What Is A Typical Budget For Remodeling A Home?
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How much is a large-scale home remodel going to cost you?
The most common answer you will hear is: it depends.
Our answer: it depends… on your budget and the size of your project.
But let’s take a few moments to talk about what a typical budget looks like if you are considering large-scale remodeling as a viable option to upgrade your home.
First and foremost, when compared to selling and buying another home or building a brand new home, remodeling takes first place in cost efficiency compared to other options.
For a similar space, a remodel is generally going to cost less than a brand new construction home while stretching your money the most since there are so many aspects within your existing home that can be saved and built upon.
Typical budgets for custom home remodeling at BrightLeaf usually start at $150K. Keep in mind that home remodeling and renovations not only add to your ability to enjoy your home, but they also often add resale value and equity. You can expect anywhere from 40% to 80% return on most remodel projects.
Remodeling & renovation projects we are referring to would be:
- Completely renovating a basement
- Redoing the full first floor of home; that can include a new kitchen, a new bathroom, new floor coverings, etc.
- Full second story addition
It’s now becoming more accepted that a home needs to serve multiple purposes, from an office and classroom to a gym and resort. There is also increasing interest in bringing extended family members together under one roof, especially older adults.
75% of homeowners say their home renovation budget for 2020 has remained the same if not increased from last year.
Interested in learning more about your remodeling options and what makes sense for your specific budget? Click here to schedule an appointment with a BrightLeaf Remodeling Home Consultant.