Putting an exact number on the cost of home renovations is difficult. But there are some basic expenses that tend to go with most jobs. Knowing what to expect can help you decide which renovations are right for you and your budget. Keep reading to learn more about the actual costs of home renovation projects.
Need More Space?
According to Home Advisor’s True Cost Guide, homeowners spend about $40,000 to add an additional room or expand their home. Depending on your home and what you're looking for in terms of additional space, costs will range from $7,000 to $100,000. While this sounds like a lot to invest, think about your project. Do you want to recreate a room from scratch or make modest improvements?
Either way, the good news is that adding additional square footage to your home may help increase your resale value, especially if bigger homes are going up around you.
Spruce Up Your Kitchen
Kitchens are a popular location in many homes. For that reason, kitchen updates are one of the first major renovations that homeowners tackle. On average, homeowners spend about $20,000 on kitchen remodels. High-end jobs can come closer to the $40,000 mark in some cases.
A common kitchen renovation will include:
- $100 to $3,500 for cabinetry.
- $2,500 to $8,000 for countertops.
- $1,000 to $4,000 for flooring.
- $500 to $5,000 for appliances. Custom or built-in appliances may require a budget closer to $10,000.
Should any of these amounts start to scare you, you can always do something less upscale. Painting cabinets, refinishing wood elements or even upgrading an appliance or two could make a lot of difference down the road.
Finish Your Basement
Remodeling or finishing a basement can be a big job. But the added usable square footage is a great addition to any home. On average, homeowners spend about $19,000 to finish their basements. This could be as simple as covering the concrete foundation with flooring and the walls with some drywall. If you want something more usable and comfortable, you might consider additional lighting, furniture and some electronic elements.
Open Up Your Floor Plan
Many homeowners remove walls to open up their house. Turning your kitchen and dining room into a joined space is a popular project. You can either knock down the wall altogether or replace it with a movable wall. On average, removing a wall in your home will cost around $300 to $500. Always hire a pro to take down load-bearing walls, textured walls or walls with lead paint. Then, once the wall is no more, make sure to spruce up what’s left so it doesn’t look tacky.
Don't Forget Permits
Many homeowners overlook permits when beginning a remodeling job. Permits aren’t a major expense, but they are an important part of the renovation process. On average, homeowners undergoing a renovation will spend about $900 on permits. Some larger cities can command prices closer to $1,500. If you have a general contractor onboard, they will know where and how much permits will cost. There are smaller projects that shouldn’t require permits, but for anything that structurally changes the home, be safe and get one.
The Bottom Line
Home renovations can be costly, but having a plan before construction begins will help eliminate any additional expenses. You'll also want to keep about five percent of your budgeted cost as an emergency fund. Unexpected repairs can happen down the road, and you are safe with a “rainy day” fund than trying to get a secondary loan. Another way to ensure repairs are less likely is by getting a quality contractor. By interviewing three to four professionals, you can get the best quote and highest quality.