: $76,000 and above

An expensive remodel entitles you to all of the renovation projects stated above, plus a few more. 

With this budget, you can make structural changes for your home foundation, roof, and sewer line. 

2021 Remodeling Costs According to Area

Do you want to add or remodel certain areas in your house? This home renovation price guide for free can help you calculate your renovation cost based on an area of 2,500 sq. ft., which is the size of an average home.

Kitchen

The national average cost of a kitchen remodel is $20,474. 

However, if you only want to add some minor upgrades, it should only cost you about $10,000. But if you want a total facelift with high-quality labor and materials, be prepared to shell out a remodel cost of about $50,000. 

Bathroom Remodel

For a new or improved bathroom, you need to pay anywhere from $9,000 to $20,000. 

Again, you may have to invest more in your full bathroom remodel if you’re thinking of installing a new stainless steel steam shower.

Roof

Apart from sprucing up your home interior, you will need to improve its exteriors as well. 

You can achieve this by installing a new roof, which has a projected average of about $20,000.

Floors

If you’re thinking of getting rid of your living room carpet, the cost for floor remodeling will depend on the material and its cost per square foot/per linear foot. 

If you’re thinking of getting hardwood flooring, you will need to prepare about $4,400. As for laminate, you can save more as it only costs about $2,800.

Electricals

If you want the electricals updated when you remodel a house, prepare about $3,000 to $5,000 for the rewiring budget.

Replacement Siding

When you renovate a house, you must not forget about the exteriors! It’s good to put on some new exterior siding, which costs an average of $14,000.

Replacement Windows

Get to save on real estate costs and electricity bills by replacing your old windows with new and better ones. 

While this will take you back about $8,500 (vinyl) to $20,000 (wood), these offer a good value for your money because they directly affect your utility bills. 

Contractor

Unless you can do the home remodel on your own, you will need to hire a contractor’s services. 

Labor represents 10% to 15% of the total home renovation cost. So, if your house renovation cost amounts to $50,000, you will need to pay the contractor anywhere from $5,000 to $7,500.

Although contractor remodel costs are often fixed, you can save money by paying the builder according to the finished material cost. As they get discounts on hardwood floors, garage door materials, and the like, you can get more discounts from them, too. 

Return on Investment for a 2021 Home Remodel

While a renovation project will cost you thousands of dollars, this project offers something else: a good return on your real estate investment.

For your kitchen remodeling project, you can enjoy an ROI of about 83.1%. That means you’ll get $831 for every $1,000 you spend. 

A bathroom renovation project, on the other hand, has an ROI of 65.7%. Should you opt for a high-end remodel with wood-framed windows and all, you can increase the ROI to 72.1%. 

Whether it’s getting rid of a load-bearing wall or just adding square footage to your home, you need to keep in mind the home renovation costs. 

With the help of the average figures stated above, you may enjoy your dream renovation without wiping out all of your life’s savings.