How Much Is It To Rehab A House? (Correct answer)

The average cost to rehab a house is $20,000 to $75,000 or $20 to $50 per square foot. A full gut rehab costs $100,000 to $200,000 to remodel a house completely. Generally, the cost per square feet gets cheaper as the house size increases.

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Is rehabbing a house worth it?

A fixer-upper may be a good investment. But it can also be a huge money pit if you estimate renovations incorrectly, contract out for most projects, and skip an inspection. To ensure a fixer-upper house is well worth the money, look at comparable homes (known in real estate as comps) in the neighborhood.

How much does it cost to rehab an old house?

A rehab can cost anywhere from $20,000 to $75,000 and up. To find a rehab project within your budget, it is a good idea to start by assessing how much capital you have access to. This will help you narrow down the size of the property and rehab you can take on.

Is it cheaper to rehab a house?

Poulos says renovating is usually more affordable, in part because the permitting process may be cheaper and faster. “Remodeling is a facelift,” Anderson says. “It can make one area nice, but may not make the house what you really want. In the long run, remodeling can be the more expensive option.”

How much does it cost to rehab a 1000 square foot house?

How Much Does It Cost to Remodel a House? According to HomeAdvisor, the average cost of renovating a home that is 1,000 square feet is $19,000. For homes in the 3,000 to 4,000 square foot range, the average cost climbs to $87,500.

How much does a full gut rehab cost?

The average gut remodel cost includes demolition, structural changes, new electrical and plumbing, new roof and HVAC, finishings, and appliances. The actual “gutting” cost is a mere fraction of the total: around $2,500 to $7,000 or more for permits, labor, and material disposal.

Is it cheaper to renovate or build new?

As a rule of thumb, renovations are often less expensive than building new. However, if you’re renovating a particularly old building that’s seen better days, this may not be the case.

Is renovating an old house worth it?

Old houses can be bought for less. If you’re looking for a true fixer-upper, you’ll likely pay less than you would for a new home. And if you do the renovations yourself, you can save thousands of dollars in the long run and you’ll end up with a great investment. An old house has plenty of character.

How do I get money to rehab my house?

It can be in the form of:

  1. A purchase mortgage, with additional funds for renovations.
  2. A refinance of your current mortgage with a cash payout for home improvements.
  3. A home equity loan or line of credit (HELOC)
  4. An unsecured personal loan.
  5. A government loan, such as Fannie Mae HomeStyle loan or FHA 203(k) loan.

What is the difference between rehab and renovation?

Renovation is the process of making something look and function like new. Rehabilitation: Rehabilitation means something very similar to renovation, but it is often used in a slightly different context.

Is 100k enough to renovate a house?

HomeAdvisor’s data for the renovation costs to gut and remodel a home shows that most homeowners can expect to spend somewhere between $100,000 and $200,000 on a whole-home renovation.

How much does it cost to gut and rebuild a house?

Depending on the square footage, the average cost to gut and remodel a house can be anywhere between $100,000 – $200,000⁴. Gut renovation cost per square foot ranges between $60 – $150 and includes new plumbing, appliances, structural improvements, a new roof and an HVAC.

Do you rehab house interior or exterior first?

Do all of the foundational and exterior work first. It’s natural to want to move on to the next phase of your project, but ensure the house is sound before you begin interior work. That means replacing windows and putting on a new roof if needed.

How can I change my old house on a budget?

21 Ways To Update An Old Home On A Budget

  1. Power Wash The Exterior.
  2. Paint The Front Door.
  3. Paint The Shutters.
  4. Refresh Interior Paint Colors.
  5. Replace Dated Light Fixtures.
  6. Paint Floor Tiles.
  7. Refresh Your Bathroom Caulk.
  8. Paint Kitchen Cabinets.

How much should a 10×10 kitchen remodel cost?

10×10 Kitchen Remodel Cost Breakdown A 10×10 square feet kitchen can cost you between $15,000 and $30,000. If broken down to the area’s price per square foot, it will cost you between $75 and $150 per square foot.

What is a full gut rehab?

A gut rehab is the total removal and replacement of all the interior finishes and drywall down to the structural elements. The goal is to strip the designated area down to its basic structure, at which point it can be inspected and rebuilt to suit the customer’s requests.

Cost To Remodel A House In 2021

Still undecided about whether to remodel or buy a new home? Examine the following frequently asked questions concerning the price of home improvement projects.

Is It Cheaper To Remodel Or Build A New House?

Remodeling is often less expensive than the cost of building a new house. In most cases, residential spending on new houses with renovated kitchens and bathrooms outpaces spending on remodels, with their respective industries accounting for $77 billion and $62 billion in spending, respectively 7. Consider using cash-out refinancing to obtain tax-free funding for your renovation project in order to fund it.

Is Remodeling A Home Worth It?

Remodeling might be expensive, but spending money in your property can raise its value, resulting in a larger return on investment when you decide to sell. It may also make the experience of living at home more pleasurable and profitable. Consider the following scenario: you make an investment in new siding or landscaping for your property. This will increase the curb appeal and resale value of your property, making it simpler to sell and increasing the likelihood that you will make the most money possible when you do sell.

By addressing these issues, you will be able to avoid future, much more expensive problems such as water damage, mildew, and cracked walls.

Average Cost Per Square Foot

The cost of your home improvement project will increase according to the amount of square footage involved. The cost of renovating an entire property is from $10 and $60 per square foot on average 5. Therefore, the more square footage that is involved in your restoration job, the more money you are going to pay in overall costs.

How To Estimate Home Renovation Costs

The cost of a home renovation will vary depending on the extent of structural or mechanical repairs required, the square footage required, the underlying concerns present, the location of the project, and the materials utilized. Begin by utilizing the home remodeling cost estimator spreadsheet provided above, and then consult with contractors to learn the specific costs associated with your project in your location. Renovation and remodeling of one’s home are not simple tasks. A cheerful household, on the other hand, has been shown to boost overall welfare.

