Home renovations: Your most common questions answered

When it comes to houses, renovations are typically leading most homeowners’ minds. Whether they’re hoping to allow themselves a little more space to grow their household or simply want to update things for their comfort, a home renovation project is typically the first place many go.

But what about the cost of the renovation process? What about the home renovation checklist you need to make sure the process goes smoothly? And, possibly, the most important factor, how do you go about surviving the process of a home remodel or renovation?

Rest assured, these common questions arise constantly and tend to have more than satisfactory answers.

What’s the cost to fully renovate a home?

Fully renovating a whole house can cost anywhere from $15,000 to $200,000 depending on the type of remodeling job or renovation. If your home happens to be older, you’ll probably run into a few large systems, such as electrical or plumbing, that need to be upgraded.

Likewise, the types of materials used in your renovation project impact your overall spend on the project as well. For example, opting for high quality dense wood flooring over durable but less dense vinyl increases the budget for that particular project facet.

Is there a way to renovate cheaply?

Yes and no. For renovations that don’t need to happen in one set, it’s absolutely possible to renovate without breaking the bank. The key is to prioritize the projects you want to tackle based on your goals for your home. 

If you’re selling your home soon and want a higher return on your investment, check for any renovations that need to be done to the structure of your home or your home’s systems. These include central heating, air conditioning or other ingrained systems. You may then want to move to the rooms that have a proven track record for increasing property values.

For those who need a full home overhaul, however, you may have to eat the costs sooner rather than later. But don’t let that deter you. There are financial options such as home equity loans, construction loans, personal loans, paying out of pocket and more.

What should I do to prepare?

There are infinitely many ways to get ready for a project of this magnitude. The first is to assess your home. Set a goal and know exactly what you’re hoping to achieve. Pricing and budgeting are also essential keys for successful renovations. You’ll also want to set up a timeline and bring all other house members into the conversation, so everyone knows what’s happening.

How do you survive a home renovation?

Surviving a renovation relies heavily on planning and knowing your limits. Set up time frames, designated areas and keep everyone in the loop, so no one is surprised by any events or miscalculations.