Most homeowners do not know how much funds to keep aside for a home renovation project. As a leading home renovation contractor, we have the experience and expertise to guide you. Our experts have put together this guide to help you determine the average cost per project. Although the actual overall cost may vary depending on the choice of materials, your location, permit requirements, and other factors, you can use the information to make an estimate.
Before we discuss the cost, let us look at the essential considerations for a house remodelling project because it will have an impact on the total price.
Things to Consider for a Home Renovation
Remodelling to Improve Your Comfort
If you plan to stay in the house after renovating it, think of modifications for high-use spaces. In addition to maximizing the functionality and improving the aesthetics of your home, determine the purpose of each change you want to make. This will help you decide the course of action for the project and finalize the details such as choosing a reputable home renovation contractor, estimating the cost, materials required, and more.
Renovating the House for Resale
If you have plans to sell the house in the near future, consider renovations with a higher return on investment. Think of potential buyers and choose the modifications according to the home trends. However, be sure not to spend more than the possible increase in home value. Also, do not hesitate to put in enough funds to get the desired results. Striking a balance by determining which changes to your house will get you more returns in the future is crucial in this case.
Cost of Home Renovations
|Type of Home Renovation||Description||Cost|
|Kitchen Renovation||It is the best way to improve the functionality of your home and make it more enjoyable.||$ 33,000|
|Bathroom Remodelling||Having a modern bathroom with high-quality features will ensure it remains functional for years to come.||$ 20,400|
|Basement Renovation||It is a wise and economical way to enhance the usable space of your house.||$ 40,000|
Return on Investment for Home Renovations
|Type of Home Renovation||Return on Investment||Net Cost|
(Based on the Estimates)
|Kitchen Renovation||According to home renovation contractors, this offers one of the highest returns, around 75%-100%.||ROI (85%) = $ 28,050|
Net Cost = $ 4,950
|Bathroom Remodelling||Based on the trends, renovation experts believe that remodelling your bathroom will offer about 75%-100% returns.||ROI (85%) = $ 17,340|
Net Cost = $ 3,060
|Basement Renovation||Renovating the basement to make it more functional will help you gain around 50%-75% returns.||ROI (65%) = $ 26,000|
Net Cost = $ 14,000
Contact us for Home Renovations in Toronto
renoWOW! is a leading home renovation contractor with over 29 years of experience in the industry. We have the expertise and resources to help you achieve the desired results. Our experts will understand your needs and recommend suitable remodelling measures and ideas to get better returns. We will help you evaluate the cost of your project and complete it on time and budget.
For more information about our home renovation services in Toronto, be sure to give us a call at 416-937-0969.
– Article written by Sam Beninato