It’s practically impossible for most homebuyers to get everything they want in an existing structure, but most of us have a list of priorities and must-haves, and so long as most of them are met we suck it up and take the house that comes closest to fulfilling our dreams. Luckily, there is a way to get closer to the home you want without going through the hassle and expense of buying land and building your structure from the ground up.
When you opt to renovate you can turn an old layout into a modern, open floor plan. You can get a gourmet kitchen or a spa-like master bath. And you can transform any badly-planned or executed space into a beautiful and functional room that meets your every need. However, you need to be careful when you opt to renovate; if you don’t pay attention the costs can quickly skyrocket. Here are a few of the main factors that will influence your expenses when you renovate your home.
Scope of work. The size and type of job you do will have a major impact on the associated costs of the project. For example, completely gutting your kitchen; expanding the space, moving the plumbing, and replacing cabinets, counters, fixtures, and appliances; is going to cost a lot more than simply making cosmetic changes like refacing the cabinetry and installing a new backsplash. Since the average person knows very little about the costs involved in remodeling, your best bet to get an idea of the projected costs of your planned renovations is to get bids from several contractors and ask about alternative options to get what you want while lowering costs.