10 Expensive Home Renovations You Won’t Regret
Home renovations are a common splurge after you finally make it into the homeownership club, but they can be awfully expensive. There’s so much buzz around home makeovers out there that it can be easy to get sucked into a space of genuinely not knowing what’s the best way to spend your money in this area.
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Experts to the rescue! We’ve determined 10 expensive home renovations you won’t regret. Bear in mind that before you decide to take on any of these projects, you should research contractors to find a trusted one who can guide you throughout the processes at hand.
“With the right planning and resources, you can ensure that the money spent on these renovations will be well worth it,” said Jennifer Spinelli, founder and CEO of Watson Buys.
New Roof
If a new roof sounds like a massive undertaking and an investment, that’s because it is. But don’t get intimidated — it’s perfectly doable and often necessary for the efficiency of your home.
“Replacing your roof is one of the most important things you can do for your home’s resale value and energy efficiency,” said David Light, CDO land broker of Land Broker MLS. “The average cost of a new roof is $8-$15 per square foot, which can be added up quickly if your home has many square feet of roof space. The installation process takes about two days, including removing old shingles and replacing them with new ones, leaving no mess behind.”
Todd Saunders, CEO of FlooringStores, added that replacing your roof is “one of the most worthwhile renovations you can make; it nets a 100% return on investment, especially if your current roof is leaking or looks damaged/outdated. This renovation lasts for decades under optimal conditions, so you’ll be able to get maximum value for your money.”
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Geothermal Heat Pump Installation
Geothermal heat pump systems exchange heat from the earth, unlike air-source heat pumps, which exchange heat from the air. They are proven to be quieter, last longer and require less maintenance. They’re efficient for heating and cooling homes, and can help drive down your energy bill in the long run. However, they aren’t cheap.
“A geothermal heat pump costs between $12,000 and $30,000, but the benefits of these systems only increase over time as money saved on energy bills accumulates,” said Charlotte Granville, a home remodeling specialist at Fixr.com.
Kitchen Remodel
Kitchen renovations are almost always worth the money because families spend so much time in them. But again, they aren’t cheap.
“On average, a kitchen renovation can cost between $20,000 and $60,000 or more,” said Isfira Jensen, CEO and principal designer at Nufacet Interiors. “Not only does a well-designed kitchen add tremendous value to a home (both aesthetically and financially), but it becomes a hub for the family to spend much of their time.
Granville noted that a recent study by Fixr found that a kitchen remodel is one of the projects that brings the most happiness to homeowners.
Bathroom Remodel
A bathroom remodel is a solid investment and gives homeowners the opportunity to really up the spa vibes in their home.
“A bathroom remodel costs an average of $6,250, but the benefits of a more comfortable and functional space make it a project homeowners rarely regret,” Granville said. “It also allows you to keep the room from looking dated, by installing modern features and hardware.”
Finishing a Basement
Basements tend to be put to the side when focusing on home renovations because they’re usually unlived-in space and thus, less urgent to focus on. They’re also really pricey to fix up.
“On average, a basic basement renovation could cost between $10,000 and $40,000,” said Spinelli. “The cost will depend on how much you plan to do in terms of adding features such as electrical wiring and plumbing, as well as the materials used. Finishing a basement can be a great way to add extra living space within the home.”
High-End Flooring
High-end flooring costs about $8 to $15 per square foot or more, in Jensen’s estimate, but it will enhance the aesthetic appeal of a home, which will in turn bump up the home’s resale value.
Custom Built-Ins
An example of custom built-ins are shelves that appear to recede into the wall instead of sticking out. People are wild about them because they give you extra space without taking up any square footage.
“Investing in this feature will range from $10,000 to $30,000 and beyond,” Jensen said. “These bespoke pieces provide a seamless integration that maximizes space and enhances organization. In addition to their practical benefits, custom built-ins can also serve as a striking focal point of any room, adding a touch of luxury and sophistication to a home.”
Adding a Deck or Patio
The more inviting spaces you have in and around your home the better — and that includes outdoor areas.
“Adding a deck or patio to your home is an excellent way to create an outdoor living space that can be enjoyed year-round,” Spinelli said. “On average, building a deck or patio can range from $5,000 to $20,000.”
Replacing Windows
You may not have thought much about the windows in your house before, but they can actually be instrumental in helping to lower your energy bill and give the dwelling a nicer look.
“Replacing your home’s windows can help you save on energy costs as well as improve the overall look of your house,” Spinelli said. “The cost will depend on the size and style of window you choose. On average, replacing the windows in your entire home can cost between $4,000 to $15,000.”
Smart Home Automation
Automating one’s home involves incorporating the Internet of Things (IoT) and smart technology — and maybe, eventually, AI.
“The installation of this feature can range from $10,000 to $25,000 or beyond,” Jensen said. “This upgrade will improve a home’s energy efficiency, security and overall functionality — something homeowners realize they can no longer live without.”
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This article originally appeared on GOBankingRates.com: 10 Expensive Home Renovations You Won’t Regret
