Make sure you understand the real price before you begin your next large project.
Home Ownership is more expensive than the original down payment. You are most probably going to need to do some kind of refurbishment at some stage.
while sometimes renovations are factored into the price of purchasing a home, sometimes homeowners choose to do the projects later down the highway. So what precisely is costing some of the most famous remodels?
Clever, a platform intended to link agents, buyers, and vendors of real estate, recently surveyed 1,000 homeowners about post-purchase home expenses. The findings showed not only what individuals were spending on renovating, but also how much they believed expenditure would cost in advance. And rarely did the two rates align.
The study questioned homeowners what renovations they were planning to undertake over the next five years, as well as what the price would be anticipated. The five most popular planned renovations were:
- Bathroom Remodel
- New flooring
- Kitchen Remodel
- New patio or deck
The homeowners were conscious of which renovations would cost the most, and indeed relatively accurate. They estimated kitchen remodeling would be the most expensive projects, followed by the new deck, then the remodeling of the bathroom.
But when it came to the real price of those renovations, the homeowners were far away.
For example, homeowners estimated new flooring costs at $1,985, while the actual reported cost is $2,863, according to HomeAdvisor.
Estimates in kitchen and bathroom renovations were even more incorrect. The homeowners estimated the cost of redoing their bathroom at $2,406, but the true cost report from HomeAdvisor reveals that it is closer to $9,723.
As for kitchen renovations, homeowners properly thought that at an estimated $4,773 it would be the most expensive of projects. The real average kitchen refurbishment price recorded? A gigantic $22,134—about a fresh Mini Cooper’s price.
The report serves as a reminder that it may cost more than you expect your dream kitchen. Be sure to budget wisely as you plan your next renovation so you don’t get stuck with sticker shock.
Source Link : “https://www.bhg.com/news/most-popular-home-renovations-cost/”