Before you even think about selling your home, you have probably wondered what sort of changes to your home to make it show ready should the time come to put your home on the market. If it is show ready currently, good for you, let the showings begin! Most people, however, are faced with the reality that small projects to major renovations will be required to get their homes ready for sale. Of course these projects also have a range of costs associated with them. Let’s delve into understanding home renovation costs so you might determine how much you can expect to pay as well as how remodels can increase your property’s asking price.
How Do Home Renovation Cost Factors Figure Into Your Expenses?
The amount renovations cost will depend on the area being renovated and how involved and high quality the work is. This Home Renovation Guide provides detailed estimates, potential recoup value, and other considerations of most home renovations.
Here’s an idea of what you may be spending on some of the most common renovations that are likely to get you the biggest return on your investments.
Bathroom Addition
An extra bathroom can greatly increase the value of your home. Think of how much better it is when everyone in the home has a bathroom to use!
Bathroom additions can be midrange or upscale. Here’s an example of what’s involved with each.
Midrange Bathroom:
This involves the addition of a bathroom that’s around 6 x 8 square feet. Typical features include:
- A stone vanity countertop
- A molded sink with chrome faucets
- A fiberglass tub and shower combo
- Ceramic tiling
- A mirrored medicine cabinet
- A small storage cabinet or closet
Cost and profits: A midrange remodel will cost around $65,362 and yield a resale value of $33,699, providing a 51.6% return.
Upscale Bathroom:
An upscale addition will refer to a 100 square foot bathroom added to a master bedroom. It may include the following features:
- Ceramic tile walls
- A neo-angle shower with a frameless glass enclosure
- A freestanding high-end tub
- A stone countertop with two sinks
- Two mirrored light-up medicine cabinets
- An enclosed commode area
- A humidity control exhaust fan
- Ceramic tile floor
- Custom cabinetry
Cost and Profits: An upscale addition costs around $115,431 and has a resale value of $60,475. It will get you an ROI of 52.4%.
Bathroom Remodel
A bathroom remodel will add considerable value to your home. Its spa like atmosphere will provide the perfect escape after a long day at work. Here’s what’s involved in midrange and upscale renovations.
Midrange Bathroom Remodel:
A midrange remodel on a 5×7 square foot bathroom may include replacing all fixtures and upgrading them with the following:
- A porcelain on steel tub
- Ceramic tiling
- A temperature and pressure-controlled shower
- A new toilet
- A sink and vanity
- A mirrored light up medicine cabinet
- A new paint job
Costs and Profits: A midrange bathroom remodel will set you back $27,570. It will yield a resale value of $16,059, for a total of 58.3% of costs recouped.
Upscale Bathroom Remodel:
An upscale remodel performed on a bathroom 35 to 100 square feet inside will include the replacement of fixtures. Features to add are as follows:
- Ceramic tiling
- Neo angle shower with frameless glass enclosure
- Two mirrored, light up medicine cabinets
- An enclosed commode section
- A freestanding soaker tub
- A humidity-controlled exhaust fan
- Custom cabinetry
- Spot lighting
Costs and Profits: An upscale remodel will cost about $82,838 and produce a resale value of $46,840. Sellers can look at a 56.5% return.
Kitchen Remodel
The kitchen is a part of the home that people spend the most time in and make the most memories in. A stylish one can produce a considerable increase in your property value. Here’s what you will be looking at in terms of renovations and costs involved.
Midrange Kitchen Remodel:
This will involve a major overhaul of a 200 square foot kitchen. Here are the renovations you’ll be looking at.
- 30 feet of semi-custom wood cabinets
- A 3×5’ island
- Laminate countertops
- A double tub stainless steel sink
- An energy efficient range
- New appliances including a dishwasher, microwave and garbage disposal
- New paint and flooring
Costs and Profits: A midrange kitchen remodel will cost around $81,820 and bring in a resale value of $47,274 for a total recoup of 57.8%.
Upscale Kitchen Remodel:
An upscale kitchen remodel on a 200 square foot kitchen requires the replacement of current items with new fixtures including:
- 30 feet of top-of-the-line cabinets with siding shelves
- Stone countertops
- A ceramic or glass backsplash
- A high-end sink with water filtration
- Built-in accessories including a refrigerator, microwave, cooktop and wall oven
- Hardwood flooring
Costs and Profits: An upscale kitchen remodel costs around $160,815 and will bring in a resale value of $86,396 allowing you to regain 53.7% of what was invested.
Garage Door Replacement
A garage door replacement is recommended as it increases functionality while adding to the property’s curb appeal. It requires replacing a 16 x 7’ door with a heavy-duty door that runs on galvanized steel tracks and features windows, thermal insulation and a lifetime guarantee.
The door will cost around $4,132 and bring in a resale value of $3,967 meaning you’ll get 96% of your investment back.
Deck Addition
A deck adds instant appeal to your home. It provides a terrific area for recreation.
Decks can be composite or wood. For one that impresses, include a built-in bench and planter, stairs and a railing.
A composite deck addition costs $24,592 and makes for a resale value of $15,503 allowing you to recoup 63% of expenses. A wood deck will cost $19,935 and yields a resale value of $13,328 which adds up to a 66.9% return.
Fiber Cement Siding or Vinyl Siding
Fiber cement siding is customizable, and it will hold up well to the elements.
In Chicago, you can expect the cost of fiber cement siding on a 1,250 square foot home with a 4/4 or 5/4 thickness to be about $24,321 for a resale value of $15,985. You can recoup 65.7% of cost.
Vinyl siding will update the look of your home and it is a more affordable option as compared to fiber cement. The average cost of vinyl siding on a 1,250 square foot home is $21,564 with resale value of $15,121, for 70.1% recouped cost.
Vinyl Windows
Window replacements will make your home look more attractive, and they can add to its energy efficiency. Vinyl windows are a great choice because they are available in a variety of colors, and they hold up well over time. Look for ones that are Low-E (low emissivity) and double paned for the ultimate in energy savings.
In Chicago, the average cost of vinyl windows is about $21,564 and the resale value about $15,121, recouping 70.1 of the cost. The prices above are based on 10 existing 3×5-foot doublehung windows with insulated, low-E, simulated-divided-light vinyl windows with a custom-color exterior finish.
Conclusion
There are many other different renovations and approaches based you could consider on the condition of the home and your goals. This home renovations cost estimation worksheet from HomeGuide gives you a structured tool to itemize, plan and control your expenses.
If you are selling your home, as your Chicago realtor, I will help you determine your home renovation budget so you can figure out what repairs should be made and how much value they will add to your home. We will discuss the home selling process, how to time your sale and what preparations you need to make to showcase it in the best way possible. You can use the tools on my site to calculate the buying costs for your new home and figure out what you can and can’t afford.
When you’re ready to make a move, call me first.