How Much You’d Likely Spend on a Home Remodel and How to Make it Worth it

With tons of TV shows, Youtube videos, blogs, and Pinterest boards on trendy home designs, anyone can easily be tempted to consider having their home remodeled. Why not, if it will extend your space, brighten it, and upgrade its value?

If your home has an outdated design and the fixtures are broken, then remodeling or renovation is necessary. It will improve your home in all aspects and you can sell it for a higher price should you decide to.

If budget holds you back, you can actually apply for a home remodeling loan. Financing companies and mortgage lenders in Chandler and other cities may offer this service, so get in touch with a trustworthy lender near you and scan your options.

That said, let’s go over how much you’d most likely spend for a home remodel, and how to make every dollar worth it.

2020 Home Remodel and Renovation Costs

Man measuring the house

According to HomeAdvisor, the current average costs for a home remodel falls in a range of $5,000 – $150,000. Below is a more specific breakdown of costs:

  • Exterior remodel –  $5,000 – $15,000
  • Kitchen remodel – $4,500 – $50,000
  • Bathroom remodel – $6,000 – $35,000
  • Living room/Bedroom remodel – $1, 500 – $5,500
  • Basement remodel – $11,000 – 30,000
  • Roof remodel – $5,500 – 10, 500
  • Full home remodel – $33,500 – $150,000

Your home’s location, size, and the quality of materials to be used influence the price you’d end up with. Of course, it’s always advisable to select durable and high-quality materials, so those alone can already take up most of your budget.

If remodeling won’t be enough, you may consider a renovation. Its average costs range from $10 – $60 per square foot, with some projects costing up to $150 per square. Low-end projects, such as landscaping and upgrading of flooring and counters, would cost $15,000 – $ 45,000. Mid-range projects, which include low-end upgrades plus a kitchen and bathroom remodel would cost $46,000 – $70,000, and high-end projects, which include low-end and mid-range upgrades along with structural altercations would cost $71,000 – $200,000.

How to Get Your Money’s Worth

Not all home remodeling projects are worth it, especially if your home is relatively new with a trendy design. But if your motivation for remodeling is to boost functionality, improve aesthetics, and increase its resale value, then it’s safe to say that you’re on the right track,

Consider break-even remodels to convince buyers to give your home a chance. Even if you’d retrieve the same amount from the sale, it’s still better than having buyers exclude your home in their options because one important area has turned them off. For example, the bathroom. Such a high-traffic area needs to be functional and appealing, so if yours has broken fixtures, bad lighting, and outdated tiling, it would be a safer bet to spend on remodeling than leaving it as it is.

Kitchen, along with the bathroom, is the most important part of your home. Upscale kitchen remodels have an ROI of less than 60%, while mid-range minor remodels can give you an ROI of more or less than 80%. Therefore, you don’t need to tear down your entire kitchen for remodeling.

Focus on the countertops. Choose high-quality materials that are well-loved to ensure that many buyers will like it. For the cabinetry, refresh them instead of replacing them, unless they’re already falling apart. Otherwise, a fresh coat of paint will do, and perhaps a change of hardware. Make sure all kitchen and bathroom fixtures are working, and have anything broken repaired immediately.

Try to balance aesthetics and functionality. Buyers will look for something attractive and useful, so invest in the right pieces. Remodel with the intention of impressing your market, not yourself. With buyers fighting over your home, every dollar you spent will absolutely be worth it.

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