How Much do Home Upgrades Cost? We’re Breaking it Down.
The pandemic and the insane housing market have created a perfect storm for one industry, the home improvement market. According to a report by the Joint Center for Housing Studies of Harvard University, the home improvement market reached $281 Billion in 2021.
Now, with the way the housing market is showing fewer houses available at higher costs, more people are thinking about remodeling, renovating, or just changing things up in their homes rather than seeking a new home altogether. That means the home improvement market will not be crashing any time soon.
If you really love your home but due to being in it for work, play, family time, leisure time and all the time in the past two years you’re feeling stagnant in it, maybe a home improvement is the better choice than buying a new house.
We’ll take a look at five popular home improvements you can make to give new life to your home and what they will cost you. Improvements that cost much less than buying a new house will give your home a better resale value for the future.
Refacing the cabinets in your kitchen is a brilliant and cost-effective way to give some new life to an old kitchen or put some sparkle on an updated kitchen. This is an eco-friendly job, and it will cause a lot less hassle in your life than replacing and installing new cabinets.
A basic refacing job consists of installing new cabinet door and drawer fronts. Then you’ll cover the exposed face frames with matching wood or plastic veneer.
Why It’s Good
Other than costing less than replacing all your cabinets, the refacing project is good for a few reasons.
- Retains a kitchen’s layout: If your kitchen layout works for you and you’d like to keep it, refacing is an ideal option.
- Style options: Refacing provides varied veneer options for natural woods and laminates.
- Cost-effectiveness: Refacing delivers a new look for almost half the cost of new custom cabinets.
- Green remodeling: Refacing offers a more environmentally friendly option because it eliminates the disposal of cabinet boxes into landfills. Considering that most cabinet boxes are made of MDF (medium-density fiberboard), which contains formaldehyde, a hazardous chemical, retaining these cabinet boxes by refacing is the more eco-conscious way to go.
- Most homeowners spend between $4,151 and $9,238 on refacing cabinets. Kitchen cabinet refacing costs are determined by:
- Materials used: Wood veneers cost $2,500 to $6,000, and you can choose from woods such as oak, birch, or walnut. However, veneers tend to be more robust and durable; thus, they cost 25% more than laminates. Plastic laminate costs $1,000 to $3,000, and so does a rigid thermofoil. Solid wood costs $5,000, significantly higher because homeowners trust it more.
- Hardware replacements: Cabinet handles cost $5 to $15. Prices vary, though, depending on the design and materials used.
Building a Deck
Adding a deck to your home is a great way to add more living space without building a new room while it takes advantage of your outdoor space. It also adds resale value to your home. There are a variety of materials you can use and designs available. Make your mark and build a deck that flatters your home while giving you precisely the extra space you need.
Why It’s Good
If you’ve never had a deck on your house, building one will change your life. There’s the extra room, better use of outdoor space, and the ability to entertain on the deck, which means barbeques, cocktails on the deck, maybe a hammock, or just sitting quietly and enjoying the sunset or sunrise.
A deck also adds value to your home. Homeowners can recoup up to 70% of building costs when they sell their homes.
The average price range for a deck in the US runs between $4,000 and $11,000, including materials and labor., which breaks down to roughly $30-$60 power square foot. So, if you’re thinking of a standard-sized deck, 14 X 20 foot, you can expect to pay about $6,000.
This could change depending on the materials you use.
Pressure-treated wood is considered the standard material used in decking. Although a common choice among homeowners, a wood deck does require yearly maintenance to preserve its integrity and good looks.
The type of wood also plays a factor in how much your deck will cost. Using high-quality, exotic woods can drive up costs quickly. Redwood is a premium wood that is very popular with homeowners and adequately maintained, a redwood deck could last 30 years with few signs of wear.
This is an eco-friendly option as composite decks are built from recycled plastics and wood byproducts. These are excellent materials because they never split like never, ever. Composite material also lasts longer and requires little maintenance.
The downside is that the eco-friendly material is more expensive. Composite decking material can cost up to $12 per square foot compared with $3-$7 for wood planks. On average, you can expect to pay about $20,000 for a 16 x 20-foot composite board deck.
This is decking material that’s gaining in popularity. Vinyl, which is PVC, short for polyvinyl chloride, is a pervasive plastic used in so many things. PVC decks are virtually maintenance-free. Aside from standard cleaning, these decks don’t need painting, staining, or sealing.
The upfront cost of a vinyl deck is typically more expensive than that of a wood deck — but the absence of a need for regular maintenance makes the upfront cost the only significant expense associated with this type of decking. Generally, vinyl decking costs about $10 per square foot.
