Renovations to your home are often well-worth it, adding to your home’s value and making it a more comfortable place to live. But any major construction work you do for your home is a big financial decision. Here are five of the most expensive renovations you might undertake.
5 – Adding A Deck
Decks are a popular and effective way to add value to your home, as well as to make your outdoor space more enjoyable. A standard wooden deck that is semi-enclosed starts at around $8K for the basics and the costs shoot up as far as $25k depending on size, the material you use, and the contractor who builds it for you. Many in recent years have opted for composite materials that have greater durability and often look just like traditional wood.
Decks have multiple uses and can, to some extent, be repurposed later. This is one of the reasons they add value. A deck, if out front, is one of the many things that improve your house’s roadside appeal.
4 – Hardwood Flooring Installation
Hardwood is seen as one of the best types of flooring for the common areas of homes, especially where the value of the home is concerned. The average house measures out to around 2600 square feet, and the average cost of hardwood floors including material cost and labor is around $9000 per 1000 sq feet.
Expensive? Yes. Worth it? Definitely. Hardwood floors appreciate your home’s value substantially. If treated and installed correctly, you can expect your hardwood floors to age well and hold their value. Even if selling isn’t the plan, well who doesn’t like a solid hardwood floor?
You may also want to price out insulation while you’re at it depending on what sort of climate you live in. Hardwood floors with poor insulation can get pretty chilly during colder months, but also keep your home cooler in warmer spring and summer months. Planning for proper insulation works no matter what time of year and is a cost-saving strategy.
3 – Kitchen Remodel
A full kitchen renovation is another one of those top updates for boosting your home’s value. Depending on the size of your kitchen, and how much of it is fixed, you’re looking at a range of between $13k and $40k.
Also:
See these practical tips to keeping costs low when
you’re renovating your home.
2 – Adding a Bathroom
Adding a bathroom can increase your home value by as much as 20%. The cost of adding a bathroom largely depends on whether or not it’s a renovation to an existing room.
For existing space, you can install a new bathroom at the low end for between $6000 and $15000. If you want to add a whole new room to the house for it, the costs can go as high as $50k, depending on your choice of materials, plumbing requirements, etc. Be sure to get everything you want to be installed the first time around to save on unnecessary remodel costs later. Especially if you’re using a whole new space.
Whichever route you choose to go, you can be quite sure you’re going to recoup that investment and a chunk of change too.
See these tips for how to improve your home’s curb appeal. It’s one of the top three considerations to max out the value of your home when it’s time to sell.
1 – Solar Paneling
It’s no secret, energy costs are trending upward, and show no sign of letting up anytime soon. The world is moving further and further into the space of renewable energy too. Put those two facts together and you have all the justification you need to put the sunlight that hits your roof to work.
The average-sized household, if fitted to the max with decent quality paneling, may cost anywhere from $18k - $35k for the paneling and installation. Luckily, solar power systems are cheaper than ever, and costs will likely come down even further in the next few years.
Be Careful What You Renovate
When choosing what to renovate, be careful to select things that are perceived as valuable by the market, regardless of the trend or season. For example, be wary of installing a pool. The average cost is from $30k - $70k but you run the risk of pulling your resale value down as many people see a pool as a cost liability.
Whether
you’re remodeling for sale or to build the perfect home, start with some
research, a decent budget, and perhaps consider a personal loan for home remodeling. You can get
your dream home and have a good time doing it.
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