Aspect to Consider When Budgeting House Renovation Cost
One of the consequences of reading too many home décor magazines or watching home renovation TV shows is that you get the impression that house renovation projects easy and don’t take much of your time. This is far from true because house renovation projects require a tremendous investment of time, effort and money.
In fact the costs of house renovation are often ignored by TV shows and magazines as they operate on really large budgets. But for the average homeowner, the costs of home renovation are the biggest stumbling blocks that hold you back. Home owners operate on fixed budgets and are very wary of crossing their limits. Anything beyond what is really necessary is usually set aside. So how much does house renovation cost?
Home renovation is not easy – you will have to hire architects, interior designers, building contractors, plumbers, electricians, painters, gardeners and so many other professionals. There are soft costs involved in home renovation that include the professional fees paid to an architect or interior designer, money spent on the development of the design, permit fees, and so on. The hard costs are even bigger – they comprise of about 75% of the total home renovation budget – and relate to the cost of hiring labor and buying the various materials.
Also, it is important to understand that the cost of a home renovation project depends wholly on the type of the project being undertaken. If kitchen and bathroom renovations are included in a home renovation project, the costs are expected to jump appreciably. Kitchen renovation is in particular very expensive. Bedrooms, on the other hand, don’t cost much to renovate. So if your home renovation only includes the bedrooms and the living room and not the kitchen, it isn’t likely to cost much.
Another aspect that gets ignored is that home renovation takes a lot of time. During the renovation, you may need to shift to a hotel with your family while the work is being done by the professionals, as the house may become unlivable during this time – which only adds to the cost. Also, most labourers expect to be paid on an hourly basis, so the longer a home renovation takes, greater will be the labour charges.
However, regardless of the cost, house renovation is something that simply has to be done and is always advantageous. Not only does it make your home more comfortable, attractive and safer, but it also boosts your home’s value by a considerable extent. By being very strategic and smart about the home renovation, and by keeping a tight control over the budget, it is possible to get a very high return on your investment. So, if done well, home renovation is always worth it.
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