Building an addition can range from adding another master bedroom to expanding your kitchen. It involves electrical work, plumbing, carpentry, obtaining permits and even roofing, sometimes just about everything you would expect if you built a new house, which explains why it's a costly project. Keep in mind that the larger the add-on, the more expensive it will be. Average costs drop significantly in the last five most expensive renovations, which are more specific projects and don't require as much time nor materials.
What makes the kitchen one of the most expensive renovations in the home is the type of areas you'll have to budget for. For example, if you do minor renovations, you'll have to pay to modernize countertops and cabinets, update the floor, install new appliances, and upgrade sinks and faucets. Bold renovations and “surprise factors” don't usually include bathroom remodels on the list of the most expensive home renovations. You may need to remodel things like sinks, accessories, wall paint, toilets, lighting and cabinets.
The good thing about bathroom remodels is that those small renovations can have a big impact on the value of your home. If you're interested in reducing the amount you'll pay for your home renovations, go for less expensive finishes and repair only those areas that need to be repaired. In addition to being among the most expensive home renovations, roof repairs are hard to ignore. The good thing about these renovations is that installing a new roof will serve you for several years.
However, if your roof has not yet reached its useful life, repairs are ideal. The fact that building a new terrace improves the value of your home and, at the same time, increases property taxes makes it one of the most expensive home renovations on this list. However, the extent to which it will affect your property taxes will be reflected in the total costs. Be sure to talk to an appraiser during the planning phase to avoid unwanted surprises.
Also, make sure that your homeowners policy covers the terraces before starting the project. If you want to undertake one of the renovation projects mentioned above, but are not sure how to raise funds for home repairs, consider investing with Home Equity (HEI) from Point. My partner and I are starting to save to buy a home and we are looking for a century-old house that needs to be renovated. If you're looking to sell your home later on, knowing the average costs could help you evaluate the value of these projects and choose the best home renovations.
Make sure you're aware of popular home renovation trends so you know how to do different remodels.
