You may be in the market to do some home renovations. Whether it’s to sell for a higher profit or because you’re looking to improve the space in your forever home, you’ll need to start with your budget.
Let’s take a look at the most common home renovations and how much they usually cost.
- The Backyard
The more liveable space that you have, the higher your overall resale value. Your backyard is a great opportunity to increase the overall square footage by turning it into a functional area.
You can easily do this with the addition of an outdoor kitchen. They even come in kits you can easily build on your own at an affordable cost.
If you need to install any gas lines from the backyard to your house, however, you’ll want to consider these installations for your budget as they can cost anywhere from $1,300 to $3,500.
- The Kitchen
The kitchen is one of the more expensive renovation projects you might take on but has one of the highest returns. The average kitchen remodel is roughly about $21,000 but can offer upwards of an 81% ROI (return on investment). This number will vary depending on how much needs to be updated.
For instance, cabinets are around 30% of the entire kitchen remodeling price, whereas plumbing repairs are only around 4%. If you need to invest in new appliances, you can expect your total budget to increase dramatically.
- The Bathroom
A more efficient bathroom will save you money in the long run. Updating your plumbing can save on your overall water bill as well as reduce your carbon footprint.
The average cost of remodeling a bathroom is around $10,000 but again, it depends on what’s needed. If no major plumbing or mold issues exist, you may be able to save yourself a few thousand dollars.
If you are only making cosmetic updates, such as tiling in the shower or adding an updated lighting fixture, you could save yourself a decent chunk of change.
- The Basement
Remember how we said the more liveable space, the higher the home value? This goes for your basement as well.
This is a huge opportunity to improve the home by adding an office, game room, or even an additional dwelling unit. You could potentially rent out the space on a yearly lease or as an Airbnb.
Depending on the size and what you intend to use the space for can drastically vary the price. An average basement remodel can range from $11,000 to upwards of $40,000.
- The Exterior
Curb appeal is incredibly important while maintaining a house because it’s the very first thing a person sees before they ever get inside.
Renovating the exterior may be as simple as a fresh coat of paint for around $4,000 or it may need a bit of landscaping which could cost upwards of $5,500. Other exterior repairs such as siding may require more money. On average, new siding is about $12 per square foot.
- The Roof
A roof is something that’s critical to maintain. While they can last anywhere from 20 to 30 years, once it’s time for a roof replacement, you don’t want to go the cheap route.
Plus, this may be something you want to renovate as you work on the exterior of the house to ensure that it matches the aesthetic you’re working on.
The price per square footage on a roof replacement varies depending on where in the United States you live. The national average roof replacement is currently around $8,000 but some people can do it for around $5,000, depending on the type of material being used.
Asphalt shingles are usually the cheapest whereas copper, tile, and slate are the most expensive options.