The Simple 6-Step Process for Estimating Rehab Costs

Learning how to accurately estimate repair expenditures is one of the most difficult aspects of improving your real estate investment skills. When you watch a seasoned investor examine a run-down property and swiftly calculate a remodeling estimate of $75,000, it almost feels like you are witnessing magic. What method did they use to arrive at that number? Is it possible that they have a secret computer hidden somewhere in their brain? In reality, predicting renovation expenses is rather straightforward—as long as you spend the necessary time learning the fundamentals.

  1. Here are a few examples.
  2. Paying too much for an investment is never a good idea!
  3. This assures that you will not be in financial trouble soon after signing the closing documents.
  4. To be clear, the information contained in this post will not be exhaustive or exhaustive in its explanation of how to effectively estimate repair expenses.
  5. Here it is: the “magic” technique that each skilled home flipper should follow.

Our approach is straightforward, and it won’t take much time to complete. Before you know it, you’ll have all of your finances in order and be prepared to start your own profitable restoration projects.

Understand your buyer and the neighborhood

Before you begin figuring rehab expenditures, you need have a clear picture of what the finished project will look like. Some high-end remodels take months; cosmetic improvements, on the other hand, require only a few days. Describe the level of polish you (or your wholesale customer) are striving for. A luxurious kitchen, a modest IKEA set-up, or just a cabinet paint job? What do you think: do you need to construct an additional master bathroom, or would a new half-bath do for your prospective buyer or tenant?

  • If any local residences are for sale, you should attend open houses.
  • Renovations that are either above or below the norm of the surrounding neighborhood might be quite expensive.
  • Buyers will not pay more for a luxury kitchen addition, such as a six-burner stove, simply because you installed it.
  • Because of this, if the house is in a working-class area with largely working-class rents, you won’t have to spend hundreds of thousands of dollars on a renovation.

Tour the property thoroughly

Next, having a clear picture in your mind of how you want the end project to look, take a slow tour around the property. Take a number of images or record a movie with your phone so that you can easily recollect the situation later on in the future. Believe me when I say that you will not recall everything! A roof that needs repair, a damaged foundation, mold, heating and air conditioning problems, and termites are all things to look out for. If these renovation activities are not included in at the outset, they can swiftly deplete even the most meticulously planned budget.

So take your time and be thorough—you won’t be disappointed.

Inform them that you will be taking photographs, but that the photographs will only be used for analysis.

Don’t give them the impression that you are violating their personal space.

Write down the problems

While you are still on the premises, go through the property room by room, noting the condition of each room as well as any repairs that are required. Suppose you stroll into the living room and notice carpeting that looks and smells like dog pee. You would include “replace carpet in living room” on your list. Take note of the room’s dimensions as well as a rough estimation of its size. Making an educated guess is sufficient (it is not necessary to be accurate; simply make your best guess). Observe the exterior of the house as well, paying close attention to any major problems, such as the condition of the roof or siding, as well as the state of any outbuildings.

This list serves as an initial scope of work, which serves as a useful frame of reference for estimating your remodeling expenditures in the future.

Condense your list into 25 categories

After that, take your thorough list of repairs and categorize each one into one of the 25 categories listed below, which cover every aspect of investment property remodeling. For example, if carpet is required in the living room and bedrooms, while vinyl is required in the kitchen, put all of these items together and list them under the heading “flooring.”

Exterior Interior General
Roof Demolition Permits
Gutters, soffit, and fascia Plumbing Mold
Siding Electrical Termites
Exterior painting HVAC Misc.
Decks and porches Framing
Concrete Insulation
Garage Sheetrock
Landscaping Carpentry
Septic Interior painting
Foundation Cabinets and countertops
Flooring

Determine a rehab price for each category

Once you’ve identified your 25 categories, it’s time to tackle the most challenging element of the process: determining the amount of therapy you’ll need for each category. However, breaking everything down into the most fundamental components of a restoration makes calculating rehab expenses more simpler and straightforward. At the beginning of the project, do you remember how overwhelming the whole thing seemed? Examining merely the flooring, decking, or septic system appears to be lot more doable.

  • Based on our calculations, we’ll require around 1,000 square feet of carpet and another 500 square feet of vinyl flooring.
  • Divide the amount by the unit pricing to get a complete picture of how much this feature of a home will cost to build.
  • What is the average cost of materials for the most typical repairs?
  • The more rehabs you handle, the more quickly you’ll learn how to get the most bang for your money on every occasion.
  • To get a reasonable approximation of the labor cost in labor, multiply the price of the materials by two and a half.
  • A contractor may present you with up-to-date pricing for each repair activity if you engage with them on the project.
  • Once you’ve priced one leaking toilet, you’ve effectively priced them all!
  • (With the exception of serious systemic problems, of course.)
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When in doubt, ask for help

Don’t be embarrassed to seek for assistance. You may accomplish this in a variety of ways, including:

  • Visit the BiggerPockets Forums and inquire as to how much others are charging. This is a really beneficial tool since it provides you with an inside peek at what other investors are spending their money on. Do you have any queries about rehab? Our members are able to respond
  • Inquire with a local contractor for assistance. The expense of an hour or two of in-house advising would be a worthwhile investment, even if you had to pay them for their time in exchange for their services. When presenting a cash buyer with a precise, line-by-line quotation from a licensed contractor, many wholesalers actually include it in the package. Doing so is strongly recommended, whether you’re rehabilitating for a flip or a rental property. Because you (or the cash buyer) are likely to utilize the contractor for the project, he or she will most likely provide the bid at no cost to you
  • Bring a local real estate investor with you to the meeting. Estimating rehab expenses fast is a valuable skill to have, so try working on your first contract or two with someone who has been in the business for a while and can share their experience

This six-step technique assures that you understand the scale of the job and the necessary budget before you ever lift a single sledgehammer.

It doesn’t matter whether this is your first or hundredth repair project. What state are you in when it comes to your next refurbishment or investment project? Get out there and start looking for answers.

Start flipping with BiggerPockets

This six-step technique will ensure that you grasp the magnitude of the job and the necessary budget before you ever lift a single sledgehammer. It doesn’t matter whether this is your first or hundredth repair project. Prepared for your next remodeling or investment project? Do you have the right tools? Make your way out there and begin your hunt.

