The Real Cost Of Your Home
Updated: Oct 27, 2020
The Truth You Need to Know
How does it feel when you think about renovating your house and turning it into your dream home? Yes, we know that it’s exciting, but did you know that it might put a serious dent in your pocket book? And by seriously, we mean a tens to hundreds of thousands of dollars.
We all want to have the perfect home, with the best furniture, wall accessories, and much more, but it isn’t always the most reasonable option. Let's talk about numbers; on average, a kitchen renovation costs around $10,000 – $50,000, which is pretty costly for everyone unless you are related to Jeff Bezos, or you are Jeff Bezos.
Keep reading to learn about some of the costs you might incur when you renovate your house or, at least, some parts of your house. It's better if you sit down:
This is the most drastic change you can make but can also be the most rewarding. Taking that wall out between the kitchen and living room can create an open flow that will change how you feel about the whole house. Adding a sunroom might be the extra space you need. But that extra 12’x10’ space could set you back $27,000. Whatever it is though when you make structural changes in your home's layout, you should be ready for all the hefty expenses you might incur. These expenses are not minor, but you must know it's not an easy task since you are dealing with changes in the very structure of your house. Plus, if you’re talking about adding actual square footage to your home you may be adding more dollars to your tax bill along with it. But that's a whole other topic.
Most expensive room to remodel
As per statistics, the most expensive room to remodel is your kitchen. According to reports from Houzz and Remodeling Magazine, the cost of remodeling is skyrocketing. Going up almost daily. Today a kitchen renovation will cost, on average, $5,000 more than just 3 years ago. In 2017, a kitchen's remodeling costs were $14,000-18,000. Now it will be $18,000-$23,000. That’s a 30% increase. A bathroom may be a small room but it comes with a big renovation price tag. The average bathroom renovation costs over $10,000. So get ready to spend between $5,000 and $15,000 to get the bathroom you want. However, it always depends on the amount of work and the type of material put in. Again, the costs of bathroom renovation are increasing fast. 15-17% from 2019 to 2020. That’s pretty fast. If we’re talking about the popularity of bathroom remodeling, then more people go for the small renovations compared to full renovation from scratch. However, just because youre just changing the faucets and counter tops doesn’t mean its going to come cheap. Just upgrading the fixtures, lighting and painting can cost upwards of $3,000. If you wonder why the costs are so high, mainly the costs are high due to the material prices. The prices of the material have significantly increased in the past few years due to various reasons. A few reasons why the prices have increased are:
The average age of a home in the United States is 40 years. Although 80’s hairstyles may be fun to look at, 80’s linoleum floors are not. Many homes go back to the 1930’s and 1940’s. Not only are you talking about surface level changes but how the houses were built and structurally laid out to accommodate the lifestyles of that era has drastically changed. Today one of the biggest decisions is where to put a TV in your living room. Well, if your house was built before there were TV’s guess what? Unless the builder of your house was a science fiction fan they didn't exist and the builder didn't consider it. On top of that, trends change fast, and its human nature to want the latest thing and renovate a house. All these things are combining to create more demand for material and skilled contractors. As demand increases, the prices rise too – these are the simple supply and demand dynamics.
Scarcity is when the product's supply is less than the demand (ability and willingness to buy); when this happens, the highest bid wins. In this case, whenever there is scarcity, especially for luxury products, the prices always boost.
Due to scarcity, most brands import materials, and when this happens, they have to pay taxes, duties, and much more, which automatically raises the prices.
Now that you know about the reasons behind the high prices let's talk about the average costs of renovating each room in your house.
1. Cost To Renovate Interior Living Room
It costs nearly $4,000 to $10,000 to remodel a living room, including painting, windows, shutters, crown molding, new flooring, and a living room installation. While a basic living room renovation is possible for $2,500 to $5,000, including flooring, painting, and some design, most people don’t go for it. Why don’t they go for it? They don't go for this type of living room renovation since it makes little to no difference. It can be good for giving your living room a tidy and neat look, but it doesn't make any significant difference, leaving you where you were at the beginning.
Breakdown of costs:
· Interior Painting Costs: $600 – $2,000
· Flooring Installation Costs: $1,600 – $4,600
· Fireplace Installation Costs: 1,000 – $5,000
· Crown Molding Costs: $400 – $1,100
2. Bedroom Renovation Cost
The bedroom is usually the most personal space for us. Hence we want it to reflect our personality. We want to be able to easily find things and feel totally at home. However, personalizing it can be costly. An basic bedroom renovation may cost anywhere between $1,500 to $5,000, and it will include trim and moldings, painting, ceiling fan, and new flooring.
If you wish to go for a complete renovation that will leave everyone stunned, you will have to make your spending plan a little more flexible. A complete renovation will cost you around $4,000 to $12,000 inclusive of windows, drywall, flooring, finishing, lighting, new furnishing, fixtures, and much more.
Breakdown of costs:
· Paint a Room: $350 – $1,400
· Flooring / Carpet: $300 – $2,000
· Trim & Moldings: $500 – $1,500
· Ceiling Fan: $150 – $350
· Install Drywall: $600 – $1,200
· Custom Closet: $2,000 – $6,000
· Interior Design / Furnishings: $2,000 – $6,000
3. Basement Renovation
The basement is one area in your house that helps you in many ways but often goes unnoticed. It is where you can store your extra items or simply make a small office. However, if you really want to finish your basement, on average, a basement renovation costs $20,000 to $50,000. The costs are largely dependent on the floor plan or the layout of the rooms or if your basement has a kitchen, or a bathroom installed.
Breakdown of costs:
Square Feet: Average Cost
· 500: $18,000 – $23,500
· 1,000: $32,000 – $38,000
· 1,500: $48,000 – $57,000
4. Roof Renovation Costs
You can put off many projects for your house but when you need a new roof you need a new roof. Water getting into your house is not only bad because of the annoyance of pots and pans on their floor catching water but it can cause a variety of serious problems. Water can damage the structure itself. Black mold grows in moist dark places and can cause health affects problems and it makes the wood soft which is the environment that termites just love. That’s why you need to keep an eye out for the condition of your roof. Roof renovation can be extremely costly. $4,700 to $10,500 on average. However, there are variables—such as pitch, type of material, and the size. If you wish to renovate the roof, you must be ready for all the expenses you will incur since removing the old roof alone costs $1,500 to $3,000. Many other complications might arise with renovating the roof, such as drainage issues and weakening its foundation. Plus once you take off the old roof you never know what new problems you might find. If it just for the sake of appearance, think hard before you go for roof renovation. Do you really need it? If you're buying the home make sure its in good condition and if not is the house still in your budget. It's a serious consideration.
Breakdown of costs:
Material: Average Cost
· Copper: $22,000 – $50,000
· Clay Tile: $15,000 – $45,000
· Asphalt Shingles: $3,600 – $10,800
· Slate: $15,000 – $45,000
· Solar: $22,000 – $65,000
· Wood Shake: $8,000 – $24,000
· Metal: $8,000 – $24,000
We know you might want to get your house renovated, but it is important to consider the expenses.