renovation

How Much Does It Cost To Renovate a House? Average Home Renovation Costs for Bathrooms, Kitchens, and Beyond

 
 

Home renovations and remodeling costs may be a hard pill to swallow after shelling out the purchase price of a new home, but if you’re the proud homeowner of a fixer-upper (or even if you’re the proud owner of an older home that needs some work), you may be itching to make some updates.

And that will get you wondering: How much does it cost to renovate a house? Knowing your numbers ahead of time is crucial, lest you end up with plans that are bigger than your budget.

So, before you so much as take a peek at a tile sample, check out this detailed breakdown on how much your dream home renovation will set you back, plus average home renovation costs and your potential return on investment (ROI).

Average home renovation costs

Your exact cost to renovate a house will depend on its square feet, the region you live in, and just how much of a face-lift your home needs. But to get a rough idea, Than Merrill, founder of FortuneBuilders.com, gave us an estimate of what the average costs associated with different remodels look like:

  • Low ($25,000 to $45,000): A small remodel would likely include interior and exterior painting, small repairs (like refinishing cabinets) and new landscaping.

  • Medium ($46,000 to $75,000): A more involved remodel would include the low-cost upgrades above, plus a total kitchen remodel (depending on appliances) and minor bathroom remodel.

  • High ($76,000 and up): Low- and medium-cost upgrades, plus fixing any foundation issues, and roof and sewer line problems.

The largest home renovation costs

Sure, paint can play a big part in a remodel, but gallons of semi-gloss will be a drop in the bucket compared with big-ticket items for certain rooms (we’re looking at you, kitchen and bathroom).

Remember, it’s the appliances and cabinets in those rooms that eat up the biggest chunk of money. Here’s what homeowners can expect to pay in terms of the national average of home renovation costs, according to Remodeling.com and HomeAdvisor.com.

  • Kitchen: The national average cost of a kitchen remodel is $27,492. If a kitchen only needs minor upgrades, renovations should start at around $10,000. A full gut can reach more than $79,982, depending on the quality of materials and appliances installed.

  • Bathroom: A mid-range bathroom remodel typically costs about $25,251 and tops out at $78,840 for an upscale reno. (Of course, you could spend more by adding such spalike touches as a steam shower.)

  • New roof: The cost of protecting all your upgrades from the elements will run you around $30,680.

  • New floors: You might want to top off your renovation by taking up that old carpet. Installing new wood floors will cost between $2,474 and $7,031, while laminate, which is less expensive, will set you back about between $1,472 and $4,638. Of course, exact cost will depend on how many square feet you have in the kitchen.

  • Electrical updates: If you’re replacing an old panel (and a home’s worth of outdated wiring) as a part of your remodel, expect to spend $3,000 to $5,000.

  • Replacement siding: Any great remodel includes an exterior upgrade. Putting new exterior siding on your home runs to an average of $20,619.

  • Replacement windows: If you plan to replace windows and frames to save on your energy bill (you might need the savings after this renovation), the cost will range between $21,264 (vinyl) and $25,799 (wood).

  • The contractor: Unless you plan to oversee the renovation yourself, a budget should include the cost of a general contractor. They usually charge 10% to 15% of the project’s total budget. So for a $50,000 renovation, expect to pay a contractor $5,000 to $7,500.

One easy way for homeowners to save money on home renovations is to negotiate to pay actual builder costs on finish materials, says Jesse Fowler, president of Tellus Build, a green custom-build firm in Los Angeles and Santa Barbara counties.

The contractor you choose should be getting a discount on retail prices, and Fowler says that this can benefit you, too, in that you can “capture some or all of those savings.”

Home renovation costs and return on investment (ROI)

Ah, the magic words that make homeowner’s pain of parting with thousands of dollars more palatable, as those big checks you write for home renovation costs today may pay dividends if you ever sell your home.

A typical mid-range kitchen remodel typically yields an 96% return on investment. If you plan to go big with a major, upscale remodel however, you can only expect a 49% ROI.

Meanwhile, a mid-range bathroom renovation boasts an ROI of 74.%, with that figure dropping to 45% for an upscale remodel. Check here for the home additions that offer the best return on investment.

With the help of the Renovation Calculator at My Home, you can determine and prioritize the improvements that would yield the maximum return on investment (ROI), improve the marketability of your house, draw in potential buyers, and potentially command a higher selling price. Follow a few steps to get your remodel, addition, or expansion cost in minutes.

