Home remodeling and renovation costs can range anywhere from a few thousand dollars to tens of thousands of dollars. It really comes down to what a home owner is looking to spend and accomplish. Now, in general, most home remodel costs do not recoup 100 percent of the amount put into the project. While that is the ultimate goal, that typically does not happen. Some have the potential, although it depends on location, neighborhood and the kind of renovation made. Due to this, looking at different major home remodel costs before moving forward with the project is important as it helps determine if it is worth it or not.
Home Remodel Costs
Revamping a kitchen is one of the most sought after remodel projects, and typically is one of the best investments you can make in your home. According to HomeAdvisor.com, the average cost of such a project is $20,301. High end projects typically can cost close to $50K, with a typical return of about 72% in the mountain region of the U.S.
The basement remodel will cost the highest amount. According to Remodeling.Net, the average national cost for a basement remodel runs just over $61,000, depending on the features you wish to have. That is a substantial amount of money, but one that receives the best return in terms of boosting property value and allowing home owners to enjoy their addition. It makes the house far more attractive to potential buyers, and the average return on investment is just over 70%. This makes a basement remodel one of the best return on investments homeowners can perform.
Bathroom Addition/Bathroom Remodel
Installing a new bathroom, such as one in the basement, is a great addition to any home. It brings in value and makes the house more attractive. While it is a highly recommended investment, the cost it takes to install a brand new bathroom does not often bring large net returns. The average bathroom addition cost just over $37,000 (for a full bathroom) while resale brings in just over $20,500, which is around a 54% return on investment. Instead, if you already have enough bathrooms in the house, a bathroom remodel is actually a better ROI. With the average cost sitting at $15,700 and a resale value of $10,000, your return on investment moves up to 65%.
One of biggest return on investments is the addition of a deck. The average deck job costs less and will generally bring the largest return on investment. According to Remodeling.net, the average composite deck addition cost just over $15,000, with a resale value of just over $10,000. This gives a home owner around 67% return on investment. Again, this is a national average and the return can vary, but a beautiful deck not only makes the value increase, but makes a home more attractive to potential buyers.
Often times homeowners choose to remodel for personal enjoyment and pleasure. Sure, getting a return on investment is attractive, however, living in a home that brings you much joy has no monetary value.