Popular remodeling projects and their estimated costs
Posted on Thursday, December 6, 2012 at 5:27:47 PM
When it comes to the cost of home repairs and updates, the sky's the limit. Unfortunately for the everyday consumer, the same can't be said about their bank accounts.
Prior to starting a project, there are a number of factors homeowners need to account for, but cost may be the most important. Spending on home remodeling projects is expected to increase more than 16 percent by the middle of 2013, the Harvard Joint Center for Housing Studies reports.
Starting from scratch
Nowadays, many people purchase distressed properties in less-than-perfect condition with the plan to complete a renovation once they move in, but according to Bloomberg News, a total home remodel can cost upward of $190,000, on average.
Although the exact cost will depend on the size of a home and what the owner wants, things can quickly go over budget during the process. In fact, an estimated 55 percent exceed their initial estimates. However, once it's all said and done, a household will have a property to call their very own.
Going for a dip
The prospect of installing a swimming pool may be very appealing to some homeowners, but it's going to cost them a pretty penny. According to the news source, the average cost to install a swimming pool is more than $34,000, but the costs don't stop there.
Installing a swimming pool has some long-term implications, as it can impact a homeowners insurance rates plus they will need to pay for maintenance and upkeep. While the concrete base of a pool will often hold up for more than 25 years, the plaster and tiles than line the interior may need to be replaced in as little as a decade after installation.
All that and the kitchen sink
Kitchen makeovers are some of the most popular home improvement projects in the country, and they are also some of the most profitable. The average cost to make over a kitchen is $24,766, and a homeowner can expect to recoup between 66 and 72 percent of their investment if they choose to sell.
A new kitchen can greatly contribute to the appeal of a home, as many Americans currently agree it is the most important room in a house. Some people might find it difficult to pay for such a transaction out-of-pocket, but there is where home improvement loans can come in handy.