Step 1: Know your endgame

First and foremost, you must have a clear image of what the “after” photo will look like before you can even begin to estimate your rehab charges. Is there anything specific you want the house to look like before you put it on the market? What enhancements and facilities would you want to see implemented? While knowing the market and current trends is necessary for this, it is also necessary to understand local consumers – what they like and don’t like about the region, as well as what they expect when purchasing a home in the neighborhood.

Their everyday interactions with buyers should provide them with some valuable insights.

Step 2: Study your comps

Before you go on a tour of a possible property, you should be familiar with the appearance of other homes in the region. A deeper understanding of the state of a house, as well as what it will take to make it marketable, will help you to make more informed decisions. Take note of recent comparable sales in the vicinity, and pay particular attention to the listing images. If there are any comparable properties for sale in the area, try booking a tour or visiting an open house to get a sense of how they are in terms of condition.

Step 3: Thoroughly examine the property

Take your time while seeing a property and consider factors other than the home’s outward appearance before making your decision. Small things, such as sticking doors or windows (which might indicate foundation difficulties! ), indicators of pests or bugs, and probable plumbing and electrical problems, should not be overlooked. All of these might be indicators of large-scale issues that would need the use of substantial resources to resolve. You may also think about taking a camera so that you can take pictures of potential problems and refer to them later on in the process.

If they are still residing on the home, they may be uneasy with the idea of someone photographing their items and taking pictures of them.

Step 4: Talk to a contractor

Contact a local contractor (or a few, if necessary) and get an estimate after you have a solid idea of the repairs and changes you’ll need to make to your home. Also, make certain that they are aware on what their quote comprises. Whether they are offering supplies and parts in addition to labor is something you should know.

If this is the case, you’ll need to account for them individually. You may also check out several home contracting websites to get an idea of how much a job would cost. Some useful resources are as follows:

  • HomeAdvisor, Fixr, Homewyse, Thumbtack, Angie’s List, Porch, and other similar services

If there’s a contractor you know and trust, you can even consider inviting him or her along with you when you’re looking at houses for sale. They may be able to provide some valuable insights (or may be able to identify a dud right away!).

Step 5: Factor in extra costs

Depending on how well you know and trust a particular contractor, you may even consider inviting him or her along to accompany you when you are looking at potential homes. If they are knowledgeable (or can recognize a dud right away! ), they may be able to help you.

  • There will be a fee for any city permits that may be necessary. The amount you expect to spend on marketing (including agency commissions)
  • Costs for demolition and hauling removal of waste materials Fees for pest control or bug control
  • Fees for appraisals and house inspections

As soon as you’ve calculated all of your project expenses, you may begin to refine your bidding approach. Do you think you’ll be able to sell a house for $250,000 after spending $30,000 on repairs? If you follow the 70 percent rule, your offer should be for $145,000 or less in total value (250,000 x 0.70 – 30,000). (If you want to follow the 70 percent rule, you should only provide 70 percent of your estimated after-repair worth. It is a long-established investing strategy that prevents you from overbidding and ensures that your returns are protected.) All that’s left to do now is phone your agent, place the bid, and cross your fingers that everything goes smoothly.

How Much Does It Cost to Renovate a House? Bathroom, Kitchen, and Beyond

Home renovations and remodeling costs may be a bitter pill to swallow after forking over a large sum of money to purchase a new home, but if you’re the proud owner of a fixer-upper (or even if you’re the proud owner of an older home that needs some work), you may be itching to make some updates. Here are some tips to help you get started. And that will lead to the question of how much it costs to remodel a house. Knowing your figures ahead of time is essential to avoid making plans that are incompatible with your financial constraints.

Average home renovation costs

The precise cost of renovating a house will vary depending on the square footage of the property, the location in which you reside, and how much of a facelift your home need. But, to give you a general notion, Than Merrill, creator of FortuneBuilders.com, provided us with an estimate of the typical expenditures connected with various remodels, which is as follows:

  • Interior and exterior painting, minor repairs (such as refinishing cabinetry), and new landscaping are all possible components of a modest makeover in the $25,000 to $45,000 price range. Medium ($46,000 to $75,000): A more extensive redesign would include the low-cost changes listed above, as well as a complete kitchen overhaul (depending on the appliances) and a small bathroom renovation. Extremely high ($76,000 and up):Low and medium-cost renovations, together with the repair of any foundation difficulties, roof leaks, and sewage line issues

The largest home renovation costs

Even while gallons of semi-gloss paint can make a significant difference in a makeover, they are little when compared to the high-ticket products required for specific rooms (we’re looking at you, kitchen and bathroom). It’s important to remember that the appliances and cabinets in those areas are the ones that consume the most of the budget. In the case of a typical-sized property, the following is what homeowners may anticipate to pay in home remodeling expenditures (about 2,500 square feet).

  • Kitchen: The average cost of a kitchen makeover in the United States is $20,474. If a kitchen only requires minor upgrades, the cost of renovations should be in the range of $10,000. According to Merrill, the cost of a complete gut might exceed $50,000, depending on the quality of the materials used and the appliances installed.
  • Bathroom: The average cost of a bathroom redesign is $9,000, with the highest cost reaching $20,000. (Of course, you could spend even more money by including spa-like amenities such as a steam shower.)
  • Investing in a new roof will cost you around $20,000 to secure all of your improvements from the weather. New floors:You might want to polish off your remodeling by ripping up that old carpet. Installing new hardwood floors will cost around $4,400, however installing laminate, which is less expensive, will cost approximately $2,800. Of course, the precise cost may vary depending on the amount of square footage you have in your kitchen. Updates to electrical systems: If you’re replacing an old panel (as well as a home’s worth of outdated wiring) as part of your remodel, expect to spend between $3,000 and $5,000. Replacement siding: An outside renovation is an essential part of any successful makeover. The cost of installing new exterior siding on your home averages $14,000
  • Replacement windows: If you want to save money on your energy bill by replacing 10 windows and frames (you might need the savings after this renovation), the cost will range between $8,500 (vinyl) and $20,000 (wood)
  • The contractor: Unless you intend to oversee the renovations yourself, you should factor in the cost of a general contractor in your spending plan. They often charge between 10 percent and 15 percent of the overall budget for the project. As a result, for a $50,000 remodel, you should anticipate to pay a contractor between $5,000 and $7,500.