Read more at Realtor.com

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These Kitchen and Bathroom Renovations Will Add the Most Value to Your Home

 
 

Faced with the daunting unknowns and potential complications of large-scale renovations, many people immediately turn away from buying a fixer-upper.

In fact, a recent study by Frontdoor reports that offers for fixer-uppers halved from 2022 to 2023. But the high risk can come with a high reward. Frontdoor found that on average, those who take the leap of renovating a fixer-upper earn a 27.5% return on their investment. And that’s on top of the personal benefits gained from designing a home to your taste. 

Of course, without the appropriate planning and strategy, budgets tend to spiral out of control and many find out the hard way that some renovations don't pay off. To find out which home improvements are really worth your time and money, Frontdoor’s data team used information from Zillow, such as square footage and price (in conjunction with Kukun’s home remodeling cost estimator) to determine the most profitable home renovations. The vast majority of these turned out to be in the kitchen and in the bathroom—two rooms that can be key to increasing the value of your home. Keep reading to find out which renovations came out on top.

Most Valuable Kitchen Renovations

Cabinets

The kitchen is the heart of any home, so it’s no surprise that kitchen cabinets make a big impression on a prospective buyer. Whether you reface existing cabinets or install new semi-custom ones, the average increase in property value from this renovation alone is 3.63%, which comes out to around $7,510. This is by far the most profitable home renovation for fixer uppers, according to Frontdoor's findings. 

Appliances

Replacing mid-market branded appliances with higher-end alternatives creates a more luxurious and efficient kitchen with little effort. Buying new appliances for your fixer upper is set to increase your market value by 2.35%, or $4,922. 

Counters

Counters serve an important functional purpose, and they're also often a focal point of a kitchen. According to Frontdoor, switching your counters to granite, quartz, marble, or porcelain materials can increase the price of your home by 1.81%.  

Faucet and Sink

Again, switching out mid-market sinks with higher end options can have a significant impact on the appearance and, therefore, the price of your home. This type of renovation on average increases the home's value by 1.12%. 

Lighting

After making a bunch of renovations, why not give them a spotlight with installing new ceiling lights over the counters or sink? Adding these types of lighting could give you a 1% boost on selling price. 

Backsplash

Similar to your counters, the backsplash of your kitchen is an eye-catching detail that needs some attention. Adding a granite, quartz, marble, or porcelain backsplash can add .42% value onto your property.

Most Valuable Bathroom Renovations

Shower and Tub Surround Panels

Though bathroom renovations typically add less value than those in the kitchen, they can still add a four figure sum. Shower and tub surround panels will contribute the most to bathroom renovations, with an increase of .92% or $2,300. 

Faucet, Sink, and Toilet

Replacing an average faucet, sink, and toilet with a higher end option transforms the appeal and comfort of your bathroom, adding .61% value and potentially saving you from an old-pipe-induced plumbing disaster. 

Cabinets

Whether you're redoing your original cabinets with higher end materials or installing completely new ones, upgrading your bathroom cabinets can add .45% to its value. New cabinets are also an easy way to change up the aesthetic of your bathroom by introducing wood or color.

Read more at RealSimple.com

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Does Your Driveway Need a Boost? 4 Types of Outdoor Lighting to Add For Looks, Safety & Even Insurance Discounts

 
 

When it comes to improving your home’s curb appeal, pretty landscaping, an attractive front door (and doormat!), or a fresh paint job on the exterior are great places to start. But have you considered lighting?

Driveway and front-of-house lighting can be transformative, illuminating dark pathways, driveways, and dormers to beautiful effect. It can even get you a discount on your insurance policies and increase your property value.

If your home at night is the black box on the block, here are four types of lighting to consider for a more welcoming (and safer!) outdoor atmosphere.

If you want to create a dreamy walking path: Add some path lights.

Path lights are exactly what they sound like: they illuminate walking paths! Not only is this an important safety feature to prevent you or someone else from falling or tripping over steps or potted plants, pathway lights can also offer lovely, atmospheric lumination. The most common type of path lights are individual, weather-proof lights that can be simply stuck into the ground, no hardwiring required. Place them along the walkway up to your front door, around the side of the house, or along your driveway. Many are also solar-powered, so they’re pretty and energy-efficient.

