Renovation Contractors

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Commonly Asked Questions about Renovation Contractors

What is a remodel vs renovation?

Definitions. Technically, a renovation and remodel are defined differently. While a remodel changes the form of something (like adding a new shower to an existing bathroom), a renovation focuses more on restoring something old into good repair (fixing up a creaky floor, for example).

How do I figure out how much to spend on a renovation?

You dont want to spend more than 10 to 15 percent of your homes value on a single room. If you spend more, the value of the renovation will not proportionally add to the value of your home. For example, if your home is worth $100,000, the maximum you should spend on a kitchen or bathroom renovation is $15,000.

What is a remodeling contractor?

A design-build contractor or remodeler takes care of all the tasks under the design phase AND the construction phase of a remodel. This means the architectural or structural design plan as well as interior selections and finishes are planned out by the same professional who executes that plan.

What is it called when you remodel a building?

Renovation (also called remodeling) is the process of improving broken, damaged, or outdated structures. Renovations are typically done on either commercial or residential buildings.

How to estimate renovation costs in NYC?

What is the average cost per square foot for a home renovation in NYC? The average cost per square foot can vary depending on the type of renovation youre doing. ing to Brick Underground, a basic gut or non-gut renovation costs $100 to $200 per square foot on average, including labor and materials.

How do you determine the value of renovation costs?

Say you recently purchased your house for $450,000, and youre remodeling your kitchen. Your estimate from the contractor for the project is $50,000. To estimate your home value with improvements, a renovation value calculator will use this formula: Your estimated ARV would be: $450,000 + (70% x $50,000) = $485,000.

What is the rule of thumb for renovation costs?

While a variety of factors impact a projects cost, you can use a rule of thumb to get a general idea of the required budget. Remodeling experts estimate a kitchen renovation costs around 15% of your homes value. So, if your home is valued at $200,000, the budget for an updated kitchen is approximately $30,000.

How much does it cost to renovate a one bedroom apartment in NYC?

The cost for a gut renovation vs. For example, in a 700-square-foot, one-bedroom apartment, a renovation will come in around the $50,000 to $70,000 range, while a gut renovation will likely exceed $100,000.