Few things in life are as exciting and challenging as buying a home. The experience of being in charge of your own property—rather than being a tenant—is truly a rewarding thing. There’s no need to seek approval from a rental agency or landlord if you want to replace a door or put on a fresh coat of paint.
In fact, you can go a lot further than this. Home renovation is an exciting frontier for both new and experienced homeowners. It represents the chance to express creativity, increase functionality, and invest in the future. The right home renovation can have long-term positive effects on a home’s market value.
But home renovation is also a vast and sometimes confusing area to navigate. Homeowners want renovations that express their taste and improve their lifestyles, but they also need smart investments. How can they know what type of renovation to focus on?
This obviously depends on the unique situation, but it’s possible to clarify the decision-making process by looking at some of the most expensive home renovations out there. This gives people a general idea of how far their investments may be able to go.
1. Add-ons and New additions
A new wing, room, or addition to your home represents the ultimate in home renovation. It’s hugely desirable because it adds square footage to your home’s profile, which makes it more attractive to future real estate agents and buyers. It also makes an impact on your bank account. Depending on the size and nature of your new addition, as well as the builder you hire, the final tab could be $30,000 or higher.
2. Renovated Bathrooms
Undertaking a comprehensive bathroom renovation isn’t cheap. The average homeowner puts about $9,000 into the job—and that’s just for one bathroom. Many people go for partial improvements instead, cutting the costs dramatically. Yet even with the high average costs, bathroom renovations remain one of the most desirable and bankable projects for homeowners today.
3. Kitchen Renovations
Kitchens are at the top of every homeowner’s list in terms of renovations they’d love to undertake. The only problem is, renovating your kitchen requires a sizable investment. Averages change from year to year, but frequently surpass the $15,000 mark depending on how extensive the renovation is. Working with a highly skilled kitchen renovator is a good way to make sure your investment pays off.
4. Renovations/Repairs to Roofs & Siding
You might not think that putting a new roof over your head would cost less than giving your bathroom a full-scale makeover, but it’s true. Most new roofs cost homeowners between $5,000 and $10,000, depending on the materials they choose and the contractors they hire. Averages for brand new siding are very similar. These sometimes aren’t the most exciting renovations, but they’re sometimes necessary to keep a property in good condition.
Making an Intelligent Investment
When it comes to home renovations, the possibilities are only limited by your budget, tastes, and imagination. Sometimes the renovation your want seems out of reach in terms of costs. Yet many homeowners are surprised by what’s possible when they dig into the numbers and consult a certified home renovation professional. Getting your renovation investments to perform well is a matter of making smart choices and partnering with the right home renovator.
Thanks for stopping by our blog. Feel free to leave questions or comments!