Homeowner's budgeting guide: Estimating home repairs & renovations

by Bill and Aby Brooks, REALTORS® 02/12/2023

When estimating home repairs and renovation costs, many homeowners wonder what to include in their budget. After all, even a home in perfect condition might eventually need repairs. Tastes change and new ideas emerge which might necessitate a dramatic change in layout or aesthetic.

Whatever the reasons for a remodeling project, it’s important to know how to budget for it. If you’re interested in budgeting for the future of your home, here are some things to consider:

How much will it cost to renovate an entire house?

Depending on a number of factors, a full home renovation can cost anywhere between $15,000 to $200,000. While some cost is based on the overall value of the home, other determining factors include location, materials used, square footage and the need for structural or cosmetic upgrades.

What are the most common home remodeling projects?

The most common types of home renovation and remodeling projects fall into these categories:

Minor or complete kitchen remodel.
Minor or complete bathroom remodel.
Building an additional room.
Exterior remodeling.

The difference between a “minor” or “complete” remodeling project depends on the scope of the changes you make to the space. For example, installing energy-efficient kitchen appliances without doing any major construction could be considered a minor remodeling project.

Bathroom remodel costs depend heavily on whether they involve structural changes to major systems like plumbing or electricity. Replacing the vanity or light fixtures, for instance, could count as a minor remodel.

What are the most expensive home repairs?

Unfortunately, not all major renovation projects are planned or even wanted. Whether through natural wear and tear, weather hazards or other issues, expensive repairs to major features and systems can sneak up on homeowners.

Some of the most common and most expensive repairs include:

Foundation repair.
Roof repair or replacement.
Water heater repair or replacement.
Damage repair from termites or flooding.

All of these major projects come with preventative maintenance and best practices for avoiding them. However, if you want to be as financially prepared as possible, consider shopping around for quotes in your local area to get a sense of what each project could cost.

While the details and scope of an issue can affect the price, the more information you have about estimated home repair and renovation costs, the more you’ll be able to enjoy your home.

About the Author

Bill and Aby Brooks, REALTORS®

Aby’s understanding of excellent customer service stems from her extensive professional background. Prior to earning her real estate license in 2005, along with her college degree that focuses on business and engineering, Aby was the head of purchasing, inventory and quality assurance for an OEM medical and aerospace manufacturing company. Known by her clients and fellow realtors for her tenacity, honesty, integrity, and attention to detail, as a full-time realtor, she is also appreciated for her quick response to her client’s needs. Aby has been an avid horse rider and owner since the age of eight, with her husband Billas a local firefighter/EMT they are very active within the community. Bill served as a US Army Airborne Ranger in 75th Ranger Regiment, he is a combat-wounded veteran who was awarded a Purple Heart. Bill's background as facility Manager for an International metals company and as a firefighter/EMT gives him the experience, attention to detail and the desire to go above and beyond to serve his customers. The Brooks' serve on the board of a local non-profit (501c3) that gives back to the veterans, first responders and their families. The Brooks family resides on their small ranch in Manatee County. Aby& Bill excel in all types of real estate and their passion is helping people. “We genuinely like people, growing up in Sarasota and Manatee counties and now raising our own family here, it is an absolute pleasure to share our growing area with newcomers and reminisce with longtime residents. Our area has so much to offer and it is our business to help folks buy and sell their own piece of paradise.”