02 Apr Difference Between Renovation & Remodeling
There are times when the terms of remodeling and renovating are used interchangeably. You should know that housing professional have different types of definitions. Both of these involve physical changes to property but the cost can vary and so does the type of construction involved. If you are looking at making changes, the important thing is look forward to is bathroom renovations and bedroom renovations.
If you are looking at revamping your home, purchasing a fixer-upper or flipping a property, you should know which category you belong to. This will help you in determining the cost and giving you an accurate estimate of the scope and the cost.
Main Differences Between Remodeling and Renovation
Renovations typically involve a kind of restoration work like repainting cabinets and walls, replacing hardware or fixtures, or even updating outdated and old features. Renovations are usually intended to revive a room or property and not just replace or change it. They may also add value to the home or listing before its sale. This means that renovations are smaller scale projects.
On the other hand, remodeling would include changes to the home’s structure and layout. Also, how they function is likely for the transformation of the property rather than just an update to the one or two rooms. They often involve dramatic changing in the use of space or several spaces at once.
Some of the common examples of renovation are repainting, refacing cabinets, installing new light fixtures and replacing windows. Also, you can consider updating appliances, adding new hardware, replacing tiles or flooring, and replacing outdated systems as renovation.
The examples of common remodeling projects include combining two rooms into one, installing a kitchen island, removing walls, raising ceilings or changing the layout of a room.
Remodel and Renovation Costs
Remodeling is more involved than renovations and hence they cost much more. You would also have to require more professional assistance than renovations from experts like architects, plumbers and much more. Additionally, remodeling would require permits which would add to the cost of the project.
Some of the major factors that you will have to take into account when gauging the costs of remodeling or renovation are materials, labor, contractor and consulting fees, permits, appliances, fixtures, cabinets, and hardware. Also, you will have to determine the size of the space being renovated or remodeled and the age and condition of the home.
You should know that home improvement costs anywhere between $18,500 to $75,000 for work on multiple rooms. Kitchen remodeling alone cost around $25,000 while bathroom remodeling is more affordable at around $6,000 for a 50 square foot area.
Deciding on the Best Option
The decision whether to renovate or remodel is entirely up to you. You will have to take into account your budget based on what you can afford and what costs it will cover, time based on how available are you and when do you want to complete the project and finally the goals of your property.
In case you are just looking to update a few aesthetic areas or increase the value of your home in time for sale then you can go for a quick renovation. But, if you are settling into a property for the long haul and you are not happy with the look and functionality then you should choose a remodel. Remodels may also mean less upkeep and maintenance down the line. You would be adding new fixtures and hardware to the current with the modern building codes and standards.
Selecting the Right Projects
Whether you are renovating your home or remodeling it, you should consider the potential return on investment. This is based on how you are looking to increase the property’s value or resale potential. Based on value report, you should that these projects give you the highest ROI and these include:
- Garage door replacement (97.5% compensated)
- Stone veneer siding addition (95.9% compensated)
- Minor kitchen remodel (80.5% compensated)
- Wood deck addition (75.6% compensated)
- Siding replacement (75.6% compensated)
- Steel entry door replacement (74.9% compensated)
- Vinyl window replacement (73.4% compensated)
- Fiberglass grande entrance (71.9% compensated)
- Wood window replacement (70.8% compensated)
- Composite deck addition (69.1% compensated)
- Asphalt shingle roof replacement (68.2% compensated)
- A mid-range bathroom remodeling (67.2% compensated)
You should choose projects that give you the best resale value like a master suite addition that adds more than $136,000 to your home’s value or a major kitchen remodel that adds $79,000. Also, bathroom renovations, additions and bathroom remodeling can also add a significant amount in value to your property.