Guide to Home Renovation Costs in 2022
Many homeowners do not focus on home maintenance, remodeling, or renovation. As a result, it deteriorates the property’s structural integrity and reduces its resale value. A home renovation is an excellent opportunity to improve your property’s condition, make it more energy-efficient, save on utility bills, and generate higher returns on investments by increasing its value The question is: How much does a home renovation cost Today’s article will give you the details Read on!
How Much Does Home Renovation Cost?
The Real Estate in Hunts Point WA have an average cost of a home renovation is between $19,000 and $73,000 It depends on various factors, such as your property’s location, size, materials’ quality, number of appliances, etc
The average cost of a complete home renovation is between $15 and $60 per square foot On the other hand, renovating a bathroom or kitchen costs between $100 and $250 per square foot
In addition, the complete house renovation at a low end can cost between $15,000 and $40,000. Likewise, midrange and high-end renovations cost $40,000-$75,000 and $75,000-$200,000, respectively. Let us delve into details.
Exterior
Exterior home renovation has an average cost of $6,000 and $20,000 The project includes painting the exterior of your home, redoing siding, landscaping, and fencing The average ROI of exterior house renovation is $80 At the same time, it boosts the curb appeal, attracting more prospective buyers.
Bedroom
The average bedroom renovation cost is between $15 and $40 per square foot If you want to renovate your bedroom at a low end, expect to pay $1,500 to $5,000 for moldings, flooring, painting, and ceiling fan installation. On the other hand, a full bedroom renovation costs between $4,000 and $12,000, including fixtures, furnishings, drywall, flooring, painting, windows, lighting, and finishing
Living Room
Renovating a living room has an average cost between $4,000 and $10,000, including new flooring, crown molding, painting, fireplace installation, and plantation shutters. A basic or low-end renovation can cost between $2,500 to $5,000 for design work, flooring, and painting
Kitchen
The kitchen is the heart of your home, and renovating it can increase your house’s resale value and generate higher ROIs A kitchen renovation has an average cost of between $100 and $250 per square foot in Luxury Real Estate areas However, the price
depends on various factors, including the kitchen’s size, materials quality, and the number of appliances and fixtures.
If you want to carry out a small kitchen renovation, expect to pay $5,000 to $20,000 On the other hand, mid-range and high-end kitchen renovations average between $30,000 and $80,000. Research highlights that redoing a kitchen increases your home value with an ROI of 54% to 80%.
Bathroom
A typical bathroom renovation has an average cost between $2,500 and $15,000 If you have a master bath and want to renovate it, expect to pay $10,000 to $30,000. A bathroom renovation can cost between $120 and $275 per square foot, depending on the materials’ quality The project usually focuses on new flooring, cabinetry, lighting, fixtures, wall tiling, and painting
Research highlights that renovation of a small bathroom has an average cost between $2,500 and $10,000 According to the National Kitchen and Bath Association, spending 5% to 10% of your house value on renovating a bathroom is crucial
Basement and Attic
The average cost to renovate your basement is between $20,000 and $50,000, or $25 to $50 per square foot Bear in mind that basement renovation depends on various factors, such as a layout with rooms or an open floor plan It also depends on whether you want to install a kitchen or bathroom The average ROI of a basement renovation is up to 70%
Besides, renovating your attic or converting it into a living space is crucial The average cost to finish your attic is $25,000 to $75,000 If you have an already-finished attic, you can renovate it by spending $10,000 to $30,000
Attic conversion into a living space, such as a bedroom or office, can improve your home value and generate ROI of 70% to 80%. The project usually involves structural work, reinforcing floor beams, and refinishing floors, walls, and ceilings. It also includes stairs, electrical, and plumbing work However, these can increase the cost
Final Words
Renovations are an excellent way to repair, restore, and finish a room or house. It is crucial to know the cost of a renovation project before beginning That way, you can make an informed decision and carry out the project within your budget