When it comes to homes, styles change and features come more innovative. So it’s pretty unlikely that whatever state your home is in now will be up to snuff in a decade or so. At that point (or probably sooner), you’ll be looking to update the finishes or improve the functionality of your space. The thing is, these kinds of tasks costs money, and budget always rears its ugly head when the need for a big revamp in a home is called for.
The question is, how much are these projects going to run you, anyway?
Ripping Down a Wall
These days, an open concept is highly coveted among homeowners, especially the younger ones. People like the idea of being able to communicate with family or guests, regardless of what room each person happens to be in. Being able to prepare dinner while watching the game in the living room at the same time is a big plus. Removing a wall also allows more light to fill the whole floor and creates better traffic flow.
Price Tag: Removing a non-load bearing wall can cost about $3,000. Load-bearing wall removal is more expensive, and runs about $10,000 for a single-story wall, and up to $30,000 if the load-bearing wall extends two stories.
Adding a New Bathroom
These days, it would be nice if every household member had his or her own bathroom. That way mornings would go a lot smoother without anyone having to fight for space in this underestimated little room. Older homes in particular weren’t exactly known for their plethora of bathrooms, so adding one or two has been a popular endeavor among these homeowners.
Price Tag: The cost of adding a new bathroom can vary greatly, since it depends on how large it will be, what ‘rough-ins’ are already present or need to be installed, and the features and finishes you want to add. Basically, a new bathroom installation could run you anywhere between $5,000 and $10,000+ just for the bathroom alone. Any concrete that needs to be broken to run plumbing lines will jack up the final cost.
For example, if sewer lines are less than 6 feet below grade, an ‘evacuator’ would have to be installed to remove the waste, which can really hike up the installation cost. If rough-ins are already there, the simple job of putting up framing, drywall, doors, hardware and floor coverings isn’t terribly expensive. Keep in mind that a new bathroom adds value to a home, so whatever you end up spending could come back to you come sale time.
Remodeling a Kitchen
The kitchen its the core of a home. It’s where things happen. Not only are your meals prepared here, but there is a coming-together that takes place in this central space. With so much time being spent in the kitchen, it’s no wonder that homeowners tend to focus on keeping it updated and visually appealing. And let’s not forget about how much of a role the kitchen plays in the overall value of the property.
Price Tag: The national average cost to for a minor kitchen remodeling job is around $18,500, while a major revamping cost an average of $54,000. Of course, this number could easily go way beyond, depending on the extent of your wish list.
This is one of those home remodeling jobs that you need to be careful with as far as ROI is concerned. Done right, you could really add some serious value to your home. But spend way too much and add a bunch of finishes that the neighborhood doesn’t call for could have you losing out at the end of the day.
Replacing Carpeting With Hardwood Flooring
Wall-to-wall carpeting isn’t exactly what homebuyers like to see when they first walk into a home. What sophisticated buyers want these days is hardwood. That’s not to say that you’ll be planting a For Sale sign on your lawn anytime soon, but it’s still worth noting what kind of features demand more attention and higher prices. Having said that, it’s still a lot easier to maintain hardwood than carpeting. And you’ve got to admit – hardwood just looks better.
Price Tag: Hardwood flooring is definitely much more expensive than carpeting. For those on a tighter budget, hardwood can be reserved for certain rooms that get a lot of traffic, such as the foyer, hallways, and living area. Installing hardwood flooring can cost anywhere between $9 and $12 per square foot, depending on the size of the planks and the type of wood you’re using.
Replace Windows With Energy-Efficient Models
Whether or not you want energy-efficient windows, if your current ones are over 15 to 20 years old, it’s probably time to replace them anyway. Old windows that allow air to escape not only compromise the comfort level of your indoor air, they’ll also send your utility bills through the roof. Installing energy-efficient windows might cost a good chunk of change up front, but it’ll come back to you in spades from the savings on your bills, not to mention the increase in overall value of your home.
Price Tag: All-new, mid-range vinyl windows for an average home cost between $11,000 and $15,000. But you can easily recoup about 80% of the project cost in added value to your home. And don’t forget about any local or state rebates or tax incentives that you might be able to take advantage of as well.
No one said maintaining a home is cheap. But done right, these home remodeling jobs can boost your home’s value, and add a little extra equity to help pad your pockets. Talk to a real estate agent about what types of remodeling projects really pay off, and how to stick to what your specific neighborhood calls for.