The cost of renovating a home is always the first thing that comes to most homeowners’ minds when they want to refresh their living space. Renovating a home can be a rewarding and exciting project, but it can also be difficult, frustrating and expensive. In this comprehensive guide, we aim to provide a guideline including renovations a home owner may undertake, the estimated expenses for different types of renovation, the average costs and valuable tips for saving the renovation budget.

5 factors influencing house renovation costs:

Renovating your home is a long-term investment in your comfort and the price of the house. To understand the cost of renovating a home, learn 5 key factors that will help you avoid unexpected costs:

• Remodeling budget: The owner should think carefully about what they want and what expenses they can afford. It is certain that costs vary from one part of the house to another. Additionally, having a clear goal in mind, such as improving living standards, rental or resale, is also part of the planning and project cost.
• The extent of the renovation: Are you planning minor improvements, major renovations or a complete home renovation? The nature of your renovation project will determine the overall cost.
• Materials and finishes: The choice of building materials and finishes, such as hardwood floors, tile floors, type of shingles, choice in kitchen and bathroom cabinets, etc, and whether these items are purchased from a local hardware store like Home Depot or Rona vs specialized stores can have a significant impact on the cost of renovating your home. Mid-range finishes or high-end luxury finishes? Your project should consider your current financial situation which includes an additional 10-15% for changes to scope of work that you may be further inspired to undertake and/or those unexpected costs.
• Labor costs: Labor is another essential factor for quality renovations. The cost of professional contractors and sub-trades may vary depending on location, time of year, complexity of the project and their experience. We strongly recommend against opting to purchase costly high-end luxury materials for your project and then hire the cheapest contractor you could find on Kijij. Most often, homeowners are stuck with a nightmare through the renovation process and workmanship that ruins to cost invested in luxury finishes. .
• Permits and regulations: Please remember that some renovations may require obtaining a building permit, which may represent an additional cost and project delays.