How Much Does it Really Cost to Remodel a Home?
There are numerous questions to ask when tackling a home remodel project. Some questions may be: "Is it going to be a remodel of one or multiple rooms?" "Can this project be completed without a contractor or electrician or plumber?" And, "What does the average timeline look like for completing this project?"
Because most homeowners spend about $17,000-$61,000 (with an average cost of $36,845), American Eagle Credit Union wants to make sure you have a head start when it comes to facing a home remodel.
The “Money Pit” Rooms
As it turns out, the most popular rooms to be remodeled are also some of the most expensive: the kitchen and the bathroom.
The Kitchen: Average cost to remodel $20,474
Where does the money get spent?
The Bathroom: Average cost to remodel $13,000*
Where does the money go?
Bottom Dollar-Hidden Costs
Once you’ve made the basic decisions about the remodel, it’s important to stick to the budget set and aim to spend under budget—because unwanted surprises nearly always pop up during a remodel.
The biggest hidden costs for home renovations:
Local building permits and code violations
Check all local building codes and renovation permit costs. In most cases, permit totals are configured as a percentage of the completed renovation cost.
Large dumpster rental for clean-up sit in the driveway and can add to the total budget.
Potential water damage/mold removal
It’s not uncommon for older homes to have a mold or asbestos problem—especially if they have no previous renovation history. If the home has any of these issues, there can be a delay and unexpected costs in the project to hire a professional to address them.
Best Way to Pay for a Renovation
Having the ability to refresh a room or the entire house with an updated style unique to your wants and needs is one of the wonderful freedoms of being a homeowner. But, with great power comes great responsibility—which means you also have the wonderful freedom of footing the bill.
Home Equity Loans are a smart way to finance and give you the give more financial freedom for any project, big or small.
Get ready for a busy, productive summer with your home remodel.
When you’re a member of our credit union, you gain the tools for a bright financial future. What’s on your home remodel list? How do you approach a new home project?
*The average cost for the bathroom is based on basic to mid-range upgrades. A new shower could run anywhere from $500 to $10,000.