By sunny 
Many of you will want to know the future cost of refurbishing a home when you are viewing it. After all, this directly affects the final offer price of the home. If a house looks cheap but is expensive to refurbish, it may not actually be worth as much as one that is slightly more expensive but ready to move into immediately. Therefore, estimating the cost of refurbishing a home is a very important part of the process.
Although it is difficult for the general public to estimate as accurately as professionals, you can become a ‘semi-professional’ by using the following methods.
1, Comparison of similar renovations
This is the easiest and fastest way to budget for a renovation. You can ask your friends who have already renovated their homes, or look up the renovation costs of similar-sized homes on the internet. This method is quick and easy, but less accurate. Because even for houses with similar size and year, the cost may be very different due to different renovation plans.
2, List Calculation Method
If you have enough time, you may want to use the list calculation method. When you enter the house, prepare a pen and paper and record each detail of the desired renovation one by one, such as replacing the flooring, bathtub, cabinets, tiling the bathroom, etc.. When you get home, follow each item with an estimate and end up with a total price range. You can refer to several renovation websites for data, such as HomeAdvisor and CostHelper. This method is much more accurate than the previous one, but it may also take more time.
3, Sketch Consultation Method
Getting an engineer or construction team to estimate the renovation budget in person is the safest way to go. However, sometimes, their time may conflict with your viewing time. At this point, you can use the sketch consultation method. Draw a rough sketch of the layout and dimensions of each floor of the house, indicating the dimensions and quantities, and then send it to a professional engineer or construction team for estimation.
Based on the sketches you provide, the professional can find out specific information such as how much flooring needs to be replaced, how many lengths of walls need to be removed, and how much area needs to be painted, so that he or she can give you a preliminary quote.
What are the most expensive items in the cost of a home renovation?
Understanding the items that make up the bulk of your home renovation costs will help you plan your budget better. Here are a few items that make up a larger portion and require special attention, and they essentially account for more than half of the total renovation cost:
Replacement of hot water furnace and boiler
When purchasing a home, it is recommended to check the age of the boiler and hot water furnace. Typically, hot water furnaces last around 10 years and boilers may last up to 15 years. If both pieces of equipment in the house are nearing this age, then replacement may need to be considered. Typically, a boiler can cost upwards of $7,000 to replace and a hot water heater can cost upwards of $1,200 to replace. If both pieces of equipment are replaced at the same time, the cost could be in the tens of thousands of dollars.
Roof Renovation
Replacing a roof is usually a significant cost as well. But a new roof not only improves the appearance of your home and increases its value, it also solves problems such as roof leaks and attic moisture. Roofing materials vary in price. The most common asphalt shingle material has a lifespan of about 20 years and is relatively inexpensive, while brick roofs or slate roofs are much more expensive and can last upwards of 50 years.
In addition, the slope of the roof can affect the price of the renovation. Very steep roofs are more difficult to work on and are naturally more expensive. Typically, replacing an asphalt roof of around 1,500 square feet can cost upwards of $7,000 and sometimes upwards of $15,000.
Kitchen and Toilet Renovations
Kitchen and toilet refurbishments can be a bottomless pit, but good kitchens and toilets make a huge difference in the value of a home. Some people even say, ‘50% of what a house will sell for depends on the kitchen and toilets.’ The choice of cabinets, floor tiles, countertops, and bathtubs all affect the end result. Typically, kitchen renovations range from $8,000 to $25,000 and toilet renovations range from $2,000 to $7,000. Upscale kitchen and toilet refurbishments can even cost $50,000 or $100,000 or more.
Flooring Replacement
Flooring replacement is also a project that can add value to a home. The amount of money spent on flooring varies greatly depending on the material. Laminate flooring, which is more affordable nowadays, doesn’t have the 100% natural feel of solid wood flooring, but it is inexpensive and can be used in areas with a lot of moisture that solid wood flooring doesn’t do so well.
In terms of longevity, well-maintained solid wood flooring can last a lifetime, while laminate flooring typically only lasts a few decades. In terms of cost, replacing 1,000 square feet of laminate flooring can cost roughly $10,000 or less, while solid wood flooring varies greatly depending on the wood.
Asbestos Treatments
In New York City, asbestos reports are required for houses built before 1987. The law states that if there is asbestos found in a house, a licensed asbestos treatment company must be hired to take care of it. Asbestos disposal is very expensive, moving into the tens of thousands of dollars. Therefore, when designing and constructing a house, we often advise that if there are areas of asbestos found in the house, they should be left untouched if possible. If there were plans to remove or pierce those areas, find a way to change the design to save the budget.
Replacing Windows and Doors
Replacing windows and doors can also be a significant cost. This is because the average house has a good number of windows and doors. If a house needs a dozen or more windows and doors replaced, the cost could range from $5,000 to $6,000 or more.
Cost of Paint
Paint may not seem like a high price per unit, but often the entire house has to be painted, and it’s a large area. The average house of about 1,000 square feet often has more than 2,000 square feet to paint because the ceilings and all four walls have to be painted. It can also cost $4,000 to $5,000 with regular paint and can cost over $10,000 with high end paint.
Junk Removal
Don’t overlook this hidden cost. During the renovation process, we tend to remove quite a bit of junk. In New York, construction debris removal is also an expense. Dump trucks here typically come in 20 and 30 yard capacities. One load of junk may cost you $700 to $800. So, if there is a lot of demolition inside the house, the cost of the junk could be $7,000 to $8,000.
Drawing Application and Building Department Approval Fees
Lastly, don’t forget that you need to draw and file a drawing application to get a permit to start work before you start renovating. If you start work without a permit, you will be subject to tickets, fines and stop-work orders from the building authority, which will be recorded and have an impact on the sale of the property in the future. This fee will cost you another $3,000 to $6,000.
Hopefully, this article has helped you better understand the cost of home renovations so you can make more informed decisions when buying or renovating a home.