Calculating the cost of a home remodel

Calculating the cost of a home remodel

If you’re thinking of selling your home soon, it’s never too early to start thinking about sprucing it up. In 2015, spent approximately $400 billion on home remodeling. Remodeling spending is at an all-time high and for good reason, Americans are finding that a few smart investments into their properties make them a lot easier to sell. You too can capitalize on the remodeling boom. But which projects should you spend your money on? Certain projects seem to be safer than others. Buyers are most interested in kitchen upgrades or renovations, bathroom renovations, and wood flooring so these are all relatively safe investments. Before you do anything, you need to be prepared for what the various projects will cost.

Average remodeling costs

According to the National Association of the Remodeling Industry, this is what you can expect to spend for some of the more popular remodeling projects:

 

     

     

  • Kitchen upgrade: $30,000
  • Complete kitchen makeover: $60,000
  • Bathroom renovation $26,000
  • New wood flooring: $5,500
  • Some exterior remodeling projects are sound investments as well but they can also be quite expensive:

     

     

       

       

    • Roof replacement: $7,600.
    • New vinyl windows: $15,000
    • Garage door replacement: $2,300
    • New vinyl siding: $12,000
    • Keep in mind that these are only average costs. The cost for these projects for your home might be more or less depending on a number of factors.

       

      Feeling sticker-shocked?

      If the costs of these remodeling projects have you hesitant, remember that they are investments and many of these can recoup 70% of the cost when you sell. If these larger projects are out of the question, there are still some smaller projects that can help you to sell your home:

       

         

         

      • You can replace an old, outdated faucet in the kitchen for just a couple hundred bucks and an hour or so of your time.
      • A few hundred bucks and a weekend spent in the front yard can add a lot of curb appeal and it could really help you sell your home. Lay down some fresh mulch and plant some new flowers and shrubs. When you put your house on the market, mow and trim the grass and hang some potted plants on the porch.
      • A fresh coat of paint for the home’s interior is a must. Do it just before you put your house on the market so the walls are completely free of scuff marks and stains. Choose a neutral, light color since that will be agreeable to the largest number of prospective buyers.
      • Finally, a little tidying up around the house won’t cost anything at all. Before an open house, put half of your belongings in storage since sparse furnishings will make the home look more spacious and it’s easier for prospective buyers to see themselves living in it.
      • Source: Nerdwallet"

         




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