Budgeting for a whole home remodel in Lake Oswego

As the leading renovation professionals in Lake Oswego, we know a thing or two about budgeting for your project. Here are some helpful tips that will make it easier for you to create a budget of your own.

Grey house exterior

How much does it cost to remodel a house in Lake Oswego?

Due to the individual nature of home renovations in Lake Oswego, there’s no way to give a general estimate. According to the 2023 Cost vs. Value report, the cost of renovating a bathroom alone ranges from $25,000 to more than $100,000 and kitchen renovations are similar, costing anywhere from $30,000 to over $150,000. 

Let’s break down a real-life renovation for some context. An entire two-storey home (kitchen & living area, four bedrooms, office space, three bathrooms, two powder rooms) was customized in a modern minimalist style to reflect the homeowners’ love for the time they spent in Japan. This grand transformation in McVey-South Shore, Portland cost the homeowners $457,000.

Part of the Refresh 5-step process is a cost-estimate, so you’ll know exactly how much your renovation will cost before you dive in. 

Estimating home renovation costs

Budgeting before you know costs isn’t impossible, but it won’t be accurate. Labor and materials will be the most significant costs during your home renovation. If you can estimate those, it’ll be easier for you to determine a realistic budget. 

Here are three steps:

  1. Meet with at least three qualified contractors/teams to learn about the market costs for labor. 
  2. Research high and low. Ask friends and family who have recently renovated what their materials cost and seek out quotes from suppliers. 
  3. Figure out how you’re going to pay for your renovation: HELOC, out of pocket, personal loans, etc. 

Once you’ve addressed these steps, you should have a better understanding of what’s achievable at different price points, making it easier to create a realistic budget for your goals. 

Avoid over-investing

Budgeting is more than just deciding how much you’re willing to spend. It’s about knowing what you should spend in relation to your home’s current value. This is less important if you’re renovating your forever home and aren’t concerned with resale value. 

A good rule of thumb is to keep renovation costs for a single area at 15% of the current value of your home. So, if the median price of a home in Lake Oswego is approximately $900,000, a kitchen renovation budget shouldn’t be more than $135,000 if you want to see a return on your investment.*

*Costs as at April 2024. 

Often overlooked aspects of a home renovation

Contingency budget

Plan as you may, surprises are a part of renovations. And, considering many homes around Lake Oswego were built in the 1940s and 1950s, odds are some remedial work will be needed. Opinions vary on how much (anywhere from 5-20% is recommended) but you should always build some sort of cost contingency into your renovation budget, just to be safe. 

Temporary accommodation

A quick project like renovating a guest bathroom isn’t cause for concern but, with more significant renovation projects, seeking alternative accommodation may be necessary. And, unless you have friends or family to stay with, that’s an additional cost you need to factor into your budget. 

Project management

Many homeowners think project management is an unnecessary cost and that they can easily manage the renovation themselves. More often than not, though professional project management actually saves time and money which can be attributed to years of experience, industry contacts, and streamlined processes – especially when it comes to renovating an entire home!

Could your Lake Oswego home use an update?

We’ve got you covered. Get in touch with the team at Refresh Lake Oswego to arrange a free consultation to discuss your project. 

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