According to Jesse Fowler, president of Tellus Build, a green custom-build business serving the counties of Los Angeles and Santa Barbara, one simple approach for homeowners to save money on home improvements is to bargain to pay actual construction costs on finish materials, rather than inflated prices.

Fowler points out that the contractor you hire should be receiving a discount on retail costs, which can benefit you as well, as “some or all of those savings” can be passed on to you.

Home renovation costs and return on investment (ROI)

Ahhh, those magic words that make the agony of parting with thousands of dollars more bearable for homeowners. After all, those large checks you sign now for home improvement fees may one day pay rewards if you ever decide to sell your house. A typical kitchen makeover generates an average return on investment of 83.1 percent, according to industry statistics. That means that for every $1,000 you spend on those cabinets and countertops, you will receive $831 in return. Meanwhile, a bathroom remodeling has a return on investment of 65.7 percent, and if you choose to include those expensive wood-framed windows in your redesign, you’ll get a return on investment of 72.1 percent.

Rehabbing a Home? Be Ready for These 5 Costs

With a little forethought and the proper team, you’ll be able to maintain your budget in the black from the beginning of the flipping process. So you’d want to figure out how much a house renovation would cost, but you have no prior building experience. What is the best way to go about it? Understandably, this is a regular issue that prevents many people from becoming successful house flippers. It’s also one of the most often asked questions that Tarek and I receive. The costs of a repair project include more than just what you pay your contractor, so make sure you account for all of them by categorizing them into five categories:

  • Costs of a rehabilitation team
  • Costs of acquisition
  • Costs of rehabilitation
  • Costs of ownership
  • Costs of disposal

Costs of a rehab team

Before you begin a project, you should put together a rehabilitation team. This provides you with the opportunity to properly vet each member of your staff. A bad house inspector or contractor is the last thing you need while you’re in the throes of finalizing a deal and under pressure to complete the work quickly. You want qualified individuals who are aware of your requirements and who approach investing like a company. For those of you who are thinking how your squad should look, here are the major players to consider:

  • Before you begin a project, put together a rehabilitation team. So you’ll have plenty of time to properly vet each member of your group. A bad house inspector or contractor is the last thing you need while you’re completing a transaction and under pressure to complete it as soon as possible. The individuals you hire should be qualified and realize that they are working for a company. These are the key players to consider if you’re unsure how your squad should be structured:

Inquire with other, more experienced real estate investors for ideas on specific properties. A smart method to identify strong, trustworthy team members is to ask other investors for recommendations, and most would be happy to share their experiences with you. Contractors are the only people who could be exempt from this rule. The availability of good contractors might be difficult to come by, and a real estate investor may be unwilling to compete with you for the services of their contractor.

If you find yourself in this scenario, you might seek advice from personnel at your local lumberyard or hardware shop.

Once you’ve assembled your team members, enlist their assistance in obtaining more precise rehab statistics. It may also be advantageous to participate in a real estate investing education program, such as Success Path, to understand the ins and outs of real estate investment.

Costs of purchase

The money you’ll spend to close on the property will most likely account for the largest portion of this category. However, any expenses you may have made throughout the recruiting process for your team members are also covered. There are certain other charges that you may not have considered, such as flood certifications or different government fees, that must be considered. However, in general, the following will most certainly be among your most significant expenses:

  • Purchase price
  • Home inspection
  • Home appraisal
  • Surveys
  • Lender fees (closing charges, appraisal fees, origination costs, and other fees charged by your bank)
  • And other expenditures. Fees for attorneys

Costs of rehab

Included in this cost are contractor fees, building permits, and any work performed on the house itself. The ability to obtain an exact figure in this area might be challenging, but there are a few things you can do to come close. First and foremost, pay your contractor to accompany you on the walkthrough. Consult with them about items that need to be corrected or altered, and ask for a price from them on those things. Choose an inspector who has building experience and ask questions of them while they check the house.

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You might also consider forming a partnership with another more experienced house flipper so that they can mentor you and teach you the ropes.

Costs of ownership

You will be responsible for these costs while you are in possession of the property. This is a typical area that rookie home flippers miss, so make sure you account for the following costs:

  • Mortgage payments, property taxes, property insurance, including flood insurance, if necessary, utilities, and yard maintenance are all part of the monthly budget.

Costs of selling

It could appear that this area should be entirely devoted to profit. It’s possible that this is true if you do the job well, but it’s still vital to account for the expenditures associated with selling a property, such as the following:

  • Selling price, real estate commission, and home warranty are all important considerations. Buyers may request tests such as radon and lead testing, termite inspection, and other services. Staging
  • Fees for attorneys

Start putting together your team immediately so that you may obtain the most accurate quote possible for your house flipping job! Related:

  • Listed here are five common mistakes that newbie flippers make. The Highs and Lows of Investing in Real Estate
  • Will 2017 be the year in which you make your first flip?

The ideas and viewpoints stated in this article are those of the author and do not necessarily represent those of Zillow or its subsidiaries.

Total Makeover: What’s the Cost of Gutting a Home and Remodeling?

In our minds, a world in which every real estate transaction is straightforward, certain, and rewarding is what we are working toward. As a result, we strive to maintain high standards of journalistic integrity in all of our postings. Home renovation shows would have you believe that gutting and rebuilding your home is as simple as a 30-minute block of television time. Make some beautiful patterns on paper, pound some nails into the ground with a sledgehammer, and voila! Your dream home is complete.

The average cost of a full home remodel, according to HomeAdvisor, is $150,000 on the high end, and that doesn’t include any unforeseen fees that may arise along the way.

