Home improvement projects are becoming more and more commonplace, and not only are homeowners spending on remodelling, but they also target more expensive and more aesthetic ways of home improvement. The reason behind this – home equity; the amount of equity homeowners have is now equal to what it was in 2006 at the top of the housing market boom. Here are the five most expensive and most popular home improvement projects.
Kitchen Remodel
Avg. cost – $21,660
While a kitchen remodel brings in a substantial payoff, the project in itself is expensive, complicated, and comprehensive. The cost of this project will depend on the kind of materials used, the size of your kitchen, and the kind of structural changes involved. Projects can range from $10,000 to $30,000+, and ideally, homeowners should plan to spend 5-15% of the home’s total value on a kitchen remodel work. An owner who plans to stay on can plan for more expensive projects as they can enjoy benefits before resale, while homeowners who plan on moving in a few years should stay close to the lower end.
Bathroom Remodel
Avg. cost – $9,463
There are several options for homeowners to choose when it comes to bathroom remodel works and the total cost for the same will come down to style and budget. An average bathroom remodels costs close to $9,500, but it will cost less than half to simply fix up the essentials in a small to a medium-sized bathroom, while master remodels will make for a complete lifestyle upgrade. This work is also one of the remodels that will bring in high resale returns. When remodelling consider such works that will give better returns on ROI.
Roof Installation
Avg. cost – $7,089
During times when the housing market was down, homeowners with a bad roof would make do with a quick patch-up job, but since the last few years have seen an increase in equity, homeowners often go for a complete replace – a high-dollar but essential project. In the event of small issues such as a leak, check with the last roof repairman about the warranty; chances are you can get it done for free. Even if the warranty has expired, a small repair costing around $$715 will do the trick.
Building a Deck
Avg. cost – $6,975
The boom in homeowner equity has been met with homeowners indulging in the luxury of improved outdoor living spaces. Adding a deck to your house adds to your home value, improves and increases your living space, and all without the cost of an additional room. Smaller decks will only come up to $2,000 while some homeowners spend as much as $7,000.
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