Homeownership can be a costly blessing. Many homeowners love the ability to renovate their homes to their liking, especially after living in places that didn’t allow construction. While renovation can be exciting, they should also watch out for their wallets because costs can be high. If you’ve been thinking of upgrading your home, the following are some of the most expensive common home improvement projects. (We emphasized the word “common” here because we aren’t talking about luxuries like a basketball court or movie theatre.)
Kitchen Renovations
Kitchen renovations are more expensive than other home improvement projects because the kitchen has many moving parts, especially if expert help is needed, and because homeowners could go all out. Many homeowners who update their kitchens replace cabinets, appliances, and flooring, which all add up quickly depending on the quality of materials desired. If the layout is changed too, homeowners will also need a plumber to connect sinks and drains and an electrician to move or install outlets and wire light fixtures.
So, what’s a kitchen renovation going to cost? The answer honestly depends on the furnishings chosen, but HGTV says that a mid-range renovation could cost around $77,000. Higher-class results add on the price, of course, and will ding the wallet to the tune of around $150,000. To be fair, a kitchen renovation is also one of the most effective ways to add value to a home, so the price might be worth it. Still, consider playing your local lotto or winning big with hacksaw-gaming to begin the project sooner.
Home Additions
Home additions make up our list in part because home additions can mean a wide variety of work needs to be done. Some homeowners who are limited by the remaining space on their property might need to add a second story to their house, which is considered a home addition. A second story can be quite costly because of the need to build additional support for the home. Other home additions cost less, often ranging under $75,000, and involve adding a new bathroom, complete with framing in a new part of the home, as well as adding plumbing and electrical.
Homeowners who are just looking to add an additional bedroom or recreation home might get off easy without the need for new plumbing, which saves on costs. Much like kitchen renovations, home additions can also add a good deal of value to a home. In fact, adding a home addition can also help a family avoid selling their house, which has its own problems ranging from expenses to leaving friends behind.
Bathroom Remodeling
Expect to pay around $20,000 for a bathroom remodel, with the price shooting up or falling a bit based on your taste for flooring types and the fixtures installed. Much like kitchen remodeling, homeowners will pay more for a bathroom remodel because of the need for expert help with plumbing.
While many homeowners want to remodel their bathrooms due to an outdated look, some experts caution people not to replace their bathtubs with a shower. They state that the price for removing and installing a shower comes in at about $10,000, which isn’t worth it, especially since many homeowners regret losing the flexibility of being able to take a bath. This is especially true of homeowners who are aging in place. For them, a combined bathtub and shower is a much better idea.
Outdoor Living Renovations
Families often want to spend more time outside, especially in temperate climates, and one of the best ways to do so is to make the outdoors more livable. To be clear, we consider a pool, patio, or outdoor kitchen to be an outdoor living renovation, and there is quite a range of prices for installing any of them. A pool alone can cost north of $60,000 to build, while an outdoor kitchen to grill up snacks and burgers and store cold beer and soda will run you about another $15,000.
Basement and Attic Conversions
The basement or attic often represents a couple of places where value and space can be added to a home. This is especially true if the basement or attic is dingy and smelly, which makes them feel less welcoming and useful. Much like a home addition, the price of these conversions can be higher, in part because some structural changes might be necessary; in some cases, a home might even need foundation changes or additional heating and cooling, which definitely adds up.
Roof Renovation
In a slight contrast from many of our previous renovations, a roof replacement or repair is more often a necessity than one we spend time dreaming about. Thankfully, minus discovering additional problems with the hardware underneath the shingles, roofing generally costs under $10,000 with average shingles and is done within a few days. In some ways, the arrival of a major storm has the potential to lower the cost of roof replacement with the use of insurance coverage.
Keep in mind for roofing that most homes have asphalt shingles installed. Additional options often include metal roofing and other styles that offer a unique look and last considerably longer than asphalt roofs. These might be worth the extra investment!
Conclusion
Home improvement projects are pricey but often worth completing to make a home more livable and increase the property’s value. We suggest thoroughly researching and planning projects before diving in and getting quotes from multiple contractors to ensure you get the best bang for your buck.