Buy them:

XMCosy+ Solar Pathway Lights, $60 for a set of four at Amazon

Hampton Bay Duncan Outdoor Solar Path Light, $18 for a four-pack at The Home Depot

Member’s Mark 4-Piece LED Solar Path Lights, $20 at Sam’s Club

If adding an extra layer of safety is what you’re after: Go with flood lights.

Perfect for placing over the garage (especially if your garage door faces a dark alleyway) or around your backyard, flood lights have a wide, bright coverage area and can be mounted on trees, poles, fences, or built structures. Often motion-activated, flood lights provide extra security by lighting up large areas quickly. They may not offer the prettiest light around, but their functionality makes them a valuable addition to any outdoor lighting plan. Not to mention, they may help you qualify for a protective device discount on your homeowners insurance (sometimes of up to 15%). Be sure to check with your agent for further details.

Buy them:

LEPOWER LED Motion Sensor Outdoor Flood Light, $40 at Amazon

MaxDetect 240-Degree Motion Activated Wired Outdoor Flood Light, $50 at The Home Depot

Enbrighten 180-Degree Hardwired LED Motion-Activated Flood Light, $90 at Lowe’s

If your driveway could use an upgrade: Try recessed paver lights.

Love the idea of lighting your driveway or deck but want a clean, streamlined look? Recessed lights like paver lights or paver dot lights offer subtle, elegant illumination. Not only will they improve the safety of your driveway by keeping it sufficiently lit at all times, but they emit a soft, sophisticated glow for immediately improved curb appeal—and possibly even increased property value. Redoing your driveway soon? Consider adding these during installation, but don’t worry if you aren’t. They can still be installed even with an existing driveway or path.

Buy them:

Paver Lights, from $40 at Lumengy

Recessed Paver Dot LED Lights, from $23 at Dekor

If you’re looking for a little drama: Install uplights.

Uplights are spotlights that direct light, well, up! Place them at the base of trees, underneath windows, or around the bottom of your house to spotlight interesting architecture or make your house look like it’s “glowing” from within.

Buy them:

Gardenreet Solid Brass Landscape Spotlight, $150 for a four-pack at Walmart

Argolis Architectural LED Low Voltage Directional Uplight, $159 at Alcon

VOLISUN Outdoor Uplights, $42 for a six-pack at Amazon

Read more at Realtor.com

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5 Costly Kitchen Problems That First-Time Homebuyers Often Overlook

 
 

Probably the most exciting part of home shopping is when you spot a house that makes you swoon.

And more often than not, it’s the gleaming, glorious kitchen that does people in.

Maybe it’s the French doors in the kitchen leading to the patio. Or the shiny backsplash that extends up to the skylit ceiling. Or that ample farmhouse sink that conjures fantasies of your living a Chip and Joanna Gaines–charmed life.

While it’s understandable, even exciting, to fall in love with a home, watch out: Love has a way of blinding buyers to some considerable problems.

To help you spot these kitchen flaws before they dupe you, too, we asked real estate agents and designers to point out these hidden issues that first-time homebuyers often miss. Here are some easy-to-overlook blind spots to check, lest you wind up with some major regrets and costly renovations once you’ve moved in.

1. Illogical layouts

Efficient workstations and smooth traffic flow are crucial in a kitchen, yet it might be hard for newbies to assess how well a layout will work for them.

Will that peninsula, for example, be a helpful food prep station—or a clutter magnet? A galley-style kitchen may look fantastic, but if you’re constantly bumping into others as you prep for dinner, it’ll get on your nerves, fast. Or if you need a ton of counter space, that tiny peninsula might not be enough for you and your kids.

How to avoid buyer’s regret: Focus on how much counter space you use in your current home or would like to use when making a meal. Bring your measuring tape when you tour homes. In particular, scope out the kitchen work triangle where you’ll be spending the bulk of your time.

Ideally, the sink, fridge, and stove should all be within the same general vicinity to keep you from running to and fro.

2. Entertainment space

Also, go beyond meal prep considerations and imagine how you’ll really use the space.

“A kitchen layout might be practical for everyday cooking but lack the entertaining aspect, like wine storage or a proper place to make drinks,” points out Allie Mann, senior designer with Case Architects & Remodelers, in Falls Church, VA.

How to avoid buyer’s regret: Evaluate the basic layout, keeping in mind your wish list. Check if that kitchen island has an overhang, which makes for more comfortable seating for guests. Or do you need to knock down a wall to make room? Just know that opening up a kitchen can be pricy or even impossible if the wall in question bears weight, so make sure to know what you can (and can’t) remove.

