Buying a house is already a huge investment in itself. While some homeowners think that after spending on a home, you won’t have to worry about even more additional expenses, others know the truth. Homes are not only an investment but they are also a constant expense. Parts of your home will need to be updated from time to time, repairs, and renovations are what keep our homes livable.
Whether you are planning on renovating your home or repairing part of it, you should know that these projects will cost you upwards of $1,000. The more complicated the repair or renovation project, and the bigger the area that needs to be worked on, the higher the cost will be. To help you understand just how much each type of renovation or repair project can cost you, here is a list of the most common projects people undertake for their home and the estimated cost for each one.
some people who buy an older home usually consider a bathroom remodel a few months into the home purchase. This is because older bathrooms have outdated fixtures, chipping tiles, peeling paint, and other unsightly things that need to be fixed. A total bathroom makeover can involve the addition of a new tub, replacement of sinks and fixtures, replacement of countertops, and redoing the flooring.
When a bathroom remodel is planned, some of the considerations that need to be taken into account include the size of the current bathroom and whether or not you are planning on enlarging it. It also includes floor plan changes, the quality of the materials you are planning on using, and the possibility of plumbing changes. All of these will have a bearing on the total cost of the remodel.
The cost of such a project can run between a low of $1,500 and a high of $15,000 for a small bathroom. For a master bath, costs can be between $10,000 to $25,000 depending on what you do, the materials that you choose, and the size of your bathroom.
another popular home remodel project is the modernization of an old-fashioned kitchen. This is another renovation project that can cost you quite a bit of money if you decide to go with high-end materials, appliances, and fixtures. The size of your kitchen also plays into the total cost of the remodel.
If you are modernizing your kitchen, and are looking at replacing everything in it – from the countertops to the cabinetry to the fixtures and the appliances – you can expect to spend around $30,000 or more for this project. This cost is, of course, dependent on the choices you make and the kind of work that is done to the space.
You have to remember, the bigger the kitchen, the higher the cost, but if you have a smaller kitchen that you want to upgrade, you may spend between $5,000 and $15,000 on it. You can cut costs by choosing cost-saving methods, like refacing cabinets instead of replacing them, or by doing this project in stages so you don’t get saddled with a massive kitchen renovation bill.
considered more of a repair than a renovation project, replacing windows will help you save a lot of money in the long run particularly if you choose an energy efficient option. Energy efficient windows help keep conditioned air inside your home effectively and keeps outside air from coming in. This can save you a lot of money in energy costs.
When do you replace your windows? If you find that your home’s energy bills are going up, or you feel hot and cold spots in your air-conditioned or heated room, you may have drafty windows. If your windows don’t close or open properly, if they have cracks in the glass and the frame, then replacing them should be considered.
The cost of replacing windows depends on the type of windows that you choose and whether or not other elements need to be replaced along with it. If the frame needs to be replaced, then you can add somewhere between $250 and $1000 for this. Installation costs will also depend on the type of window you are installing. The more complex the window design, the more expensive the installation cost.
If you were to have a double hung window installed, expect to shell out up to $850 for the window and the installation. Bow windows and bay windows cost more, with the window and installation costing a total of up to $10,000 for bow windows and $7,000 for bay windows.
Repainting the outside of your home
exterior painting projects are usually done by homeowners to improve the curb appeal of their home. This is either done before a house it set to be put on sale or when the homeowner simply wants their home to look good. Either way, this project’s cost can depend a lot on a few factors.
The size of your home and the type of material your exterior is made of can dictate how much you will need to shell out for it. You should also be aware that the taller you home is, the more expensive repainting it will be. This is not only because of the need for more paint to cover the exterior but also because of the setup costs and time it takes to reach the higher parts of your home. Single story homes usually cost up to $3,500 for an exterior repaint while a three-story residence can cost upwards of $10,000.
The cost of repainting your home’s exteriors depends on the amount of total paintable area that needs to be worked on. The bigger the paintable area, the more paint it needs, the more work it requires, and the higher the cost. You will also need to take into consideration that some types of materials will require more paint because of their porous nature, so if you have a brick exterior, it will cost you more to repaint it than if you had a wood or vinyl exterior. Repainting 1,500 square feet of brick paintable space can cost you up to $10,000 while the same area of vinyl paintable space can cost up to $6,500.
Home renovations and repairs can cost you a lot of money, and if you don’t have enough saved up, it might be a good idea to put off getting any remodeling work done for a while unless you have a good credit score and can afford a personal loan. If you need to do emergency repairs however, you should do so as soon as possible and not wait for the problem to worsen. The worse the problem is, the higher the cost will be for repairs.
One way you can try to reduce costs for renovation is to do things in stages. Have one part of your bathroom or kitchen fixed at a time so you don’t burn a hole in your savings. For repairs, having homeowners or renters insurance can help with any expenses that come with home repairs.