Actual Cost Of DIY Home Renovations You Probably Have No Clue About

Home Renovation Costs And Return On Investment (ROI)

The words ‘renovation pays dividends’ is like music to a homeowner’s ears when it comes to the idea of putting a cost to improve a home. Mostly the spaces where people spend a lot of their time are what sell the house. For instance, kitchens, family rooms, working spaces, bathrooms, bedrooms, and gardens.

A kitchen renovation costs about $25,000, while a bathroom averages $10,000. Basements and attics will cost around $20,000. On average, remodeling the whole house costs between $15 – $ 60 per square foot. Depending on the size of the home, the quality of materials used, the appliances installed, and the extent of the renovations, an average remodeling project can cost between $19,800 to $73,200.

Location is another cost factor. High-end locations can take cost up to $200,000 dollars. Noteworthy, these costs are exclusive of site preparation, structural changes that the layout may require, permits, labor, and eventual damages that may occur during the construction process.

For Return On Investment (ROI), one must know the improvements that attract the highest value in a house, the costs associated, and how to approach them.

A huge determinant of ROI is the market. When housing is in great demand, buyers are more likely to be willing to pay more for your improvements. However, you can lose money in a buyer’s market even with over-renovation due to low demand.

Location is another key ROI indicator. One of the cardinal rules in remodeling is to never increase your home’s value beyond the neighborhood’s value. Home buyers are very particular about what a neighborhood has to offer. Can they afford the basic amenities in an area? It’s unlikely that a well-renovated house will sell if the price is way above the going rate for other homes in the area. That means that if you put in some pricey renovations, you won’t get as much of the cost back when you sell.

A general rule to apply when renovating is to cut costs by all means possible. This process’s genius is using the materials you already have. Save big and increase the value of your home by upcycling and recycling materials such as shingles, bricks, paint containers, wood, and concrete, among others.

The Myth Portrayed By Home Renovation TV Shows.

Time is money and hence a huge factor to consider when measuring the costs and returns of a renovation. Home reno television shows perpetuate lies about how easy, quick, and fun a DIY project can be.

It is not the whole truth.
The cast always has additional and professional help behind the scenes to expedite the process. Attempting a DIY without a proper plan can be costly, frustrating, and even dangerous. Knocking out walls and roofs without training and help can mess with the electrical work and cost you much more unbudgeted money. It also complicates the project, and worst-case scenarios leave you with injuries.

The professional consultation will apply to structural changes that may be required during the renovation A structural remodel involves fixing, changing, removing, or adding any weight and pressure-bearing elements. These elements could include the home’s walls and foundation and, of course, beams, posts, and columns. Professionals will help you make structural changes by maintaining and even improving the house’s original structural integrity.

Other hidden costs associated with Renos include consultation fees paid to experts for assessment and monthly interest payments for a home equity loan, and the higher property taxes you will have to pay when your new-and-improved home is reassessed.

DIY Ideas That Can Help Improve the Value of Your Home.

Redoing the kitchen.

Typically, kitchens are the most expensive spaces to renovate in a home, but a quick DIY upgrade could mean a new backsplash or sticking a new contact paper that looks like luxe marble or granite. You can also repaint the wooden cabinetry white, sage, grey or black for a minimalistic look. Such a minor kitchen re-do will yield 83 to 87 % return on investment. Instead of retiling bathrooms afresh, you can regrout the damaged tiles only and add a unique stencil design, work that can improve the ROI by at least 65 percent, if not more.

Repainting the walls.

Painting has to be one of the fastest ways to upgrade a home. Whether you go for a feature wall, trendy designs, or solid colors, a fresh coat of paint breathes new life into your home at a very small cost. On average, paintwork costs about $3.50 per square foot. A 10×12 room DIY painting can go up to around $100 to $300, and a professional will charge $150 to $700.

Floors and Finishings.

Refinishing hardwood floors, including cleaning, staining, and sanding, comes to about $3 to $8 per square foot. When you involve a professional, the DIY can range between $500 to $1,000 without adding the equipment cost.

Adding a protective varnish layer is a smarter option if your floors are not too chubby. The cost ranges between $1 to $2 per square foot.

Changing the lights and electrical fixtures.

Another easy reno activity is a change of light and electrical fixtures. An average 3-bedroom home will require a budget of around $8,000 – $10,000 for a new switchboard, rewiring, and LED lighting. Even for a DIY project, you are advised to work with professionals regarding lighting and electricals because of the risks associated with the work. If you have an extra budget, you can get basic smart-home technology, such as a multi-room AV system, at about $4 -$7 per square meter.

Exterior and Landscaping Ideas.

You’ll also want to consider the exterior look and feel of the home carefully. The front façade is like gift wrapping, so creating an inviting aura is key. New hardware and fresh paint or varnish on the door may be all needed to spruce up the space and drastically change the home’s value. A power wash may also be necessary for the clean, renewed look of the exterior.

Invest in landscaping and a comfortable backyard. With $1,000 to $5,000, you can create the backyard oasis of your dreams filled with different plants, well-manned grass, and trees. While that might sound like a lot of money for a DIY, landscaping is the one investment in a project that pays off at an average net return of 83%.

Outdoor kitchens and living rooms are price tickers in reno. If the space is limited, try and create a space for a grill and if you have room, have a proper outdoor kitchen. You can also accommodate a wooden deck patio with seats and a coffee table. Depending on materials and scale, the cost can range between $5,000 and $12,000 with a 71% ROI.

Other simple DIY renovation ideas

Invisible repairs such as sealing cracks and energy-efficient insulations save money on energy bills. They are one of the most effective ways to increase and preserve the worth of your property for long-term value. (Check our home improvement category to find more inspiring resources)

When It’s All Said And Done – Things To Keep In Mind When Considering DIY Home Renovation Costs and The ROI.

When remodeling, avoid making renovations that are just to your taste. Even though renovation may be appealing, not all home buyers may appreciate your taste. Always keep it at the back of your mind that you may sell the house one day. So, avoid it unless you can find a buyer who loves your specific tastes.

Another thing to remember is not to lose the house’s integrity. Let’s say, for example, you’re living in a Craftsman gem and want to make a few additions to the family room; for instance, ensure you try to maintain the original look and feel, and any changes should be in harmony with it. That goes for the window styles, moldings, and ceiling heights. The same holds true for smaller projects like choosing kitchen flooring, countertops, and cabinets; always aim for classic or neutral colors and styles.

Finally, it’s important to highlight that renovations are not only for the financial returns. Renovating a home also allows you to add comfort and luxury to give your family a better living experience and expand space. Any improvements to a property will increase in value and put money back in your pocket when the time comes to sell comes, but that’s just a bonus.

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