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When thinking about nonessential renovations, it is good to save up for the repairs. This ensures homeowners avoid debt and have the funds ready for anything they want to do. The right amount to save before renovations depends on several factors.

The Value of the Home

One thing to keep in mind is whether or not pricey renovations are worth the cost. Some homeowners end up renovating their homes so much that the house is too fancy and overpriced for their neighborhood. If homeowners want to recoup the value of renovations at resale, they need to avoid overspending. Experts recommend spending around five to 15 percent of the total home value on a kitchen renovation or three to seven percent of real value for a bathroom renovation.

The Area Where Renovations Are Being Done

To get a broad idea of how much they want to save, homeowners need to consider which room is getting the renovation. On average, a kitchen costs around $12,000 to $34,000. Meanwhile, a bathroom remodels costs around $5,000 to $15,000. Adding a new room or other addition costs about $80 to $200 per square foot.

The Complexity of the Renovations

It is hard to give a rough estimate on renovation costs because every renovation is different. For example, a generic bathroom upgrade could involve $1,000 in new paint and new vanity or $20,000 worth of work—cosmetic changes like paint, new floors, and cabinet resurfacing cost less. Meanwhile, structural changes can get very pricey. This is especially true if it involves moving around the location of fixtures that require plumbing. Remember that any renovation that involves new appliances will also have a higher price tag, and high-end materials will cost more.

Who Will Be Doing the Work

If homeowners are willing to go the DIY route, their renovations may be quite a bit cheaper. In many cases, DIY renovators save about a third of the costs spent on a professional renovation. Keep in mind that people who try renovations they are not trained to do can make mistakes that are costly to fix.