From Brittany on October 10th, 2011 in Home Additions
When you purchase a home, you likely do so in mind that you will customize and improve along the way. Update. Revise. Evolve with your own tastes and needs. And, of course, this costs money. You may be wondering just how much money.
The great news is that the right remodels increase your home’s value while creating a better living situation now. And, yes, some additions and renovations are superior to others. While renovating a home office space does little to add value to your home, other improvements add major impact.
For pricing on a remodel in your area, click here.
The best renovations—namely, bathrooms and kitchens—provide excellent returns on your investments and make your home far more sellable when the time comes. Here’s a rundown of great home improvements, and the costs you can expect.
You might have an underused corner of your home that you want to turn into a small bathroom. This is a great choice for adding functionality and value to your home. With such an addition, you can expect to pay between $7,500 and $50,000, depending on the work that needs to be done, the quality of materials, and of course, the scale of the bathroom addition itself.
A renovation of an existing bathroom is less expensive than starting completely from scratch, which can run you up to $80,000. This may seem like a daunting price, but remember that a bathroom can give back up to 70% on your initial investment—not to mention government incentives and rebates for using eco-friendly appliances. Click here for pricing on bathrooms.
With a return on investment as high as one hundred and twelve percent, a kitchen remodel is well worth considering. The heart of the home, the kitchen is the social center, and with so many large appliances, it is a room with great opportunity for saving money and energy in the long run. Look into ENERGY STAR ratings and replace your appliances with efficient options, saving you money in rebates as well as your energy and water bills.
A great way to calculate how much your kitchen renovation should cost is to plan on improvements that equal about 15 percent of your home’s overall value. And remember that even smaller changes, such as putting up new backsplashes and upgrading the fridge can do wonders. For pricing on kitchen renovations, click here.
Laundry Room Addition
Laundry room additions are not often considered, when looking at how home improvements can revolutionize an entire space. And your life. Consider how much usage a laundry room gets, and how much you can save by creating efficiency in this area. Not to mention that you won’t always cringe on laundry day.
Laundry rooms can be tricky to price, depending on whether your are working with an existing laundry room and its hook ups or not. Your costs can range from about $5,000 to $7,000, which is a great price considering that you can save tons on your water bill if you are also replacing old appliances for more efficient ones.
Photos via Houzz