3. Insufficient storage

Open shelving in kitchens is all the rage today. But unless you’re an austere minimalist, all your dishes might not fit—or if they do, do you want them all on display for all to see?

How to avoid buyer’s regret: If you’re swooning over a kitchen’s open shelves, just make sure there’s enough cabinet space elsewhere for your bigger or less attractive items such as pots and pans.

If you need to replace the cabinets or build a pantry, calculate the cost. To add a pantry, for instance, you might be looking at stealing 30 inches for a 2-foot-deep closet, as well as spending anywhere from $2,000 to $6,000, says Mann.

4. Missing appliances

Realtor.com quotes, “The couple just assumed that there’d be one, but this was an older house and the seller dined out a lot, so never bothered to put one in,” they say. “That’s why multiple visits [when possible] are important. Something you missed the first time may reveal itself the next time.”

How to avoid buyer’s regret: First-time homebuyers benefit from being methodical. Create a checklist of appliances/features and keep it on your phone as you tour, or download an app that helps you take notes.

Dishwasher, check? Washer/dryer in working order, check?

These details are all too easy to overlook as you walk through a house and soak in its vibe. Each could add at least hundreds, if not more, to your budget.

5. Appliances that are too small or too large

Shiny appliances are always exciting, but don’t forget to think about their size, too.

“People can be so enamored by the finishes of a kitchen that they don’t consider that perhaps the 30-inch stovetop is inadequate,” says Mann.

In the same vein, the fabulous fridge with a “Brady Bunch” capacity could be far more than what a singleton or young couple with no kids needs.

How to avoid buyer’s regret: Even if you are impressed by a kitchen and think it’s fabulous, stop, look, and size up those appliances.

Will you have room for three different pots boiling on the cooktop? Is the fridge and freezer as wide and deep as what you have now? Know this before you reach “accepted offer” status.

Read more at Realtor.com

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These home remodeling projects offer the highest return on investment in history, report finds

 
 

Home renovation activity may have cooled somewhat compared with its pandemic-era frenzy, but homeowners are still investing in their spaces, particularly as the spring housing market heats up.

And when it comes to the return on investment, some projects now offer the highest return values in history — with a few home upgrades averaging returns of nearly 200% for the first time ever — according to the 2024 Cost vs. Value report from Zonda Media, a housing market research and analytics firm.

Garage door replacements offered the highest average return at 194%, followed by upgrading to a steel front door, with a 188% return on investment — both worth nearly double what they were last year, the report found. 

 
 

Curb appeal is key

Forget a designer chef’s kitchen, the projects offering the greatest returns in resale value are mostly related to curb appeal rather than more glamorous kitchen and bath remodels, according to Zonda’s report.

In fact, nine out of the top 10 projects with the highest return on investment were exterior improvement projects, the report found.

“When it comes to adding resale value to a home, exterior replacement projects continue to make the most sense,” Clay DeKorne, chief editor of Zonda’s JLC Group, said in a statement.

However, with rising costs for construction labor and building materials, not everyone will get their money’s worth in improved home value.

Only three projects on Zonda’s list can typically deliver even a 100% return on investment, including replacing the garage doors, upgrading to a steel front door and installing a stone veneer.

“Discretionary projects like an upscale bathroom or kitchen remodel will feel valuable to those who make the selections but won’t provide nearly as much return to sellers,” DeKorne said.

A minor kitchen remodel — such as painting and updating the backsplash — did provide high returns, at 96% of costs recouped. But major upscale kitchen and bathroom remodels did not, the Zonda survey found, with returns of 38% and 45%, respectively.

‘Un-sexy upgrades are more important’

With high home prices and a tight supply of homes for sale, sellers need to be especially strategic in their efforts to attract the buyers willing to pay top dollar in today’s market, according to Todd Tomalak, Zonda’s principal of building products research.

Further, financing renovations or improvements with a home equity loan or home equity line of credit have gotten more expensive along with the Federal Reserve’s string of 11 rate hikes since 2022, including four last year.

“A new garage door or new entry door can make a pronounced difference,” Tomalak said. “It could be the thing that makes one house stand out against all the others, making the home worth a higher price.”

To get the best bang for your buck, talk to a realtor in your area about specific renovations that may increase the value of your home and which ones to skip, the CNBC article advised.

Read more at CNBC.com

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