Home renovation projects can be complex or simple, and can sometimes turn into a real home remodeling adventure. It's impossible to get the right price for every remodeling project in every small town in the US, but fireplace remodeling is not part of every house renovation and you don't need to break the budget. Only one in five homeowners finishes their home remodeling under budget, so it's smart to increase estimates by 10-15 percent in case of unexpected renovation costs. Calculating the cost of renovating a home can be complex, but there are some main factors that determine how much it could cost you. If you have just moved into the home you plan to remodel, consider using an FHA 203k home improvement loan.
The Home Renovation Cost Estimator spreadsheet can help you adjust your budget to put your money towards what matters most for your home. Additionally, loans from family members can be considered gifts by the IRS and may be taxable, so it is wise to discuss this method of financing a home remodeling with a tax professional before proceeding. Since you could recover up to 80% on some remodeling projects, it's best to invest enough to meet your lifestyle requirements while keeping your home's value close to surrounding home values. A renovation project can take anywhere from a few days to a few months, so you may want to plan your home remodeling schedule accordingly. There are many options to cover the remodeling costs of a complete home renovation.
Experts recommend setting a budget of 5 to 15 percent of the total value of your home when remodeling a kitchen or basement and 1 to 7 percent when remodeling bathrooms, bedrooms, or living rooms. Before starting any remodeling project, check with your local authorities to determine what permits you will need. Remodeling can be expensive, but investing money in your home can increase its value and provide a higher ROI when reselling. Rooms with cabinets and appliances such as bathrooms and kitchens tend to be the most expensive and are often where a home remodel budget can go awry. Most home renovation programs make you believe that gutting and remodeling your home is as simple as a 30-minute programming block. When it comes down to it, there are many factors that go into determining how much it will cost to completely remodel a home.
It's important to consider all of these factors before beginning any project so that you can plan accordingly and stay within budget. With careful planning and research, you can make sure that your home renovation project is successful and cost-effective.
