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Renovations and Remodeling Cost Vs. Value Guide

Before homeowners can take on a new project, they must assess the Renovation and Remodeling Cost vs. Value. Definition, time frame, and permit rules are not the only differences, as you must also consider the cost and return on investment.

In this “Renovation and remodeling cost vs. value” guide, we will go over the differences between these two types of projects. Keep reading until the end, as we will also answer some of the most frequently asked questions. 

Let’s get started!

 

What Is a Renovation Job? 

Whether it’s a kitchen renovation or a bathroom renovation, the job entails giving the room or space a makeover. 

In simple words, renovation is the process of improving damaged, broken, or outdated structures. These types of jobs are often carried out on residential and commercial properties. 

Some examples of renovation include painting, changing the hardware or light fixtures, and upgrading the cabinets or drawers. A renovation job is a “spruce-up,” and most homeowners undertake these types of projects to give a new and fresh look to their living spaces. 

It’s important to understand that a renovation job is not only limited to a small space or area. A homeowner who has the financial resources may also consider a full home renovation if their house has signs of extreme wear and tear. The timeline of these types of projects may vary depending on the homeowner’s needs and preferences. 

 

What Is a Full Home Remodeling Job?

Sometimes, a renovation job may not be enough to restore the home to its former glory. Homeowners may want room additions in their houses to accommodate the growing family, or they may be thinking of garage conversions to add extra living space to their homes. In such situations, they may want to consider remodeling over renovation. 

A remodeling job refers to a reconstruction or a major home improvement project. Homeowners may have to revisit their homes’ design and drawing plans to change the layout of their houses according to their needs. 

Some homeowners may want to think about a full home remodeling. This type of project refers to changing the entire layout of the house instead of adding a room or two. 

 

Renovation and Remodeling Cost Vs. Value

After reading about renovation and remodeling, you may be feeling a bit confused and making an informed decision could be challenging. Don’t worry, as we’re here to help! 

We’ll go over the costs and other considerations of each type of project so that you can choose the one that suits your needs. 

 

Understanding Renovation Cost Vs. Value

Renovation cost depends on the scope of the project. If you want to upgrade a couple of light fixtures or paint a few walls, you won’t need much more than a couple of hundreds of dollars. 

However, if you’re renovating an entire room, the renovation cost may be much higher. According to Bankrate, on average, a home renovation cost can be anywhere between $10 and $60 per square foot. It could even reach $150 per square foot, depending on the room size, location of the house, and the type of materials used in the project. 

Homeowners often prefer projects that deliver a greater value than their cost. If they’re spending money on a garage door, for example, they may expect a higher return on investment. 

It’s important to understand that although renovation costs are much lower than remodeling, it can amount to a lot of money if the homeowner decides to renovate multiple living spaces. 

Before embarking on these types of projects, homeowners must evaluate their needs and future property plans. Do they intend to sell the house? Is the homeowner planning to live in the home for the next 10 years? 

If the homeowner intends to move out anytime soon, a simple renovation job can provide the place the makeover it needs. This can help sell the property much quicker without spending too much money and worrying about the renovation value.

Suppose the homeowner plans to stay in the house for a long time. In that case, they may want to consider renovating multiple rooms or think about a full house renovation to ensure that the living spaces are functional and comfortable. 

Some homeowners like to invest in accessories housing units to expand the living space on their properties. While it may seem like this type of project may fall under the remodeling category, it is simply another form of construction and renovation. 

 

Understanding Remodeling Cost Vs. Value

The cost of remodeling is far greater than the renovation cost. It all depends on the type of project and the homeowner’s needs. 

HomeAdvisor states that a remodeling job can cost $49,000 on average. If you closely examine the data, you’ll find that such home projects can range anywhere between $5,000 and $150,000. 

A full home remodeling can even cost more than $150,000, depending on the house size, the property’s location, and the nature of the project undertaken. 

 

Remodeling Cost Vs. Value: Should You Remodel Your Home?

Since remodeling is an expensive job, homeowners should consider remodeling some parts of the house or the entire home if they plan to live on that property in the long run. 

 

Frequently Asked Questions

How Can Homeowners Evaluate Whether Remodeling Is the Best Choice for Them? 

Our article “Renovation and remodeling cost vs. value” explains how property owners should consider their long-term goals. Besides that, they must also set a budget and allocate money according to their financial situation. 

Does a Renovation Lead to a Higher Resale Value?

Whether it’s additions to custom homes or changing the structure of existing houses, homeowners must always consider the renovation and remodeling cost vs. value. A renovation job doesn’t necessarily mean a higher resale. 

According to the national averages, the cost of a window replacement (vinyl) in 2023 was $20,091, while the resale value became $13,766. In other words, homeowners only recovered 68.5% of their investment on this type of project. 

How to Finance a Remodel or Renovation?

While our article on “remodeling cost vs. value” doesn’t go into details about financing options, it’s important to note that there are a couple of options available for homeowners. These include the following: 

  • Personal loan
  • Home equity loan
  • Home equity line of credit

 

What Are the Key Factors That Influence the Renovation or Remodeling Cost?

There are several factors that influence the renovation or remodeling cost, some of which include the following: 

  • The location of the property;
  • Scope of the project; and
  • The type of materials used.

 

Another major factor that influences the renovation or remodeling cost is the contractor you work with. If you’re hiring inexperienced professionals for the project, they may make costly mistakes. 

It’s crucial to reach out to the premium contractors at Paragon Builders if you want to get the remodeling or renovation job done without worrying about the project or any long-term problems. 

Let Paragon Builders Handle Your Home Renovation or Remodeling Project!

While a renovation job is cheaper than a remodeling, a remodeling is essential if your property is facing structural issues. 

At Paragon Builders, our experienced professionals will assess the state of your home and guide you on the best possible option. Contact us for a consultation with our experts!

John Doe
John Doe

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