A home renovation can be incredibly beneficial, improving the overall value of your home while at the same time making it far more comfortable to live in. Unfortunately, all too many fail to follow throughout on the home renovation tasks they desire out of fear that it is too costly or requires too much work to complete. However, every home renovation looks different, and there are ways to complete a popular, effective home renovation in a cost-efficient manner.
Common Home Renovation Tasks
As mentioned, each home renovation is unique, and the tasks involved in a home renovation look different for each homeowner. However, there are certain tasks that are more common than others, such as the following:
- Kitchen remodel
- Bathroom remodel
- Window replacement
- Lighting upgrades
- Floor installation
The cost of these tasks varies, ranging from a couple thousand for a minor home renovation to more than $75,000 for an entire home renovation consisting of all of the aforementioned.
More Extensive Home Renovations
While kitchen and bathroom remodels, which are common among many home renovations, are certainly not a small task, there are certain large tasks involved in more complex home renovations to be familiar with. On average, homeowners can see an increased cost for home renovations if any of the following are required:
- Roof replacement
- Electrical repairs
- Fence installation
- Plumbing & septic
- Siding replacement
Of course, many of these tasks are necessary, which makes it far more difficult to keep the cost down during a home renovation. The cost of these tasks vary as well, and it can cause an entire home renovation to increase beyond $100,000, although the average cost typically lies far below this threshold.
How Much Should I Spend On a Home Renovation?
The best way to determine the cost of a home renovation is to determine which tasks are necessary – such as a damaged roof that needs replacement, potentially dangerous electrical wires that need servicing and siding that needs repair or replacement. Once you determine the cost of the necessities, which for some is less than $1,000, then you can determine which tasks you would enjoy and bring the most value to your home – such as a kitchen or bathroom remodel. It is helpful to establish your budget in advance and make an effort to stay within the amount you are willing and able to spend.
Does a Home Renovation Increase Home Value?
A home renovation can significantly increase your home value, especially if essential components are upgraded or square footage is added. For example, repairing a damaged roof is likely to increase your home value because the new homeowner would not have to worry about replacing the roof upon purchase. Another example is turning a garage into an in-law suite – which increases square footage and makes the home worth more. Other tasks such as a bathroom and kitchen remodel may not increase the appraised home value quite as much, but the aesthetic and comfort appeal to a modern, well-designed home is certain to draw the attention of prospective home buyers.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129