Gutting and remodeling a house is not as simple as it may seem on home renovation programs. As an investor, it's important to understand the difference between gutting a home and doing an intensive remodel, as the out-of-pocket costs will be different. If you find the right property, it could be worth doing the repairs needed to get it ready for the market, even if it means gutting the house down to the studs and rebuilding it. A three-bedroom house can take two to eight months to gut and remodel, while a larger property may take longer.
On the other hand, if you purchase ready-to-use cabinets from a home improvement store and choose contractor-quality finishes, remodeling your kitchen may cost less than estimated. Additionally, many people who have undergone a home renovation report feeling more enjoyment and desire to be at home. The Home Renovation Cost Estimator spreadsheet can help you adjust your budget to prioritize what matters most for your home. It's important to note that your specific insurance policy may not cover housing under renovation, vacant housing, or insurance from additional contractors.
The materials you choose will also influence the total cost of remodeling your home. Fireplace remodeling is not part of every house renovation and you don't need to break the budget. Depending on factors such as where you live, the size and age of your home, and the projects you're undertaking, renovations may be cheaper than buying a new home. The cost of gutting your home and renovating it will vary depending on the size of the house, the cost of finishes, and the scope of the remodel.