Average Prices for Major Home Renovation Projects in US Metros
Renovating an existing house typically costs less than building from scratch; however, your costs depend on which projects are chosen for renovation.
Projects such as painting or switching out light fixtures typically fall at the lower end of the cost spectrum; more complicated endeavors, like rewiring an entire room or installing new outlets, could cost considerably more.
Home remodel costs can be difficult to assess as they depend on many different variables and components of renovation projects in your home. That is why it is recommended that before undertaking any major home improvement endeavor, consult a professional contractor.
Remodeling a living room in Los Angeles and Southern California typically ranges between $2,500 and $10,000 depending on what changes are desired. Simple upgrades like painting the room with fresh color or adding baseboards may come at lower costs while more extensive modifications like installing a fireplace or new flooring could cost significantly more.
Cost estimates for adding a master suite or other addition to your home vary based on materials, building costs and permit fees. Anna & Vahik note that conversions tend to be more affordable than ground-up construction projects.
Home remodeling projects can be an excellent way to increase value and make your living environment more comfortable, but some projects may cost more than others; this is particularly true for older properties requiring updates to their plumbing, electrical and HVAC systems.
Home renovation projects that require permits can add extra expenses, with costs typically ranging from $500 to $2,000 depending on the scope and local laws of your renovation project. Unfortunately, these additional expenses often aren't factored into contractor estimates.
Another factor to keep in mind when remodeling is your neighborhood's resale value. Certain projects, like upgrading kitchens and bathrooms, may increase its resale value while others may not. When undertaking major remodeling work, seek advice from an expert who can help plan costs to ensure maximum return on investment and find contractors with discounts for materials and labor costs - including finding professionals to complete any major job efficiently and cost effectively.
As home prices continue to rise and fewer houses enter the market, homeowners have increasingly turned their focus toward staying put rather than selling and moving on. More are choosing to renovate their current spaces rather than selling and moving elsewhere.
Homeowners typically consider bathroom and kitchen remodeling their most desirable projects to undertake, with kitchen renovation being especially prominent among them; an average major kitchen remodel typically costs $42,000.
Costs associated with kitchen remodels can differ widely depending on your design and material choices, as well as where you reside.
Other projects that appear only in select cities but remain popular nationwide include roof replacement, adding a deck or patio, painting front doors, driveways and garage doors, as well as replacing or painting existing front doors, driveways or garage doors. Such upgrades add curb appeal while increasing value; in addition they make selling your house simpler in the future.
One recent survey conducted by Zonda indicates that homeowners are opting for renovation projects as an effective means to enhance their living spaces, rather than moving altogether, according to data gathered. Unfortunately, however, rapid increases in building costs could present challenges to this plan.
Boston-area homeowners are opting to spend their money on kitchen and bathroom upgrades that offer the greatest return at resale, such as kitchen remodeling which could range between $20,000-$38,000 while upgrading bathroom fixtures can start from as little as $13,000- $21,0002.
Labor costs make up the largest component of overall renovation expenses, so fluctuations in local and regional labor rates can have an enormous effect on project prices. Material price fluctuations also have an effect; full-scale renovation projects often necessitate professional teams that include architects, engineers, interior designers, plumbers, electricians etc. In addition, obtaining permits may incur extra expenses.
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