Money is obviously at the forefront of every homeowner’s mind when it comes to making renovations, but figuring out just how much one will cost you can be a bit tricky. While home renovations will definitely have an upfront cost, that’s just part of the story—many times updates will increase a home’s value, and these amounts should be factored into the calculations as well. If you’re contemplating a Tampa renovation, but are unsure about how much it will set you back, use this quick guide to help estimate costs.
Determine Your Expenses
There’s no way of determining exactly how much a renovation will cost you without actually purchasing materials and hiring a crew, but there are some useful guidelines that can help you come up with a ballpark figure.
For example, adding a garage onto your home can cost anywhere from $6,000 to $15,000. Obviously if you want something simple you can safely assume that your costs will be on the lower end of the spectrum, but expenses can rise quickly and possibly exceed this estimate. The best way to calculate expenses is to look for prices on renovations similar to the one you’re planning. Once you have collected this information, ask for estimates from contractors to see how closely their prices match your expectations.
Determine the Value of the Renovations
There are a couple factors to consider when determining what value a renovation brings to a house. First, think about what was actually done. For example, in the case of adding a garage, you’re creating a structure where there was no previous structure. In cases like these, the value should be close if not identical to what you spent on them.
If you’re replacing something, the cost of what you’re replacing needs to be factored in. If you’re tearing down an old garage valued at $10,000 and replacing it with a new one that costs $15,000, then that’s a net gain of only $5,000—not $15,000.
Are you interested in a home renovation in Tampa and have questions about the cost? Call Rossi Construction today at 813-436-0177.