The renovation costs can be reduced if you are careful during your budgeting process.
First, when calculating the cost, opt for high quality materials that will favour a sound return on your long-term investment. Secondly, always add an additional 10% to 15% to cover unexpected expenses. As a rule, the higher the size of your project, unexpected costs will undoubtedly be higher! It is essential to accord particular attention to this initial phase before you proceed to the renovation work.
A well-planned renovation project will increase the value of your investment by allowing you to generate a better return in the long-term at the least possible cost. As with all self-renovation projects, bad planning and faulty construction along with elements that are purely decorative accessories and superfluous will only add, needlessly, to the overall cost of the renovation without adding any real value to your home.
Should you opt for a new kitchen? If so, anticipate a cost of $8,000 to $15,000, without special extras. An alternative plan is an update renovation that generally includes new kitchen counters, cabinet doors and drawers, handles, and adding receding lights and new molding. The average cost: $3,000 to $5,000. A complete remake with new cabinets, an island, flooring, lighting, faucets and plumbing, ventilation, plaster and painting, and ceramic murals increases the cost between $20,000 and $25,000, excluding appliances.
The cost of accessories can easily represent, at least, 20% of the total cost of your project.
Real and hidden costs: Sometimes a project can hide traps or snares that can thwart even the most experienced people! You should include at least 10% more in your initial calculations for the cost of renovations.