Planning and Design

The Cost to Remodel a Home

If you’re like me you wonder how much it’s going to cost to remodel a home? That’s not an easy question to answer. Through out my remodeling project I kept track of all my reciepts and expenses. Luckily for you I have organized all my remodeling costs to give you an idea what it might take to get your home remodeling project going. This list is based on a total home remodel of a roughly 1000 sq/ft home with two bedrooms and a single bath. I saved money as much as I could by reusing  or restoring items. I saved big time on the kitchen by finding some very nice used cabinets that someone wanted removed from their home as they were installing new cabinets. The home was purchased in a gutted condition. This actually saved some time and a little bit of money. I had practically no outside labor to pay which kept my cost to remodel a home low. It required lots of sweat equity but what the heck , I was trying to make money remodeling a home – right?

Some things to think about.. I decided right off that if I needed a tool I was just going to go ahead and purchase it. I found that having the right tools available made my remodeling project go a lot faster and gave me good results.

My home remodeling cost list includes all tools, materials, services, heat/air and kitchen appliances that were used to get the home into move in condition. These prices were current in 2006 / 2007. Remember, that was right after hurricane Katrina which drove the price of building materials up. Just my luck! The cost today (2011) is about the same as back then. Maybe even cheaper in some cases. It’s crazy but I actually purchased my home back when the real estate market was hot and sold the home when market was low. Totally backwards but I was still able to make money remodeling a home. The potential earnings would have been even greater had I bought in a down market and sold in high market. That’s the way it goes..

Before the home remodel project was started

After the remodeling project was finished

 Home Remodeling Cost List

  1. Fasteners $900.96
  2. Lumber $4,463.53
  3. Electrical $3,196.14
  4. Plumbing $1,209.94
  5. Flooring $2,682.74
  6. Windows $1,098.10
  7. Doors $1,187.97
  8. Electric Fixtures $1,229.36
  9. Plumbing Fixtures $977.99
  10. Siding $2,802.43
  11. Drywall $3,606.65
  12. Misc Supplies $1,502.60
  13. Outdoor/Yard $779.76
  14. Roofing $ 693.68
  15. Insulation $931.25
  16. Heat/Air Conditioning $3,501.98
  17. Interior Misc $871.95
  18. Appliances $4,700.10

My total cost to remodel a home was $39,011.55. The original purchase price was $47,000.00. So my total investment was $86,011.55.

The real estate market in my area averaged over $100,000.00 for a two bedroom single bath home. I decided to list it for $125,000.00. It sold quickly. After all the transaction expenses and realtor fees I was able to profit roughly $30,000.00. Not too bad for remodeling a home and living in it for 3 years. It was a fun learning project. Now to move on to the next home and make some more money remodeling. If things go well I should be able to get into a very nice home and have it practically paid for – mind you this comes with doing a lot of labor. I think it’s worth the effort though.

Be the first to comment - What do you think?  Posted by muellerd - March 20, 2011 at 12:58 PM

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