Estimated Costs of 3 Popular Home Remodeling Projects

Estimated Costs of 3 Popular Home Remodeling Projects

How Remodeling Your Home Can Benefit You And Your Finances

People always ask and wonder about the benefits of remodeling their homes. This article discusses three separate areas of the home, what their estimated costs of remodeling are, and the estimated return on investments for remodeling. We will also look at what the practical benefits are in remodeling each. We'll see how the long term benefits of remodeling one's home, outweigh whatever initial cost might be associated with it.

The Kitchen

We'll start with the kitchen. The kitchen is a very popular choice when it comes to remodeling. The estimated cost of remodeling one's kitchen is anywhere from $12,000 to $15,000. The estimated return on investment is between 80% and 100%. A benefit of remodeling one's kitchen is a more modern look due to updating of aged or broken fixtures. Another added benefit is the increasing of the amount of space that can be put to use. Finally, more efficient means of organization in the kitchen itself. Meaning more time doing the things you want to do, and less time spent in the kitchen searching and fumbling for the next cooking or eating utensil that you might need. You can have everything set up and organized, so you know exactly where something is when you need it.

The Bathroom

Now let's take a look at the bathroom, another very popular remodeling endeavor. Estimated cost of remodeling the bathroom can be anywhere from $5,000 to $8,000. There is a 75%-100% estimated return on investment for remodeling. One of the key benefits of remodeling the bathroom is the installation of water-saving fixtures. The installation of these features translates into money savings and also into helping the environment. In addition, it has the added benefits of creating a customized and relaxing space, as well as an increase in storage options. Less clutter, and more space to store your medicine and hygiene items.

Deck Installations

Last but not least, let's talk about deck installations with their cost estimates and return on investments. The estimated cost of such an endeavor is $5,000, with a 50%-75% estimated return on investment. The first obvious benefit is an increase in living space. More room to do things and more room to enjoy. It gives you a specialized area where you can entertain your visitors and guests, making them feel welcome and comfortable. Last but not least, it enhances the look of your home, which in turn increases its overall value.

So we've seen the various personal and financial benefits of home remodeling. We've touched on the kitchen, the bathroom, and deck installations. We've discussed the initial cost estimate of each endeavor, and what you're expected return on investment should be. You will find that it's a particularly worthwhile endeavor, should you decide that you want to put your home up on the market.

Financial Planning

If you're planning on taking that step to remodel your home, first you must determine what the cost will be for the project. Next, you're going to want to sit down with your mortgage broker, and explore different loan programs together. Then you want to decide between either a fixed or variable interest rate. Finally, like in everything, decide on a budget and choose a loan program that fits that budget. Go to work, and experience the wonderful benefits that go with home remodeling.
Posted on Sep 24, 2013


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