According to a recent study conducted by Houzz, homeowners were as busy as they've ever been when it comes to renovating their homes.
Despite the pandemic, or rather as a result of it, homeowner spending on home renovation projects was significantly higher in 2021 and 2022 when compared to the previous years with an average of $15,000 budgeted for a variety of renovation projects.
In the 20 years or so we've been building homes all across Massachusetts and Connecticut, the most common question we always get asked is 'is it worth it?' Well, the answer typically depends on whether you want to stay in your current home for more than 5 years and if selling your home to capitalize on soaring real estate prices is on your mind. If your answer is yes to any of those questions, then it makes sense to invest wisely in home renovation projects so that you can recoup the money and more.
There are many different types of home renovations, but not all of them are created equal. Some home renovations are worth the money while others aren't and some common home renovation mistakes can end up costing you more in the long run. In this article, we'll take a look at the different types of home renovations, which ones are worth your money, and which ones you should avoid.
Common Home Renovation Projects
Kitchen Remodels
The most common type of home renovation is a kitchen remodel. A kitchen remodel can cost anywhere from $5,000 to $50,000 or more depending on the size and scope of the project. If you're planning a kitchen remodel, it's important to focus on installing new appliances, countertops, and cabinets as these will have the biggest impact on the look and feel of your kitchen.
Given that the kitchen is pretty much the heart of the home, a place where people gather and spend considerable amounts of time, it makes sense to invest in a high-quality kitchen renovation. Not only will it make your home more enjoyable to live in, but it will also increase its value should you decide to sell in the future.
Bathroom Remodels
Bathroom remodels are another popular home renovation project. A bathroom remodel can cost anywhere from $4,000 to $70,000 or more depending on the size, scope, and scale of the project. When planning a bathroom remodel, it's important to focus on installing new fixtures, vanities, and flooring as these will have the biggest impact on the look and feel of your bathroom.
Flooring
Another popular home renovation is flooring. Flooring can be a great way to update the look of your home and can be done for a relatively low cost. Depending on the type of flooring you choose, the cost of a flooring project can range from $1,000 to $10,000 or more.
Home Additions
Another type of home renovation is an addition. Home additions can be a great way to add extra living space to your home. Depending on the size and scope of the project, the cost of home additions can range from $10,000 to $100,000 or more.
Home Renovation Costs
The cost of home renovations can vary greatly depending on the type of renovation you're planning. Some home renovations are more expensive than others, but all home renovations will add value to your home.
It's important to remember that the cost of home renovations is not always equal to the value they add to your home. For example, a kitchen remodel is one of the most expensive home renovation projects, but it also adds the most value to your home. On the other hand, a flooring project is relatively inexpensive, but it doesn't add as much value to your home.
What to Consider When Planning a Home Renovation
When planning a home renovation, there are a few things you should keep in mind. First, you need to decide what type of renovation you want to do. There are many different types of renovations, so you need to choose the one that best fits your needs.
After you've decided what type of renovation you want to do, you need to decide how much you're willing to spend. Home renovations can be expensive, so you need to set a budget and stick to it.
Once you've decided what type of home renovation you want to do and how much you're willing to spend, you need to find a dependable home renovation contractor. Home renovations are best done by professionals, so you need to find a reputable contractor who can do the job right.
Renovation Mistakes to Avoid
There are a few common home renovation mistakes that you should avoid. First, don't try to do the job yourself unless you know what you're doing. Home renovations are best left to the professionals. Second, don't overspend on your renovation. Stick to your budget and don't add any unnecessary features or upgrades. Third, don't forget to get the necessary permits and approvals before starting your renovation.
To Sum Up
Home renovations can be a great way to update your home and add value to it. However, there are a few things you should keep in mind when planning a home renovation. Make sure you choose the right type of renovation for your needs, set a budget, and find a reputable contractor. Avoid common mistakes like trying to do the job yourself, overspending, and forgetting to get permits. With a little planning, you can have a successful home renovation that will add value to your home.