How Much Do Home Renovation Contractors Cost?
Any major home addition or remodel can be unsettling for homeowners, especially if it's your first time. This is why finding professional home renovation contractors or residential contractors for your project is so important. Before you begin, it is highly advisable that you have a solid project outline and know exactly what you need to have done.
Large and extensive home addition projects will require the expertise of a contractor. Below we will discuss the costs associated with home additions, hiring contractors, and just how much they can benefit you and your new project.
Do I Really Need a Home Renovation Contractor?
Quite often people will hire a renovation contractor when they don't actually need one, and of course, there are people who don't hire when they really do need one. Answer yes to any of the following questions and you should probably consider hiring a home renovation contractor.
- Is your renovation going to take longer than a week to complete?
- Do you intend on doing any electrical, plumbing, or building modifications?
- Do you require building permits?
What Do Home Renovation Contractors Do?
Home renovation contractors are there to handle all aspects of major home remodels. This will include hiring subcontractors, supervising construction, acquiring building permits, ordering of building supplies, and inspections. They will hire also be able to hire subcontractors such as electricians, plumbers, builders, and carpenters.
Home renovation contractors are there to be the main contact or middle man, between the homeowners and subcontractors, during the renovation. They communicate the homeowners needs, ideas, and concerns to the relative subcontractors. Most important of all, they will ensure that the work is completed on time, and not only in accordance with local building codes, but your specifications too.
Before you hire just anyone to begin your home renovation, it is highly recommended that you compare quotes from multiple home renovation contractors. This way you can get a feel for a contractor that would best suit your project vision as well as your pocket.
How Much Will It Cost To Hire a Home Renovation Contractor
The cost to renovate your home with the help of a knowledgeable, deadline driven contractor is not as straightforward.
Quite often subcontractors will charge higher fees per hour when collaborating directly with homeowners on a large renovation project. Contractors also purchase supplies in bulk which is cheaper than what most homeowners normally have to pay. They add anywhere from 10-20% markup onto these supplies in order to cover overheads.
How Can I Calculate My Cost?
Generally, contractors will add a markup to a project's overall cost to cover any additional fees they incur. The average markup that professional home renovation contractors charge comes in at around 1.5 x ( one third ) of the overall cost of the project. So, for example, if your particular project costs a home renovation contractor $12,000, they will charge you around $18,000 in total. ( $12,000 x 1.5 = $18,000).
Cost Breakdown
There is no home renovation cost or size that fits all. Each project is unique and will require a certain level of professional expertise. Consider the following common home renovation projects, their related average costs, as well as home renovation contractor costs for each.
| Description | Average Total Cost of Project | Contractor Charges |
|---|---|---|
| Remodel a Bathroom | $9,300 | $4,650 |
| Remodel a Kitchen | $20,300 | $10,150 |
| Remodel a Basement | $18,600 | $9,300 |
| Build a Home Addition | $40,900 | $20,450 |
| Major Renovation of Multiple Rooms | $35,600 | $17,800 |
| Build a Garage | $24,600 | $12,300 |
| Build a Patio Enclosure | $15,200 | $7,600 |
Should a major home renovation cover all the above rooms, you will be faced with the age-old question of whether to remodel or build new. Nevertheless, to renovate all of the above in one project could sit at around $164,500. With the help of a home renovation contractor, this can increase the cost to $247,000. This may seem like a lot to some, but keep in mind that a serious renovation project is no small task, even for the most enthusiastic do-it-yourselfer.
If you are considering multiple rooms for your home renovation project, it won't come cheap. However, with a professional contractor you can get your project underway and save time and money by avoiding costly mistakes during the construction process.
DIY vs The Cost To Hire a Renovations Contractor
Doing your own home renovations can never compare to hiring a team of experts. Contractors can save you weeks and weeks of construction time and rescheduling. Nevertheless, here are some examples to compare the cost of hiring a contractor versus doing it yourself.
Bathroom Additions
- DIY bathroom additions can cost between $500 - $1,500 for the basic bathroom. Larger, more luxurious DIY projects may cost anywhere between $2,000 - $4,000.
- Having a professional convert an existing floor space into a bathroom can cost $3,000 - $6,000, depending on ease of access, size, fixture quality, and other amenities.
- Homeowner spend anywhere between $7,000 - $25,000 for a professional home renovation contractors installation with spa-like features, master baths, and foundation reinforcement.
- Should your contractor be required to add some floor space, you can expect to spend between $25,000 - $50,000 for an average 6 ft x 8 ft bathroom addition. For a bathroom with spa-like features of the same size, you're looking in the region of about $80,000.
Bedroom Additions
- DIY bedroom additions on existing floor space of 10 ft x 15 ft can cost anywhere between $200 - $5,000, depending on the extent of your project.
- A professional bedroom addition for the same size can cost between $7,500 - $50,000.
- To add additional floor space of this size, cost are between $3,750 - $7,500 for DIY addition.
- To add the same size professionally, costs come in anywhere between $7,500 - $22,500.
Family Room Additions
- A DIY family room built over existing floor space can cost between $200 - $5,000 depending on project complexity, material quality, and skill level.
- Hiring professional home renovation contractors will cost between $7,500 - $25,000 depending on size and what is included.
- Adding floor space for a 400 sq ft family room addition can cost $10,000 - $20,000 for DIY, and for a professional built addition of this size, around $30,000-$100,000.
Second Story Addition
- Building a DIY second story home addition of 1,500 sq ft can cost between $105,000 - $225,000.
- Hiring professional home renovation contractors for the same 2 story addition can cost as much as $225,000 - $450,000.
- Adding a deck can cost up to $1000 for materials and DIY, and $2,000 to hire someone to build it. A larger deck can cost between $4,000 - $25,000 depending on size and materials you choose.
How Much Will It Cost To Renovate My Home?
This is perhaps the question to ask when you are considering multiple rooms for your home renovation project. Determining exactly what it is you want to achieve with your budget is the key to seeing what's possible.
While there is no firm straight forward cost to renovate a home without getting a contractor in to assess your property, it is possible to compare your remodeling plans with a couple of averages on the most popular home renovation projects.
Remodelling magazine also offers some great insight into the return on investment you stand to make on your major renovations.
When it comes to the cost to renovate a home, there really is an infinite amount of possibilities. If you want accurate estimates on your dream home renovation, it would be best to contact a professional renovations contractor near you. Keep in mind that the type of home renovation and addition can significantly influence your overall price. Adding a kitchen or bathroom will require plumbing and electrical wiring that never existed before and will require a specialist contractor.
Get In Touch With a Professional
Are you looking to get in contact with a professional home renovation contractor near you for some advice and a more accurate breakdown of the cost of your project? We can connect you with local pros in your vicinity for a FREE estimate.
How To Get a Free Estimate
To get your 100% FREE, no-obligation estimate simply enter your home zip code below and a professional home renovations contractor will reach out to you for some assistance. Remember, there's no obligation to purchase, hire, or sign any contracts whatsoever.
