The Real Cost of Renovating Your Home – Hidden Fees, and Surprise Costs You Need to Know!

Thinking of renovating your home? Here’s exactly how much it’s going to cost you!

Did you know that the average cost of a home renovation results in $41,000 USD? Think twice about buying a home that is in need of some TLC, or could you maybe be saving in the long run? Is it really worth it?

Thanks to some research done by bedroom furniture specialists Oldrids & Downtown, we’ve put together a little guide that will help you identify the real cost of renovating your home and to assist you when purchasing your next home:

Photo: Remodelaholic

Factors that Affect the Cost of Renovating

There are several factors which can influence the cost of your renovation:

The Size and Style of a Home

The size, style and age of a home can massively influence the cost of home improvements. For instance, the number of storeys in a house can be an added extra due to more floor space being needed to be covered in the renovation.

[perfectpullquote align=”full” cite=”” link=”” color=”#ff006a” class=”” size=””]If you really are looking to add another story to your home, make sure to plan this renovation when it’s warm and dry outside. Summertime is the best time for renovations, but make sure it meets your local building laws. Homes near the beach may be restricted to have renovations during the summer months. [/perfectpullquote]

Photo: Erin Vale Designs

The Zip Code of Your Home

Just like house prices and home insurance, the zip code can influence the total cost of a house renovation. If you are looking into a glamorous home renovation in a prestige neighbourhood, be prepared to have a large budget than you expected.

Other Features

Other factors within a home can impact the cost, including the number of bedrooms the house has, the garage (or number of garages) and the number of bathrooms. To calculate this, Homebuilding & Renovating has a calculator to provide you with a guide of the cost.

Estimated Costing

Renovating a home can be a big project to take on, but when you break the project down into smaller tasks it suddenly becomes less daunting and helps you get a better understanding of how the cost will work out. Make sure to write up a checklist of all the costs and see if it falls within your budget. Scourge the web for places like Deaslands that offer vouchers and discount codes to save money along the way. Things like window and door installation, a new roof, and flooring are some big ticket projects that need to be researched well to ensure you get the most bang for your buck!

Photo: Glamshelf

[otw_shortcode_quote border_style=”bordered” background_color_class=”otw-pink-background” color=”#ffffff”]BDB Tip: If you truly decide on renovating your home, make sure to put all of your costs as well as labour costs down on paper. You will also want to give yourself at least $2,000 extra for any surprise costs that may come along the way. This way, you will be able to stay within your budget and will be able to afford your renovation and not leave it half finished for next year. Write up a plan, stick to your budget, and get renovating![/otw_shortcode_quote]