  • An overview of high-level expenses derived from a variety of sources A realistic estimate of the cost of a whole house renovation
  • Budgeting considerations to keep in mind
  • Estimates of the costs of each main housing component

Photograph courtesy of (Pixabay / Pexels)

Home gutting and remodeling cost overview

When it comes to remodeling your home, the cost of tearing down and starting over will vary depending on the size of the house, cost of the finishes, and scope of the makeover. However, for the sake of a more precise estimate, the following quotes are taken from reputable sources around the internet: Source:HomeGuide The average cost of a stomach surgery is between $2,500 and $7,000. The average cost of a makeover is between $19,800 to $73,200. The average cost per square foot to renovate is between $15 and $60.

  1. A validated estimate from one of more than 500,000 professionals around the country is used by HomeGuide to help price out popular remodeling jobs.
  2. The average cost of a remodel is between $18,340 and $76,127.
  3. The cost of a low- and high-end makeover ranges from $3,600 to $150,000.
  4. Andrew Holmes, VP of Construction for award-winning construction business Blockhouse Residential, proposes homeowners price out the gutting and renovation separately.

“Otherwise, you may spend a lot of money and effort preparing just to discover that you’re stuck with $30,000 worth of structural repairs after all.” Then your budget is completely depleted.”

Total house makeover: A real-life example

During his presentation, Holmes gave an example of an extensive makeover of a 3,750 square foot house, in which his business handled most aspects of the work, but the buyer saved money by getting appliances and hardware from other sources:

Full Gut Remodel Labor Materials (Estimate) Cost
Demolition/Disposal $1,500 $1,000 $2,500
Structural Repair $8,000 $6,725 $14,725
Plumbing $25,000 $1,500 $26,500
Installing HVAC $8,000 $3,500 $11,500
Electrical $12,000 $2,400 $14,400
DrywallPrimer Accounted for in materials $1.50 per sq ft. $25,143.50
Interior Doors $50 $125 per door $1,750
Flooring $2 per sq ft. $3 per sq ft. $18,625
Kitchen Cabinets $1,750 $4,800 $6,550
Kitchen Counters $45 per sq ft. (labor included) $3,037.50
Kitchen Backsplash $15 per sq ft. $5 per sq ft. $560
Bath tile $5 per sq ft. $4 per sq ft. $5,400
Vanities $100 $500 (per vanity) $3,000
Total $133,691

Cost estimates for each major house component

After we’ve gotten the high-level figures out of the way, let’s take a closer look at the prices connected with each component of the whole house renovation:

  • Exterior work: The cost of remodeling the exterior of your property is between $5,000 and $15,000 on average. The scope of this renovation encompasses everything from siding replacement to landscape improvement. Changing the layout of the room: Are you looking to change the flow of your home? You can expect to pay between $750 and $3,000 to have the floor plan reworked. Don’t forget about it! For this purpose, you’ll need to engage a structural engineer ($500-$1,000), who will determine whether walls are load-bearing. Kitchen renovation: The cost of renovating your kitchen may range from $13,287 to $37,558, depending on the type of appliances used and the quality of the finishes. Chef’s kitchens, complete with all the accoutrements, may cost upwards of $50,000 or more. Renovation of a bathroom: On average, a new bathroom costs $35,000, while expenses can rise to as much as $70,000. A living room redesign will cost you an average of $7,400 to renovate and refresh the space. A bedroom redesign will cost you $2,430 on the low end and $11,400 for high-end finishes in your home’s principal bedroom. Basement remodel: On average, you’ll spend $20,295 to convert your basement from a storage and laundry area to a completed room. Repairing or replacing a roof: A thorough house remodel is seldom complete without the final touch – a brand new roof. An average new roof will cost anywhere from $5,357 to $10,886 depending on the size of the roof and the materials you choose. Addition of central air conditioning to your home can raise the value of the property. Depending on whether it’s a new installation, you should anticipate to pay between $1,500 and $12,000. Purchasing a new one will cost on average $7,000
  • Replacing one will cost on average $7,000
  • Permits: Before you begin any job, you’ll need to obtain the necessary permits. Building permits may cost anywhere from $400 to $1,800, depending on where you reside in the country.

Following your examination of these cost estimates, you may be asking if it is more cost effective to gut a house and refurbish or to entirely rebuild. Generally speaking, it will be less expensive to gut and remodel your home than it will be to build it from the ground up. According to HomeAdvisor, the cost of constructing a home ranges from $163,467 to $483,868. When it comes to the high end, a normal house remodel will still be less expensive than starting from scratch at the low end. However, it is not assured that remodeling an existing structure would result in a lower overall cost.

/ Unsplash)

Key budgeting factors to consider

The temptation to skip forward to the finished product and see that sparkling new kitchen or fantasy laundry room will be strong at the beginning of your makeover. Remember to take into account the uninteresting aspects of the situation as well. However, while these phases in the remodeling process will not be as thrilling as picking your Carrara marble, they will have a significant impact on your bottom line. Something I want to emphasize with everyone is that no matter how large the project is, try to remove your emotions from it as much as you possibly can.

As a result, if step one is 95 percent accomplished, you are unable to proceed to step two,” Holmes suggests.

Architect, designer, and contractor fees

Professionals are required when undertaking a big job such as a house gut and remodel (unless you are an experienced contractor yourself). Your architects, structural engineers, interior designers, plumbers, and electricians, as well as the general contractor in charge of the project, will assist you avoid costly mistakes and keep your renovation on schedule and under budget. HomeGuide estimates that the expense of expert assistance and labor can contribute for 10 percent to 30 percent of your entire cost, depending on how much assistance you receive.

Bringing your home ‘up to code’

Professionals are required when undertaking a major job such as a house gut and remodel (unless you’re already a licensed contractor in your own right). Your architects, structural engineers, interior designers, plumbers, and electricians, as well as the general contractor in charge of the project, will help you avoid costly mistakes and keep your renovation on schedule and on budget.

The cost of professional help and labor, according to HomeGuide, can account for 10% – 30% of your total cost, depending on how much assistance you receive.

Structural issues

It is possible that you will not know you have foundation problems until your remodel is well started. Depending on the extent of the damage, foundation restoration might cost anywhere from $1,978 to $6,982 on average. Furthermore, you may want to demolish a few walls as part of the operation. On average, it will cost between $300 and $500 to demolish each wall; however, the price will rise if the wall is load-bearing or contains plumbing, electrical, or HVAC equipment. Work with your architect to develop a strategy for relocating walls in a cost-effective manner in order to save money on structural expenditures.

