Being a homeowner is both challenging and rewarding. No longer can you rely on a landlord to fix things when they go wrong. On the other hand, you don’t have to ask a anyone’s permission if you want to hang something on the wall. As a matter of fact, as a homeowner, you can do virtually anything you want (as long as you follow local building codes and regulations).
Home renovation and home remodeling are proof of the benefits and responsibilities of being a homeowner. People are constantly looking for ways to better their homes, improve their way of life, and increase property values for refinancing or a future sale. The possibilities for home improvement are virtually endless, but there is one question that almost always comes up: How much will it cost? Can we afford it?
There are a lot of different ways to answer that question. One way is to look at the most expensive types of home renovations out there, and learn about how much they cost on average. This gives homeowners a clearer idea of the kind of home renovations they may or may not be able to afford at a given point in time.
Your home’s kitchen is the among the most desirable home renovations. Not only does a renovated kitchen hold appeal to potential buyers, it makes life at home more functional and enjoyable. But significant renovations in the kitchen don’t come cheap. National averages frequently pass the $20,000 mark—although most homeowners expect to recoup that investment in terms of property value.
With an average cost of $8,000 – $10,000, giving your bathroom a full-scale makeover is not exactly a casual proposition. And if you’re doing two or more bathrooms, the costs can go through the roof. Even with the high costs, bathrooms remain one of the most popular home renovations out there today.
Roofing & Siding
The good news is that putting in a new roof might cost less than renovating a bathroom. Most people spend between $4,000 and $8,000 on materials and contractor fees for this project. The bad news? A new roof is often more of a “necessary” renovation than a “desirable” one. New siding is in the same category, with costs often falling between $4,000 and $10,000.
Perhaps the grandaddy of all home renovations is the new addition. You can add square footage, make your home a lot more livable, and significantly increase your appeal to potential buyers—but depending on the materials you choose, and the contractor you work with, you could easily spend $40,000 or more.
Renovating your home with confidence
While the home renovations listed here tend to be on the pricey side, the fact is that any type of home renovation is a serious investment. That’s why it’s so important to plan, budget, design, and execute carefully. Working with a skilled home renovation contractor—one with a strong reputation and a proven track record—is one of the most important factors. You wouldn’t put your money in the hands of a financial advisor with very little training or expertise. In the same way, homeowners should make sure their home renovation investments are in trusted hands from beginning to end.
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