If you are thinking about doing a home renovation, whether it’s a major overhaul or just a few cosmetic changes, there is a lot you need to know. A major home renovation project can cost anywhere from $20,000 all the way up to $500,000. If you live in New Jersey, check out our cost breakdown for a full project budget.
Factors That Affect Home Renovation Costs
When it comes to home renovations, there are a number of factors that can affect the price. Consider these factors when planning your renovation to get an idea of what it might cost:
Size and Scope of the Project
If you’re planning a major renovation, such as adding an addition to your home or redoing the entire first floor, the cost will be higher than if you’re simply updating a few rooms. The size of the project is one factor that determines how much it will cost. The more rooms you plan on covering in the project, the more work needs to be done, and the more expensive it will be. If you’re adding an addition with new rooms and renovating existing ones at the same time, that’s another factor that drives up the cost because there are more materials involved in this type of project than just changing out some cabinets or painting walls in existing spaces.
Materials Used
The materials used in your renovation also affect how much it costs. Higher-quality materials tend to cost more than lower-quality materials because they’re built to last longer and look better when installed correctly. If your budget is limited, consider using lower-cost materials that look and feel similar to their more expensive counterparts. For example, instead of using hardwood flooring that costs $10 per square foot, consider using laminate flooring at $5 per square foot or engineered oak at $7 per square foot instead.
Level of Customization
The more customized your home renovation is, the higher your expenses will be. Many homeowners want to customize their home renovations by adding features not included in the original design plans. This may require additional materials and labor costs, increasing your overall expenses for a project.
Location of the Home
Finally, the location of the home can also impact the cost of a home renovation project. Home renovation costs in New Jersey will be higher than in other parts of the country due to higher labor and material costs.
Average Home Renovation Costs in NJ
So, how much can you expect to spend on a home renovation project in New Jersey? The answer, of course, depends on the specific project and your individual needs and preferences. However, here are some general guidelines for average home renovation costs in NJ:
Kitchen Remodel
A kitchen remodel is one of the most popular and expensive home renovation projects. The average kitchen remodel cost in NJ is around $25,000 to $75,000.
Bathroom Remodel
A bathroom remodel is typically less expensive than a kitchen remodel but can still be a significant investment. If you plan to remodel your bathroom with a budget, it will cost you around $16,000. For a high-end renovation, expect to pay anywhere between $30,000 and $40,000.
Home Addition
A home addition is a major renovation project that can add significant value to your home. The average home addition cost in NJ is $48,000, which can add up to $106,920 if you want to add a master suite to your house.
Basement Remodel
A basement remodel is the best way to add extra living space to your home without paying so much for it. A basic basement remodel in NJ starts from $75,000.
Tips for Saving Money on Home Renovation Costs
While home renovation projects can be expensive, there are ways to save money without sacrificing quality. Here are some tips for saving money on home renovation costs:
- Set a realistic budget and stick to it
- Shop around for the best deals on materials and labor
- Consider doing some of the work yourself, such as painting or demolition
- Focus on the areas of your home that will add the most value
- Consider financing options, such as a home equity loan or line of credit
Final Thoughts
When deciding on a renovation project for your NJ home, it’s important to consider all options thoroughly. Be sure to think about the intended result of the renovation and how you want your home to look and feel afterward. You will also want to do some research while hiring your home Building contractors; this way, you can ensure the quality of work you receive meets your expectations and your budget.