Overall size of the property

Contractors will frequently price home improvement jobs depending on the amount of square footage they have available. According to one estimate from MillionAcres, you may expect to pay between $10 and $60 per square foot for a mid-grade makeover, and between $150 and $200 per square foot for an upmarket renovation. Take the example of renovating a house at the rate of $60 per square foot. It would cost $108,000 to remodel a 1,800-square-foot house, but it would cost $150,000 to remodel an 800-square-foot house.

Secondary expenses

Certain home remodeling projects might make it difficult, if not impossible, to continue to live in your house while the work is being done. Gas and electricity lines in the kitchen might be disrupted, resulting in multiple meals out every week. When the restrooms are not operational, you may be required to pay for a hotel stay to be accommodated. Overall, the additional costs associated with your refurbishment might mount up quickly.

Location of home

According to HomeAdvisor, the cost of renovating every square foot in a high-cost-of-living metropolitan region might wind up costing you twice as much as it would in a low-cost-of-living rural or suburban area. Despite the fact that you have no influence over a property’s location, you may shop around for various contractor bids to ensure that you obtain a reasonable pricing that is in line with the surrounding region.

Materials

The materials you choose for use throughout your house will account for a significant amount of your overall budget. It costs $1.50 per square foot for basic subway bathroom tile and $45 for the mosaic marble tile in this room. Also available will be cheap and high cost options for flooring, worktops, light fixtures, and shower heads, among other things. Top-selling Homeowners in Charlotte, North Carolina should consider balancing personal preferences with resale value, according to real estate specialist Steven Mueller: In the event that you only intend to live in the house for a year or two, you might want to design it more in line with what the prospective buyers are looking for.

Header Brett Jordan / Unsplash is the photographer that captured this image.

Chicago Remodeling Costs: Kitchen, Bath, Whole-Home

Christina, a general contractor with Sweeteten, worked on the remodel. Photo courtesy of Chicago Home Photos For first-time Chicago home renovators, figuring out the cost of a renovation may be a nerve-wracking experience, to say the least. You’ve finally made the leap from fantasizing to embarking on a home renovation project. Begin by putting together some basic information: figure out how much money you can realistically afford and plan to set aside a small reserve on top of that. Also taken into consideration are the materials you choose to utilize and the amount of work that will be completed.

Keeping track of all of this information might be difficult, especially if this is your first time remodeling.

This book focuses on some of the most common renovation categories, including whole-house remodels, kitchen, bath, and additions—as well as the related permitting process.

Sweeten connects homeowners with verified general contractors for home renovation projects, providing free advice, assistance, and up to $50,000 in renovation financial protection for each project.

Baseline home renovation costs in Chicago

Based on information from Sweeten contractors and the 2021 Cost vs. Value Report, the following is a summary of average starting home remodeling expenses (including labor and materials):

  • Renovation of a whole house starts at $100 per square foot (psf). Bath makeover on a budget: $15,000 to $20,000 (based on 35 square feet)
  • A mid-grade bath makeover will cost $21,000 (based on a 35-square-foot space)
  • Remodeling a high-end bathroom costs $28,500 (based on 35 square feet). Kitchen makeover on a budget: $22,000 (based on a 100-square-foot kitchen)
  • Remodeling a mid-range kitchen will cost you $30,000 (based on 100 square feet)
  • Remodeling a high-end kitchen costs $37,500 (based on 100 square feet)
  • Basement remodel:$40,000—$75,000

Keep in mind that every skilled contractor will want to have a thorough discussion with you before beginning work. They will also assess your house before generating a customized quotation that is tailored to your individual needs and desires. Pro tip: Do not put it off. There is a backlog in the supply of materials in several industries as a result of the epidemic. If you’re a homeowner considering a renovation, it’s a good idea to arrange an appointment and sign a contract with a contractor to lock in your material pricing.

In the event that you choose to wait, costs will only continue to rise, and your material order will be placed at the end of a long queue.

Chicago remodeling costs per square foot

Gutting a house is essentially the same as starting again from scratch. You’ll dismantle everything down to the studs or structure, and you’ll demolish any walls that are in the way. In part because it is more complicated, the average cost to gut and renovate a property begins at the higher end of the $100 to $200 per square foot range. A renovation of the area within existing walls, on the other hand, will be on the lower end of the spectrum. For example, remodeling a 700-square-foot, one-bedroom condo may cost between $50,000 and $70,000, whereas a complete gut renovation is likely to cost more than $100,000.

Full home gut renovation costs

The cost of a complete home gut renovation begins at $100 per square foot. Remember that this project has a wide scope of work! Demolition, framing, insulation, and drywall, wiring, plumbing, heating/cooling systems, millwork, paint, flooring, tiling, light fixtures, electronics, and all finishing touches are all expected during the construction process. (This excludes appliances, which, depending on how high-end they are, might dramatically boost expenditures.) The cost of a whole-house remodel, say 3,000 square feet, would be $200,000 at the low end and $400,000 at the high end, according to Sweeten contractor Ryan, who is located in Chicago.

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Wet room renovation costs

Wet rooms, which are those that are linked to a water supply, such as bathrooms or kitchens, often start around $250 per square foot. Bathrooms in condominiums or co-ops in the city may be as tiny as 30 square feet, and some are much smaller. When it comes to freestanding dwellings, though, they are usually larger than 5′ x 8′. Remodeling a high-end home with luxury materials and a complete bespoke design might cost upwards of $ 700 per square foot. All of the following are included in the fee: architectural design and drawings; demolition; construction; materials; fixtures; lighting; and finishes.

Build in a buffer to your budget

Overage costs may be included in the estimates provided by contractors. Having this in place ensures that the unexpected — which may and will happen — is covered. Overages typically account for 10-15 percent of the total project cost. (Sweeten recommended that the renovator set aside at least 10-15 percent of the bid amount as a reserve as well.) Don’t be surprised by the numbers, though; the benefit of hiring a general contractor is that you can get everything done in one place. Working with a contractor takes care of almost all of the trades that are necessary for the project.

