Homeowners these days are spending more money on home remodeling projects than ever before. Remodeling and renovation projects have become a necessary part of home living to establish a comfortable atmosphere or increase the value of the house. While some home projects are cost-effective and easier, others are tackling more expensive and larger remodeling projects to bring out the aesthetic aspect of their living space.
If you’re planning to use your money to remodel your home, it’s important to know how to properly budget. You have to be prepared for unexpected costs, especially in terms of delays, surprise expenses, labor, and changing material costs. Some homeowners are even consulting a mortgage lender to get the most suitable mortgage option according to their financial capability and lifestyle.
Remodeling expenses are very subjective, that’s why it’s difficult to assign a standard price on each project. But with the right research, you can create proper estimates depending on your dream project. That being said, we’re going to cite the most expensive parts of a home remodeling project and the proper improvements to boost the value of your home in the right way.
The kitchen tops the list as the most popular and incredibly expensive remodeling project. They also add the most significant value to a property. The reason for this is that the kitchen serves as the heart of your home. It is where family members often spend the most time, especially when preparing and eating meals. That’s why it’s no wonder why homeowners treat their kitchen as a luxury than a necessity.
The actual cost of a kitchen remodel may depend on the layout, size, shape, quality of materials and storage, and appliance. But when it comes to budgeting, the recommended cost for a kitchen renovation is to spend at least five percent of the overall home value.
According to Home Advisor, the average cost of a kitchen remodel for 2021 is between $13,342 to $37,702. A small project worth $10,000 to $15,000 includes sink upgrades, cabinet refacing, backsplash installation, and paint jobs. An additional cost of $30,000 includes high-end appliances, granite counters, hardwood floors, and custom cabinets.
Smaller kitchen updates are also possible for less than $5,000. The updates may be limited to new appliances, backsplash, and paint jobs. If the appliances don’t match, consider installing face panels and new doors to give the kitchen a coherent look without buying new appliances.
The bathroom takes the second spot as the most popular home improvement project. Aside from the kitchen, the bathroom is another place that reveals the age of your home. In fact, some home buyers may also consider the work and costs involved in improving an old bathroom.
The average cost of a bathroom remodel is $10,768, but most homeowners are willing to spend between $6,143 to $15,410. Those with a small or medium-sized bathroom can spend only $3,500 to $7,000 by simply updating its essentials. Meanwhile, a large master bath can cost over $25,000. Although prices may stay the same for the materials, the average labor costs take 50% of the entire project price.
The cheapest way to save on bathroom remodel is to design it yourself, apply low-cost finishes, and update the areas that actually need replacing instead of changing the entire bathroom. You can also save more time by hiring a professional plumber to save you from unforeseen repairs in the future.
Flooring installation varies depending on the type of flooring, square-foot space, and installation quality. Removing old flooring and addressing floor issues can also add to its overall costs. The flooring installation ranges from $1485 to $4476, with an average cost of about $2957 for a 500 square-foot space.
Hardwood ranks as the most expensive flooring followed by stone, laminate, and tile. Since the costs for flooring materials depend on square feet, larger homes require a large investment. You can minimize cost by limiting floor upgrades in high-traffic spaces (e.g., kitchen and hallways) and picking the right material.
To choose the right flooring, it’s better to consider your specific needs at home. If you have pets or small children, scratch-resistant or spill-proof flooring is the best option. Although hardwood and carpet look great, they may not be suitable for every space. To avoid extra costs, avoid materials that require a pad or underlayment. You should also consider the style to blend well with the furniture and create the right aesthetic.
Remodeling costs vary depending on the contractor you hired, materials used, equipment, and the type of project itself. While home projects are predictably expensive, taking the time to plan and research will give you a wider insight into the cost-effective ways to increase the value of your home. Remember that a remodeling project is not about how expensive it is, but on how you apply the right improvements.