The Cost of Remodeling a Home
If you’ve been considering the idea of remodeling your home, you may have some cash stored away for the cost of your project. While updating your home will certainly increase the overall value of the property, the up-front expenses are still a big factor to prepare for. Prioritizing what your first project will be will eventually boil down to cost and necessity. As a homeowner, you know what areas of your home need to be updated before others, but you may not know the cost of some of those updates.
The kitchen is one of the most essential rooms of the home. It seems like even when a living room is available for guest to relax in, most of the congregating will take place in the kitchen. Updating your kitchen will greatly increase the value of your real estate property, but adding up all of the appliances can get pricey quickly. New cabinets, sinks, countertops, refrigerator, microwave, or other kitchen appliances can run up to around $20,000 when packaged all together. However, smaller updates such as painting, a single appliance, and adding a backsplash can be accomplished between $10,000 to $15,000.
If no accidental damage occurs to your home’s windows, updating your home’s windows are one of the longest lasting features of the home. Another bonus that comes with updating your windows is that it could save your family money in the long run. Better technology has increased not only the longevity of the frame and glass but insulated and energy saving windows will help in lowering your utility bill each month. New windows are able to better trap heat in the winter and cool, air conditioned temperatures in the summer. Insulated wood windows and cost around $10,000 depending on the size of your home.
Basement or Attic
If your home was designed with a basement or attic it can leave many options available to you and your family. Either unfinished space would be an excellent area for storage, but there is so much potential for either room when finished. Transforming your basement into an office, game, music, or entertainment room can allow for more space when having guests over. Again, while raising the value of your home the upfront cost is greatly significant compared to other updates. Be prepared to spend upwards of $62,000 for a fully finished and furnished area. Finishing an attic, on the other hand, would be less expensive if you wanted to turn it into a playroom or spare bedroom. Remodeling your attic can be a great option as opposed to building on an entirely new room to your home.
If you are thinking of adding a deck to your outdoor area or want to do an entire restoration of your current deck, there are some options to consider. If you are leaning towards a wood deck, re-staining or sealing additions will be needed approximately every two to four years. This will include the cost of labor, material, and storage or the disposal of the new stains and paints. A composite deck, on the other hand, requires much less maintenance with really a simple pressure wash needed for removal of dirt and debris.
The cost of composite decking is generally twice the cost of a wood deck, but will last for a longer period of time and essentially will be more economical in the long run. Composite also can withstand tougher weather conditions and is resistant to insects compared to wood that splinters and cracks.
Where wood decking has been a favorite look of many homeowners, composite decks have come a long way in style in recent years. Composite decking is available in various colors and even natural wood grains where actual wood decks are limited in true color. The added bonus of composite decking is that it is made of recycled materials (a feature that many environmentally conscious homeowners appreciate when selecting home building materials).
As a homeowner, if you plan to one day sell your home, making updates to it will be something you’ll want to keep in mind. By keeping your home up-to-date you will be better prepared to sell it at a higher price once it’s placed on the market. Rather than making your updates right before you plan to sell, regularly making small modern adjustments will give you and your family the added bonus of getting some use out of your newly renovated space. Just keep in mind the budget you are working with and how much the project will benefit you in the long run.