A renovation or remodeling project might sound the same but that’s not the case. Both include making physical improvements to a home, but the costs and types of construction vary. Renovation and remodeling will upgrade and refresh your living room, but they are two different projects with their own set of benefits and considerations.
What is Renovation?
It is the process of restoring or revitalizing a room or space that is damaged, old, broken, or in desperate need of significant repair. Permits from the authorities are typically not needed, depending on the type of project. Renovations are common because they are more user-friendly and can be completed by anyone.
Home improvement projects include minor repairs, repainting, replacing appliances, hardware upgrades, tile and floor replacement, plumbing fixture replacement, door and window replacement, and so on. Regardless of the mission, the original concept is never substantially altered. It's simply changed to conform to a new or updated standard.
What is Remodeling?
Remodeling typically includes completely overhauling a space or a structure. Since it requires making structural improvements to a house, remodeling is a far more involved process than rebuilding or renovating. It involves the removal or addition of walls, increasing square footage, adding ductwork, etc. Remodeling is more money and time-consuming than renovation.
What to Choose: Renovation or Remodeling Project?
There is no strict rule as to which project you should choose for your home. It all depends on factors that are very specific to your needs. Here are a few things to consider:
If your tiling needs modernization or if you want to brighten your rooms, it would require re-tiling or a paint job. These are considered renovation projects. If you want big changes that involve altering the design structure of your home, you’d be remodeling.
A remodeling project will often be more expensive than one that is being renovated. That's because remodeling usually entails a lot of complicated design considerations, as well as a lot of structural, electrical, and plumbing costs. Renovation involves subtle upgrades like painting walls or rearranging the room.
If you're short on time especially if you need to make an immediate sale, renovation is the ideal option. It involves minor but impactful changes to your home that can up its value. Remodeling is a long process that requires adequate planning. Changing the position of a wall is not like moving a chair from one corner to another. Remodeling is a permanent change and can take days and months to complete.
Return on Investment
At the time of sale, most home improvement projects recoup 80% to 90% of their cost. Remodeling projects have a lower return on investment than renovation projects. Unless the remodeling project brings a change that adds phenomenal value to the home, it won’t bring you great ROI. Adding significant square footage can spike up sale value.
If you need help with your renovation or remodeling project to enhance the value of your home, you should consult with expert realtors who offer services such as professional staging and home improvement that can help you make a sale faster.