Renovation – Costs Involved

Renovations can be a costly exercise, which may eventually yield higher returns, but at the outset, funds and resources would have to be collected to meet the costs involved. Renovation can be done at a small or large scale, as cosmetic refurbishing or structural improvement, and the extent will determine the exact costs involved. Renovation costs may also be the deciding factor for the changes planned, and these vary from a few thousands to the equivalent of the value of the property.

Costs are the sum total of material used, labor, time and market conditions, and the variations will come in terms of efficiency and economizing on unnecessary additions.

Renovation costs depend on the following:

  • The extent of the renovation-whether the whole structure is being changed or some parts of it.
  • The size of the property- This defines the total area to be renovated and hence the cost.
  • The materials used- With a vast materials market, there is a phenomenal variety of materials available for floors, walls, paints, and other home related materials. Selection of these depends on the budget allocated and affordability, and these can be the biggest factor responsible for cost escalations.
  • The geographic market for purchases- Large metropolitan cities or remote locations will have expensive materials and labor which will increase costs, while smaller towns, central location will bring the costs down.
  • The type of finish- This can make all the difference to the renovation bill. Finish includes the wall textures, paint, exteriors and so on.
  • Periphery and surroundings- The surroundings may require landscaping, fencing, or tiling, and the amount of work will affect the cost.

List of costs involved

While the list of costs to be incurred in renovation of a property can be endless, some of the major costs include the following:

  1. Roof repair and renovation
  2. Exterior wall repairs
  3. Construction of a deck or patio
  4. Driveway and fencing
  5. Landscaping
  6. Garage and additional car park
  7. Doors and windows
  8. Railings and staircase
  9. Bathroom and fittings
  10. Kitchen and fittings
  11. Floor change
  12. Breaking walls and remodeling rooms
  13. Internal painting and polish
  14. Children’s play area
  15. Swimming pool
  16. Additional wood work
  17. Changing plumbing pipes in case they are old
  18. Changing electrical wiring
  19. Architect’s fees
  20. Interior designer’s fee
  21. Costs for removal of debris and fixtures removed
  22. Cleaning service at the end of the renovation

Renovations can be an expensive proposition if all these are incorporated. Some costs can be saved by doing them yourself. For instance, interiors can be completed and renovated by getting ideas online or from magazines and incorporating them, and if structural changes are not needed, an architect’s fee can also be saved. Again, minimal remodeling is a big saving in total costs and helps to save time as well. Finally renovation involving going green, can save costs in the long run since operating expenses fall with environmentally friendly, energy efficient products being used, and these will add to the property’s value.

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