Homeowner's budgeting guide: Estimating home repairs & renovations

When estimating home repairs and renovation costs, many homeowners wonder what to include in their budget. After all, even a home in perfect condition might eventually need repairs. Tastes change and new ideas emerge which might necessitate a dramatic change in layout or aesthetic.

Whatever the reasons for a remodeling project, it’s important to know how to budget for it. If you’re interested in budgeting for the future of your home, here are some things to consider:

How much will it cost to renovate an entire house?

Depending on a number of factors, a full home renovation can cost anywhere between $15,000 to $200,000. While some cost is based on the overall value of the home, other determining factors include location, materials used, square footage and the need for structural or cosmetic upgrades.

What are the most common home remodeling projects?

The most common types of home renovation and remodeling projects fall into these categories: 

• Minor or complete kitchen remodel.
• Minor or complete bathroom remodel.
• Building an additional room.
• Exterior remodeling.

The difference between a “minor” or “complete” remodeling project depends on the scope of the changes you make to the space. For example, installing energy-efficient kitchen appliances without doing any major construction could be considered a minor remodeling project.

Bathroom remodel costs depend heavily on whether they involve structural changes to major systems like plumbing or electricity. Replacing the vanity or light fixtures, for instance, could count as a minor remodel.

What are the most expensive home repairs?

Unfortunately, not all major renovation projects are planned or even wanted. Whether through natural wear and tear, weather hazards or other issues, expensive repairs to major features and systems can sneak up on homeowners. 

Some of the most common and most expensive repairs include:

• Foundation repair.
• Roof repair or replacement.
• Water heater repair or replacement.
• Damage repair from termites or flooding.

All of these major projects come with preventative maintenance and best practices for avoiding them. However, if you want to be as financially prepared as possible, consider shopping around for quotes in your local area to get a sense of what each project could cost. 

While the details and scope of an issue can affect the price, the more information you have about estimated home repair and renovation costs, the more you’ll be able to enjoy your home.