Home rewiring projects are actually much more common and feasible than you think.
The cost of an entire home rewiring will vary depending on two main factors: the age of your home, and it’s size.The price range for a complete rewiring is quite large, $4,000-25,000. However, this post breaks down what you’re really paying for. In addition, there are several unexpected costs included that you will want to keep in mind when you budget for a home rewiring.
First, let’s answer a simple question: why do you want (and need!) to rewire your home? Rewiring and updating the wiring in your home will increase your energy efficiency and give you more electrical power to draw from. This is an absolute necessity in modern day homes to keep everything from computers, televisions, and heating/cooling systems running smoothly.
So, what are you really paying for when you rewire your home?
There are four main factors that make up the bulk of your project. First, is the cost of labor. A project as important and costly as a home rewiring requires a licensed electrician. The higher you’re electricians hourly rate, the more electrical knowledge and experience they have. So, don’t just pick the cheapest electrician you can find! Hourly rates will typically be between $50 and $150. For a run down on the costs associated with hiring an electrician, click here.
When rewiring a home, it is necessary that you install the latest and newest electrical panel. This panel gets your home electrical system up to the highest amplitude in power, and keeps everything running at top speed. Electrical panels can cost up to $3,000. For your home rewiring project, you will more than likely have to bust down or bust into a few walls. This will allow your electrician to get at and replacing the existing wiring. This process is a huge expense, costing between $8,000 and $20,000. Now, the cost of the actual wiring itself. Cost is dependent on the size of your home, but on average is around $5,000.
Always expect the unexpected (costs) when it comes to any electrical project.
Here are the top FOUR unexpected costs that you may encounter when you decide to rewire your home. First, the cost of both an electrical permit and a final inspection of the completed work. Often these are both included into the total cost of your project. However, every electrician is different. Second, replacing any outdated tube wiring. Whether this is an actual requirement depends on your local electrical codes and regulations. If necessary, this can add up to $5,000 to the cost of your project.
Cleanup is another factor that most people don’t consider when budgeting for an electrical project. Most people just assume it is already figured into their electrician’s bill, which isn’t always the case. So, be sure to check with your electrician. Finally, restoration costs. Restoration costs are a result of having to cut into or break down existing walls in order to get at wiring. These costs are typically around $1,000.