Chicago-based Sweeten contractor Brad advises being practical about the amount of money you have available.

“It’s impossible to buy a $100,000 ring on a $5,000 budget.” First and foremost, establish a contract with your contractor; they are familiar with price. “Add an additional 15 percent to account for unforeseen circumstances.”

Average cost of a kitchen remodel in Chicago

A usual beginning point is $22,000 based on a 100-square-foot kitchen, which is considered standard. A kitchen makeover costs an average of $31,004 for a 200-square-foot space, according to the Cost vs. Value Report published in 2021. This translates into stock cabinets, hardware, and worktops, as well as the replacement of old appliances with modern, more energy-efficient models.

Mid-grade kitchen renovation costs

Sweeten has discovered that a 100-square-foot space at this finish level can be had for as little as $30,000 in the market. According to the Cost vs. Value Report, an average of $81,820 will be spent on a kitchen with 200 square feet. Among the features are custom lighting, updating 30 linear feet of semi-custom wood cabinets with new countertops, an island measuring 3 x 5 feet, a double-tub stainless steel sink with a single-lever faucet, garbage disposal, built-in dishwasher, an energy-efficient range with a vented hood, a built-in microwave and a dishwasher, and brand new flooring.

High-end kitchen costs

According to what Sweeten has seen, the beginning prices for a 100-square-foot room at this quality level are expected to be $37,500. According to the Cost vs. Value Report, the starting price for a kitchen with 200 square feet is $160,000. High-quality bespoke cabinets with internal details like as partitioned drawers, pullout shelves, pop-up and down storage, stone, quartz, or porcelain counters, and a stone or imported tile backsplash are standard. Also included are bespoke lights, under-cabinet lighting, hardwood, stone or porcelain flooring, and standard high-end appliances.

The cost of cabinetry alone, he explains, may go into the hundreds of thousands of dollars.

Average bathroom remodel costs in Chicago

A beginning cost of $15,000 to $20,000 for a 35-square-foot area with budget-friendly finishes from large box shops such as Walmart, Home Depot, Menards, and Lowe’s might be a reasonable starting place. It will be necessary to install piping, electrical insulation and exhausts as well as rectify misaligned walls and floors due to the nature of the work being performed in a damp space.

Mid-grade bathroom remodel costs

The cost of a makeover for a 35-square-foot area will start at $21,000. According to the Cost vs. Value Report published in 2021, the average cost for this sort of project is $27,570 dollars. An integrated medicine cabinet, conventional toilet, solid-surface vanity counter and porcelain tub are all included in this price.

High-end bathroom remodel costs

The normal cost for this level of finish begins at $28,500 for 35 square feet of space. According to the 2021 Cost vs. Value Report, the average renovation cost for a high-end project is $82,838 when based on a bathroom that is more than 200 square feet. New ducting, radiant heated flooring, bespoke cabinets, a separate shower, a freestanding tub, and custom lighting are all included at this level.

Costs for a master suite addition

At this finish level, the usual cost for 35-square-feet begins at $28,500. An average renovation cost of $82,838 for a high-end project, based on a bathroom larger than 200 square feet, according to the 2021 Cost vs.

Value Report is cited by the report. It has new ducting and radiant heated flooring as well as bespoke cabinets and a separate shower and freestanding tub. Custom lighting is also included.

High-end master suite addition costs

According to the 2021 Cost vs. Value Report, the cost of a 32′ x 20′ master suite with a separate sitting area and a spacious master bath over a crawl space is approximately $553 per square foot or $359,232. Custom shelving and built-in storage, as well as a walk-in closet and dressing room with windows, are all included in this type of renovation.

Basement renovation costs in Chicago

A beginning budget for a basement is around $100 per square foot. Renovation expenses range from $40,000 to $60,000 on average, with the lowest cost being $40,000 for a bathroom with a shower. Flooring options include a wide range of materials such as laminate, vinyl, engineered wood, porcelain tile, and stained concrete, to name a few. If you want to go to the extreme, a $75,000 project might include a 5′ by 8.5′-foot bathroom with a shower, a wet bar, and flooring in a 20′ by 30-foot total area of 20′ x 30′.

Consider the current state of the area, if new plumbing lines need to be placed or relocated, whether new water service is necessary, and whether bracing is required to eliminate structural supports in the centre of a space before proceeding.

In order to raise the ceiling, it is necessary to dig out the foundation and put in concrete underpinnings.

It is necessary to install a perimeter drain tile system (repaired or extended).

Chicago remodeling costs for permits

The permission procedure for remodeling differs from Chicago to its suburbs, with each village or town’s governing body defining the standards and costs for their own projects. Permits in Chicago are obtained through the Building Department, which is a government agency. The problem that unites them is one of safety and conformity with construction rules. Permits for renovation cost $30 every $1,000 of construction in Winnetka, whereas permits for new building cost $1.30 per square foot of new gross area.

  • Construction permits in Hinsdale are calculated on a two percent of the total construction value basis.
  • The city of Chicago requires that applications for construction permits contain architectural drawings, as well as the names of all licensed contractors—plumbers, electricians, and HVAC contractors—in order to be approved (usually supplied by the general contractor).
  • However, a whole house redesign, including a significant kitchen and/or bath, should cost at the very least $1,500 to $2,000.
  • For simple projects that do not necessitate the use of architectural drawings, there is also an Easy Permit Program (usually available the same day).

Zonda Media, a Delaware corporation, was established in 2021. Detailed information from the Cost versus. Value Report for 2021 may be obtained for free at www.costvsvalue.com.

Find expert Chicago general contractors near you

We’ll link you with various verified general contractors who will offer you with quotes for your remodeling, and we’ll assist you in evaluating those bids. The Sweeten team will also follow up with you until the project is complete. As soon as you and your general contractor come up with a realistic budget, you’ll be well on your way to enjoying the ideal place you’ve always desired. Make sure you understand the HOA (Homeowners Association) costs before you acquire a condominium, cooperative, or detached property.

Sweeten Stories is a site that provides ideas and inspiration for home renovations.

How much does it cost to remodel a house in Chicago?

