Cost is the biggest advantage of remodeling as opposed to rebuilding or buying a new place. Even the most extensive renovation will likely always involve fewer overall expenses than a new build would.

For the residential sector the total remodeling cost will vary depending on the size of the property and the extent of the renovations and modifications, if any, to the existing structures. As an average example, let’s take a look at a standard 1600-1700 sq. ft three-bedroom home. A complete renovation, encompassing all systems, all finishes, landscaping and even roof replacement for a property this size can cost up to around $100,000-120,000. However, you don’t always have to upgrade every single thing in your house, as some parts or systems might still be in good condition and not require replacing or repairing. This can bring the total cost down a fair bit. For example, replacing the roof tiles on a house this size can cost $7,000-9,000, depending on the material you choose, so if your roofing still looks good and works well, you could avoid this expense. Another big item on a complete remodeling list is the sewer system. It is one of the most intrusive and labor-intensive systems to replace in a home and can cost up to $13,000-15,000 in materials and labor. A typical lifespan of a standard sewage system is about 60 years, so you could potentially avoid having to replace it, however, it is a good idea to have it inspected to check for any hidden faults that could possibly cause much greater damage later on.

The above-mentioned cost does not take into account any layout changes, modifications or additions, such as removing or repositioning walls, or adding an extra bedroom. Here the costs can vary greatly, depending on what you envision for your home, so to get an estimate discuss your plans and ideas with your contractor and they could give you a ballpark figure regarding labor and material costs. Keep in mind that for certain types of modifications getting a permit or an approval might be required, which could result in some additional expenses.

Trash/debris removal can also set you back a few thousand dollars, especially if you are doing major changes to the walls, roof or garden.

Approximating the cost of remodeling a commercial or industrial property will depend greatly on the type and purpose of the building and the scope of renovation work to be done. There are as many budget options here as there are building sizes, so just like with custom modifications for a residential space it is a good idea to liaise with a contractor for a more specific estimate of the remodel you are planning.