Install a Roof
Back when houses were more readily available and cheaper, a roof issue might have meant it was time to move on. Now, spending more time in our homes and the market being so stingy, a roof that could be patched might be better off being replaced. It can be an expensive endeavor but the alternative, a swimming pool in your bedroom, is not so fun.
Why It’s Good
A new roof will save you from the elements, of course, but it will also add curb appeal to your home. That will matter most when you decide to sell your home; you’ll get more eyes on the house and a better price.
Cost for a roof is a bit complex to calculate since no two rooves are the same, as any roofer worth their salt will tell you. The average price range is based on a three-bedroom, two-bathroom home with a walkable roof pitch. With these specs, you’re looking at anything between $12,000 to $15,000.
Now, another cost factor will be materials; some folks do not want the commonly used asphalt shingles, so different materials mean different costs.
For a one-story house with a basic up and over roof with no penetrations and no valleys, you can expect your new roof to cost around $3.68 per square foot. This includes basic builders-grade architectural shingles, underlayment, and other roof components.
The structure of your house, the ease of accessibility, pitch, etc., will all factor into the cost.
A new screw-down (also known as an exposed fastener) panel metal roof costs around $4.50 per square foot to start. However, a new 24 gauge steel standing seam metal roof will cost around $12.00 per square foot for a one-story house with a basic up and over roof with no penetrations and valleys.
Synthetic shingles are made of recycled materials and designed to look exactly like a slate or cedar shake roof. While they give you the look of slate, they come at a more affordable price point.
A new synthetic slate roof costs around $10.00 to $12.00 per square foot to start and has the potential to get up to $20.00 or more per square foot.
A cedar shake is a premium roof system made of natural wood (cedar) materials. A new cedar shake roof costs around $14.00 per square foot for a one-story house with a basic up and over roof with no penetrations and no valleys. For a more mildly complex roof, the cost of your new cedar shake roof will be around $18.00 per square foot.
A slate roof is a premium roof system made primarily out of natural slate tiles and other slate roofing materials. It’s one of the most beautiful and long-lasting roof systems on the market.
For labor and materials, you can expect a slate roof to start around $15.00 per square foot and has the potential to get up to approximately $30.00 or more per square foot.
Nothing makes a home feel new like a remodeled bathroom. New lights, new tub, shower, tiles, whatever you want. It will feel like a new place every time you step in.
Why It’s Good
When you remodel the bathroom, you get to make so many choices, from colors and texture to fixtures and styles; you can go crazy and get the right bathroom for you and the family.
The average bathroom remodel costs $10,985. Most homeowners spend between $6,599 and $16,389. You can spend as little as $3,500 to $7,000 updating the essentials in a small or medium-sized bathroom.
On a large or master bath, you could spend $25,000 or more. Labor averages 50% of the total project price at about $65 per hour. Expect pricing to vary regionally up to 20% due mainly to labor. Material prices stay roughly the same across the country.
The payoff for a remodeled kitchen is substantial. Ups the house’s value when it’s time to resell looks tremendous and can change the entire feeling of the house. With more space for storage and work, you may rediscover your love of cooking. A kitchen remodel is the most popular home upgrade so far in 2022
Why It’s Good
Better resale value on the home is a significant selling point for a remodel of the kitchen, but it also has its advantages in the present. The kitchen is the soul of any house, and right now, maybe your house’s soul is a little dinged up, sad or dull. A remodel can change the feeling of the entire home and make it a focal point again.
Also, we’ve been in the same house for a long time, and it feels even longer with the pandemic. A new kitchen could shake the doldrums the family is feeling and make them excited about family time again. New is fun, exciting, and attractive.
Well, this one will cost you a bit. It’s not an easy job, and to do it right, you might have to pay a bit more than the other upgrades, but it is worth it.
The total average cost to remodel a kitchen ranges between $25,000 and $40,000. Now, those numbers seem steep; however, any kitchen remodel is contingent on several factors. Your remodel could cost half those numbers listed if specific steps like plumbing, demolition, or adding new electrical wiring aren’t necessary. Or if you have a small kitchen. Most homeowners spend between $75 and $250 per square foot on their renovation.
Making sacrifices or adjustments to your budget in other areas, such as avoiding high-end or smart appliances, could save you thousands if you’re trying to remodel a kitchen on a budget.
Talk to the Experts
Even if you’re not thinking of buying or building a new home, talking to expert builders is never a bad idea. They may have connections to cheaper materials or offer advice on what you genuinely don’t need in a remodel. Whatever your situation, before you remodel, talk to the experts at Revere Homes; they’re always ready to help.