A home renovation can be an exciting prospect! However, home renovations in Calgary can be complex, demanding, and require a significant investment. Depending on your plans for your home, you might need a large budget. An experienced home renovation contractor can go over your goals and help you determine an appropriate budget for your specific project.
Many factors play into the cost of a home renovation. The size and scope of the renovation matter, determining the amount of labour, materials, and permits involved. In addition, your home’s location, the contractor you choose, and market factors will all play a role. For example, inflation and soaring fuel costs might impact the cost of shipping and materials. Or, you might experience time delays due to supply chain issues. These are all things Kay2 Contracting can help you work out.
Before construction begins, Kay2 Contracting will review every factor and provide a free estimate that meets your needs and budget. We ensure a transparent, honest, and detailed estimate.
Here are some things that can impact the cost of your home renovation in Calgary.
Size of the project
More expansive home renovations will be more expensive than smaller ones. For example, flooring products and installation are typically priced per foot. The larger your space, the more flooring you’ll need, and the higher the cost. Expect similar per-foot or inch pricing for countertops, cabinets, baseboards, painting, etc.
The scale of the project
The more complex the home renovation, the higher the cost. If you need to change the structural components of your home, the price goes up. That includes taking out walls, changing layouts, and home additions. These cost more because your electrical, plumbing and mechanical systems might also need moving or retrofitting. Retrofits to these systems are costly as you’ll need certified tradespeople to do the work, and it’s time-consuming.
Structural changes or home additions will require additional permits and work from interior designers and professional architects. Your renovation company will include these extra fees in your estimate.
Age of your home
Unfortunately, older homes often cost more to renovate. Older plumbing and electrical systems, building supplies, and methods will likely need upgrading. For example, you might discover you have asbestos tile in the basement that needs professional abatement. Or, your electrical system might require upgrading to comply with the current code and meet modern electrical needs. New homes might not have these additional costs to consider.
Hiring a reputable and experienced general contractor for your home renovations in Calgary will cost more than hiring a handyman who does renovations on the side. It certainly will cost more than doing the work yourself. However, spending the money to hire skilled and certified professionals is always a good investment. It ensures building code compliance, safety, efficiency, and longevity. When you cheap out on labour, you’ll often find issues down the road or the need for premature replacements. But, when you hire RenovationFind Certified Home Renovation Contractor in Calgary, you know you’ll get high-quality work and service.
There might be some things you can do yourself to help cut costs. Doing things yourself requires skill and time, which not every homeowner has. However, your general contractor can make suggestions that can help reduce costs. For example, you can take care of prepping a room (taping plastic coverings on the floor) and cleaning up before the drywall crew comes in. That might save an hour or two on labour. Or, if you’re a great painter, you might decide to do the painting component yourself.
Materials you choose
Just like anything you buy, there is a significant price range for fixtures, finishings, and other renovation materials. For example, you can splurge on marble countertops or save with laminate look-alikes. Likewise, changing the layout of your kitchen with handcrafted custom cabinetry will cost significantly more than cabinet refacing.
Keep in mind the rising cost of some materials. In addition, rising fuel costs and supply chain issues can translate to higher price tags for the materials you want. Your contractor can help you price out materials that suit your needs. In addition, they can suggest where you can splurge and share where you can save. A reputable renovation contractor like Kay2 Contracting will also have solid relationships with suppliers, ensuring you get a fair price for your renovation supplies.
Additional costs should be included in your detailed estimate when doing home renovations in Calgary. For example, building permits, appraisals, and professional service fees will play into the final cost. You should also consider daily living costs if you have to stay or eat outside of the house during the renovation.
Every major home renovation should have a contingency fund. Most home renovations will have an unexpected cost you need to prepare for. For example, contractors might find faulty wiring behind a wall that needs replacing. To be safe, add 15 to 20% to your budget to pay for these unfortunate surprises.
How much do I need to budget for my home renovation?
While we can’t give you a specific dollar amount, there is data available to give you an idea of what you should budget for your home renovation. Most data provides estimates for the types of home renovations in Calgary you might do.
To make things easier, consider the total value of your home. You want to budget about 1% of your total home’s value for annual home maintenance and improvement. So, if your home is worth $500,000, you should set aside about $5,000 for repairs, maintenance, and upgrades each year.
How much does it cost to renovate my entire house?
The data provides a vast price range for renovating an entire house. This expansive range is due to many factors that play into home renovation costs. HomeAdvisor estimates the average house renovation costs between $18,000 to $77,000. However, significant remodels can cost up to $200,000 or even more. But, again, this depends on the size and scope of the project.
Ensuite: 25k to 35k plus
Main floor renovation: 70k-90k plus
Basement: 50k to 70k plus
Main floor addition: 100k-150k plus
Second story addition: 150k to 200k plus
Budgeting your home renovation per room
What about a specific remodelling project? These numbers (from the Appraisal Institute of Canada) provide the average percentage of your home’s estimated value that you should budget for renovating the specific area.
- Kitchen renovation: 15%
- Basement remodel/development: 10-15%
- Living room: 10%
- Mid-range bathroom renovation: 5%
- Master bedroom remodel: 12.5%
- Siding replacement: 5%
- Window replacement: 4%
- Landscaping improvements: 3%
- Roof replacement: 3%
Keep in mind that some home renovations will have a better return on investment than others. For example, a midrange kitchen renovation will recover 72.2% of its cost at resale. On the other hand, a master suite addition will only recoup 54.7%. Those return on investment percentages is from Remodelling’s most recent cost vs. value data.
Contact Kay2 Contracting for a detailed estimate
If you’re interested in home renovations in Calgary or Edmonton, contact Kay2 Contracting. We’ll discuss your plans and goals and provide a detailed estimate for your specific project. We are a RenovationFind Certified Home Renovation Contractor in Calgary. That means we have a proven reputation for transparency, honesty, high-quality workmanship and genuine customer service.