Kitchens and bathrooms, for example, will cost more to renovate than dry rooms in any makeover since they have plumbing.

Chicago residents on a tight budget might consider shopping at big-box retailers to save money, while those with larger incomes may want entirely customized features or products acquired from other countries.

A budget-level kitchen makeover in Chicago would likely cost between $22,000 and $31,000, according to the National Kitchen and Bath Association.

For a fully-custom, gut-renovated area with premium finishes, the cost of a luxury kitchen makeover in Chicago might range from $80,000 to $160,000.

The cost of a 5′ x 7′ Chicago bathroom with budget-level finishes will range from $15,000 to $20,000.

A tiny (35 square foot) high-end bathroom redesign may cost as little as $30,000, but bigger bathrooms (about 200 square feet) could easily cost as much as $100,000 or more.

What Is the Average Cost to Gut and Remodel a House?

Fixer-uppers might appear to be a lucrative and enjoyable investment prospect for do-it-yourselfers and potential real estate investors. The opportunity to demonstrate your handy-fix-it abilities while also making a profit in the process? What could be better than that? However, fixer-upper houses are not always what they appear to be—and in order to assure a return on your investment, it’s critical to understand the entire breadth of expenditures you’ll spend as well as the amount you’re likely to recuperate long before acquiring the property in question.

The graphic below illustrates a breakdown of remodeling projects, how much they may cost on average, and the typical return on investment you might anticipate.

Kitchen

When it comes to gutting and remodeling a house, the kitchen is almost always the most expensive room to renovate. According to HomeAdvisor, the average cost of a kitchen remodel is more than $25,000 dollars. Cabinets, hardware, worktops, and flooring are frequently the most expensive elements in this space, with higher-end products like as EnergyStar appliances and bespoke cabinetry adding additional expenses to the ledger. Recouping between 53 percent and 77 percent of the cost of the renovation depends on the degree of the work done, with larger returns on less extensive work being the rule rather than exception.

Bathroom

According to the scale of the job, a bathroom redesign might cost anywhere from $4,100 to $55,000. The materials, fixtures, and hardware you pick for your bathroom makeover will have a significant impact on the overall cost of the project, with things such as quartz worktops, jetted tubs, and bespoke wood cabinets commanding a premium. According to the National Association of Realtors, on average, bathroom remodels provide a resale value of around 58 percent of the original expenditure.

Roof

According to the scale of the job, a bathroom redesign might cost anywhere between $4,100 to $55,000. Material, fixtures, and hardware choices have a significant impact on the overall cost of a bathroom renovation, with high-end options such as quartz countertops, jetted tubs, and custom wood cabinets commanding a high price. According to the National Association of Realtors, bathroom remodels typically generate a resale value of approximately 58 percent of the cost.

Siding

The cost of replacing or installing vinyl siding on a home ranges between $6,100 and $16,000, according to HomeAdvisor’s estimates. It is typically priced at around $7.50 per square foot of protection. Siding alternatives that are thicker and more stylized may be more expensive. There are a variety of additional siding options available, however wood and fiber cement are often the most expensive. According to the National Association of Realtors, vinyl siding installations generate an average return of 83 percent on investment.

Doors and Windows

Installing new doors and windows throughout a house can add thousands of dollars to the ultimate cost of construction. Full-house window installation costs approximately $6,000 on average, with larger windows commanding a higher price. Doors, on the other hand, might cost upwards of $1,000 for a single door. Exterior doors are more expensive than interior doors, as are doors constructed of solid wood, beveled glass, wrought iron, and other high-end materials. Solid oak, beveled glass, wrought iron, and other high-end materials are also more expensive.

Other Considerations

There are a number of charges that are sometimes disregarded that might have an influence on your overall remodeling costs as well. Typically, labor is the most expensive. Contractors, plumbers, electricians, engineers, and other specialists all charge a fee, which is often based on an hourly basis.

According to HomeAdvisor, costs for plumbers normally range from $70 to $120 per hour, while structural engineers might charge $300 or more per hour, depending on their experience. Some of the expenses you’ll want to factor in are as follows:

  • Building permits: A permit from the local building authority is required for many renovation projects. There may be an application cost associated with them, and you may be required to get numerous permits for different improvements across the home. Extending or removing walls: Changing the layout of your home might result in substantial cost increases for the project as well as time delays. Costs associated with relocating (or removing) load-bearing walls or walls in which plumbing, electrical, or mechanical systems are contained are often greater. Appliances: Replacing and installing appliances can raise the overall cost of your remodeling project. Stainless steel appliances, as well as energy-efficient models, will often be more expensive. Choosing the right flooring: Flooring costs can range widely and are heavily influenced by the size of the space as well as the type of material you select. Carpeting, for example, can be installed for as little as $3.50 to $11 per square foot, whereas higher-end floors, such as a beautiful hardwood, can cost as much as $22 per square foot.

Any modifications to the HVAC system on the property will result in an increase in project costs. A new air conditioning unit costs an average of $5,600 or more, while new blown-in insulation costs an average of almost $1,500 per square foot. The cost of installing a solar-powered system in a home runs roughly $24,000 in total.

Getting the Most From Your Remodel

Some renovation work can increase the worth of your house (as well as your profits if you decide to sell the property) more than others. Make sure you choose your renovation tasks properly so that you can get the most value out of your money and time. According to the “2020 Cost vs. Value Report” published by Renovation magazine, the remodeling projects with the best return on investment are as follows:

  • A minor kitchen remodel (resale value of $18,206 / cost recovered: 76.7 percent)
  • Replacing old fiber-cement siding (resale value of $10,731 / cost recovered: 74.7 percent)
  • Adding stone veneer siding (resale value of $8,943 / cost recovered: 95.6 percent)
  • Replacing your garage door (resale value of $3,491 / cost recovered: 94.5 percent)
  • Adding stone veneer siding (resale value of $8,943

Other high-return improvements include replacing old windows with new ones, building a wood deck, and replacing your front door. In the event that you are unsure of which projects will provide you with the most return on your investment, try consulting with a local real estate agent about the features and facilities that local homebuyers are searching for in a home.

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