If money were no object, most people would go hog wild with home renovations. It’s a great way to express your creativity, increase the value of your home, and enhance your daily experience of living there.
Money is, however, an object. Even moderate renovations are a sizable investment—hence the need for careful planning and flawless execution. Budget is often the first thing people consider, and larger renovations are often shelved in favor of smaller, more manageable projects.
But how much does home renovation really cost? Are there nationwide averages that give us an idea of what’s possible within a certain budget?
Fortunately, it is possible to know how much certain projects generally cost. At the same time, estimates vary significantly based on the quality of materials used, the experience of the renovators you hire, and other such variables.
Let’s look at some of these averages and see how they stack up.
This is one of the sought-after home renovations out there. Most kitchens are constantly in use, and a renovation can enhance both enjoyment and workflow. Costs average anywhere from $18k to $50k for serious renovations. The most expensive part is often the custom cabinetry—but countertops, islands, flooring and new appliances are also significant factors. On the low end of the cost spectrum, very good kitchen improvements can be had for as little as $5k.
With an average cost of just under $10k for a complete bathroom overhaul, this is another desirable project that requires a serious investment. Of course, there are ways to get the cost of bathroom renovations down. Also, many people only want a few key changes, such as changing out an old bathtub for a modern shower. This type of project can usually be accomplished, with excellent results, for only a few thousand dollars.
Decks and Patios
There’s nothing like a new deck or patio for enjoying those beautiful Summer days and nights. It adds space to your home and provides a great place to entertain. But how much does it cost? That depends on size, materials and design. Most people spend between $5k and $10k for this type of addition, while very basic solutions may cost as little as $2k.
Interior Wall Removal
The average cost to remove and refinish an interior wall is between $1k and $5k. However, it’s difficult to rely on average for this type of work. Some walls contain important infrastructure, such as HVAC and electrical components. When this is the case, the cost of removal begins to climb. If the wall is free of such components, your total cost will be on the low end of the spectrum.
Adding it all up
These estimates are good way to gain a basic understanding of what different home renovations cost according to national averages. At the same time, your goals and needs are unique. The best strategy is to carefully research home renovation companies in your area, seek specific estimates for comparison, and proceed from there. It’s also a good idea to consider how much the home’s market value stands to gain from a given project. Your renovation budget may not be endless, but you might be surprised at how far your dollars actually go in the long run.
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