cost of a renovation

Melanie wrote in and asked “I love all that you guys do. But I need to ask, what is the average cost of a renovation?…”

and Jill asked, “What did it cost for you to complete your house?”

And a client the other day: “At what point will I see a return on my investment?” 

The cost of a renovation. This is always the big nail-biter of a question, and a bit of a tricky one. Every situation is different, so there is no cure all answer. The world of renovations can feel a bit like “When You Give a Mouse a Cookie.” So it’s a good question, and a question everyone should ask. It’s probably the number one question we’re asked, in various forms, pretty consistently. It’s definitely one you should understand before you dive into any renovation. 

after

before

But it shouldn’t be the guiding factor in all your decisions.

cost of a renovation – perspective

You see, we believe a lot of people encounter the cost of a renovation with an incorrect perspective. We’ve come to this conclusion over time, after discussing the topic with various people. It’s a hot topic. Whether in person on a design consultation here in Nashville, or via email working with one of our clients across the country or a question that filters in from our website. We hear it time and time again with friends who have questions on the side. So we thought it would be a good idea to address it here on the site: The cost of a renovation.

First, we want to acknowledge that you should never take on a renovation that you simply can’t afford. We would never advise that, and we feel like we should start there. However, we also think a lot of people are trapped by fear and have never had anyone help them think differently about the cost of a renovation. It’s a multi-faceted question and the real answer will be different for everyone. But let’s start here: 

cost of a renovation – TV is lying to you.

First things first {because you know we had to start here}: Design TV misleads people. We’ve discussed it here before, but renovations aren’t cheap and they don’t happen in a commercial break. The topic of HGTV comes up regularly in our client interactions, and we always try to help them understand, ‘TV magic’ is called ‘TV magic’ for a reason. It’s pure entertainment. Renovations cost money, and a good bit of it.

cost of a renovation – It’s so easy to get caught up in fear. 

Secondly, beyond that initial question, there’s a struggle that takes place in the process of a renovation. Even when you decide to move forward, there are about 150 decisions that need to be made and each one has a cost variable. It’s like Subway for your house, but this is not the five dollar footlong. {Now we’re hungry.} So it’s not normally the big decision to start the renovation that people start to let fear dominate. But it’s the little ones. 

It’s once you begin writing those checks and start thinking, “But if I go with the cheaper product here I can save a little”. Or “If I don’t do this in the renovation, I can save here”. To each their own, but what we’ve found to be true more often than not, is those who let fear creep into their decisions and allow money to be the ruling factor are the ones that end up with the most “I wish I would have” thoughts.

The irony is, those situations don’t always have the happy ending, and they generally end up spending more later, or just remain really unhappy.

cost of a renovation – It’s all about perspective. 

Since there is no magical one-size fits all formula, and there is no real blanket answer, we believe that it comes down to this simple fact: cost is a matter of perspective.

Here’s an example: We recently put in a gas pool heater at our home, and I’ve had several people ask me “Was it expensive?” And “Why didn’t you do the cheaper electric version?”

Our response, “Cost is relative. And yes it might be very expensive, but to me, I don’t consider it expensive.”

Not because Ashley and I are bathing in cash a-la Scrooge McDuck style, but because we have a different perspective.

I’ll ask my friends, what did you spend on the last week-long vacation you took? 9 times out of 10 the number they give me is within a few hundred dollars of the cost of everything that went into our pool heater. My next statement is simply, “You choose to spend money on that vacation. I choose to spend money on a pool heater that allows me to provide 9-10 months of swimming for my family. For us, our house feels like a full time vacation. Both could be called expensive, depending on your perspective.”

What I’m trying to illustrate, is that “expensive” is a very relative word. 

cost of a renovation- It’s about mental health.

I like to take it a step further and talk about the home as a part of our mental health.

Maybe it’s my background in psychology that leads me here, but I do believe the ambiance of your home affects your mental state. There’s so much more to a pretty space than just the face value. There are studies behind the way a smell can affect a person or how messes can influence decisions. Color psychology is definitely a thing. I know I can personally be affected by the environment around me. It can cause both good and bad feelings, and if my house is in a state of dark and dingy and unhappiness, it can have long term affects on me.

I believe this is one reason a lot of people have wanderlust.

cost of a renovation – Your home should be your sanctuary. 

We believe that your home should be a sanctuary. You should want to be there, your kids should want to be there, friends should want to be there. Your home is your most valuable asset. It’s where so much of life is lived.

There are a lot of people who have no problem dropping $50-$100 on a meal out but would cringe at buying a set of new pillows for $50-$100.

Perspective.

There are a lot of people who take bi-annual trips to Disney, but stress over the cost of a kitchen reno.

Perspective. 

Again, each to their own. {We’re lovers of Disney, and if you’ve been reading for a while, then you know that.} We believe that you should most certainly do you. But we do think it’s good to reframe the conversation when it comes to the cost of something. If you’ve been in doubt, it’s good to consider it from this perspective.

Your home doesn’t have to be perfect, and we know that ours is far from it. But it does make us happy. 

Nate Berkus once said “Your home should rise up to greet you” and we live by this mantra. So we continue to put a little into it, so that we can build a memorable place for our children, a sanctuary for our family and friends, and memories for years to come. 

So we’d like to make a case for the home. That maybe the cost is relative and not expensive. That it really all depends on what you want to spend your money on and what you see value in. And regardless of a return in the real estate market, it has real value. And it’s all about happiness and well-being. 

So maybe the question isn’t “Can I save $200 here?” But “What happiness am I giving up in the long term”?

For some reason, in our culture, there’s a movement where people tend to downplay the home and the act of making a house a home by labeling it as “things”. “Choose experiences, not things.” We think that the environment of a home is an experience. And a lot of it is an understanding that investing money in it isn’t about cost, but mental health. It’s all about what makes you happy. {By the way did you know happy people make more money and live longer?– there’s a little interesting snippet for ya.}

If your home doesn’t make you happy, it’s totally okay to rethink how you view money, and your home.

We hope you enjoyed this little bit of perspective today.

Here’s a few more of our faves in our designer and contractor series: 

{see the rest of the video series here.}

Contractors and Designers 101

Getting started

Working with a designer

Reality Check

Estimate and Budget

no commercial breaks: the reality behind cost

{And the entire series in thumbnail format for easy access, here.}

Thanks so much, as always for tuning in. If we can clarify anything or point you in the right direction for something else, please let us know.

Have an inspired day!

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And just in case you’re curious…

We don’t believe in the dream home, we believe in your home. And we can’t wait to help you discover it all over again.

The Handmade Home : Love Where You Dwell. 

The Handmade Home is thrilled to bring both full on rehab and design services to our clients.

We offer in-person, full service design options, from a complete kitchen overhaul to a simple consult in your home on how to spruce it all up. Both nationally and locally in the Nashville area, we even offer a wealth of resources for our clients, right at their fingertips.

If you’d like to hear more about what we have to offer for you {because the possibilities really are endless} please be sure to check out our design services page, here! While you’re at it, be sure to check out our completed projects here. We look forward to hearing from you, and we welcome the opportunity to work with you!

To read more about us, be sure to check out this page here, as well.