Understanding the Real Cost of Home Improvement Projects

Home ImprovementIt can seem simple to begin a home improvement project on an area in your home. If you watch enough TV shows, you may think it will only take a few days and a few thousand dollars to make major changes. However, the facts may be different.

Doing a Complete Home Remodel
While it’s not common for homeowners to do a complete remodel of a house, those who purchase a fixer-upper may find that that is exactly what they have to end up doing. The average cost of a complete remodel is $192,724, and many people end up going over their budget. The issue with cost is that almost all remodels are done by hired contractors.

Swimming Pool
Adding a swimming pool is a dream for many homeowners, and if their property doesn’t come with one, they want to add it. An in-ground pool can be a major expense that doesn’t always bring a good return on investment when it comes to selling your home. You can plan to budget in around $30,000 for an average pool add-in.

Kitchen
One of the most popular areas to update is the kitchen. That’s a good thing because it also adds a lot to the resale value of the property. However, it can also cost quite a bit to update, especially if you add high-end features. The average cost for a remodel is around $25,000, but it can be about half of that for houses that cost less than $300,000.

Bathroom
The bathroom is the most common area in the house to be remodeled and often the most affordable. If you stick with features that are found in the neighborhood, you’re likely to recoup much of the cost when you decide to sell. Expect to spend about $10,000 for a complete bathroom remodel.

Media Room
A media room is usually uncommon for low-cost homes; you expect to see them in homes that are priced over a million dollars and are considered a luxury more than a necessity. However, even with high end electronics and features, it will only cost around $9,500 to renovate a room and convert it into a media room.

Patio
Adding or updating a patio is very popular in areas that enjoy beautiful year-round weather. Remodeling a patio may include landscaping the yard as well creating an oasis or entertainment area. The cost of an upgrade or renovation is usually in keeping with the price of the home; properties over $1 million spend more on their patio or deck and outdoor living space.

Renovations are a necessary part of homeownership if you own a property long enough. However, it’s important to fully understand the costs associated with updating and upgrading. You should also be aware of their values when it’s time to sell. Not all updates will retain their value. Knowing the facts allows you to make the right decision on what you can live with and what you can’t live without.

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