There has been a recent study that states something about property owners. The thing is that these property owners want to spend $5000 on a home remodel. Therefore, here is what that sum can produce.
Remodelling is not a cheap thing. Any home remodelling can create surprising costs or some delays. Sometimes other things pop up when home remodelling occurs. However, new property owners that haven’t done a home remodel do not know the cost. They are not aware what their dream might cost them. So even if someone that has done the remodel before is shocked at the costs. It is still alarming even if it is a DIY home renovation idea.
The cruel thing about home remodelling is that dreams and reality don’t match. There has been a study made on 1300 property owners from the US. The survey was made from a property site named Trulia. The study stated that 90% of the property owners want to remodel their house. However, 50% of them only want to spend $5000 for the home remodel. Another survey of a housing site stated that 69% of property owners want home renovations. Thus, they want the home renovation to be done in the next year. They intend to spend $3,911 on renovations. However, 83% want to spend less than $5000 on their remodelling project.
$5000 is a big sum, but when you are doing remodelling, it will not go that far. Adding a swimming pool into your home is a big dream. However, to add on a pool means your home should be at least $50,000 or more. This might cost more than another person can fathom. However, this is the difference between the estimated costs and actual costs. Plus, it applies to all the home remodelling projects.
Thus, all home renovation projects are completely different. Two kitchens of the same brand installed into two different houses are different. The price tags of each kitchen is not the same as well. It all depends on the house, the area, the contractor charges etc. Moreover, the time taken to finish the renovation project also counts. Remodelling costs are rather subjective, so it is almost impossible to put a proper price tag on it. Let us look at the cost breakdowns here. We have to know each project is special. So what can a $5000 remodel get you?
Cost of Kitchen Remodelling
Trulia has a “Remodelling” survey that stated that kitchen remodels are popular now. These kitchen remodels are made popular at a point by the homeowners. However, kitchen remodelling is also costly.
A lot of people spend from $25000 to $50000 on a single kitchen makeover. A great rule for kitchen renovation is its budget. The budget is to use 5% of the house value and use it on a kitchen renovation. An average house in the US is about $226,300. Therefore, an average house owner should spend at least $11,315 on a kitchen makeover. Spending that sum of money can be tacky. It is because kitchen renovations are expensive.
A full kitchen makeover involves getting rid of cabinetry, but not repairing cabinets. However, some property owners can also choose to refinish kitchen cabinets. They can do so, for one third the cost of new cabinets. The cost of refinishing kitchen cabinets is about $2456. Therefore, after that, homeowners can save money on that. Instead of buying an entire set of $6000 cabinets, you can save costs. The money saved can be bought on new appliances. Next, you can still get the whole kitchen renovation done for less than $5000. New countertops might not be within this budget. However, to add in a proper countertop is about $2909. Kitchen size and different surfaces will be influential factors on that.
With these special figures bear in mind, a kitchen renovation can cost more than $25,000. The update will need high-end materials, fixtures and different appliances. Moreover, the kitchen remodel needs new lights, paintings, floors and plumbing works as well. Other than that, there is also labour cost, cabinet cost and countertops costs too.
Trulia’s survey stated only 20% of property owners will spend more than $10,000 on the home renovation. Porch feels that only 6% of the people will spend a similar amount. An entire kitchen remodel cost might not be in reach of most. However, until they have time to save up, they will not do it. Therefore, there are small kitchen updates like painting or new appliances that cost less than $5000.
Cost of Remodelling Bathroom
Trulia’s survey states that a bathroom is also another popular home renovation. However, a bathroom renovation is no cheaper than a kitchen renovation. Most homeowners will spend less than $5000 on a renovation cost. This will let them down completely. The average cost to renovate the bathroom costs about $9000 to $15000. It depends on who you ask for. Different home improvement sites charge differently.
Budget remodelling costs from $2000 to $3000. However, these projects sometimes are outdated in style. There is a lack of many features. It can hurt the house’s overall resale value in the long term. Small bathroom renovation ideas can give you some insight. Therefore, you should limit the project to one or two features in one go. It will avoid high-cost alterations that need you to move plumbing or and doors and windows.
Costs of Flooring
On an average basis, the cost to install floorings is about $2886. Therefore, installing floor tiles within a $5000 model range is what most property owners are targeted for. Other factors that can affect the costs would be the size of the property or flooring materials. Most of the flooring materials are judged per square feet, so the bigger the house, the more you have to pay. Getting the right material for floorings and building proper floors for spaces where there is a lot of traffic, such as hallways, will cut down costs significantly.
Costs of Home Painting
As for different rooms in the house, like the bedrooms, living rooms and dining rooms will have minimal costs. It is based on the fact the property owner doesn’t want door renovations or window replacements. In these areas, there is a new coat of paint needed to change the feel and the design of the area, at low costs.
The painting costs of the home interior are about $1750. Therefore, the painting costs of each individual can be from $380 to $790. Property owners can pick the professional people to do the painting by themselves. There are tips to follow and save money on the painting costs.
Doing the painting job for interior doors is another low-budget cost that is rather DIY friendly. Different wall-oriented home renovation options are adding baseboards or wainscoting. All these are cheap, and you can combine it with a new painting project for a larger impact.
For exterior painting jobs, it is an average cost of about $2500 to $3000.
Other Property Remodelling Ideas
Many well-known property remodelling projects are broken down into simple aspects. However, there are a lot of projects that almost half of the property owners can handle with a $5000 budget. In the study results, Porch states the property owners need $5000 to do roof replacements, which is not a gorgeous project, but the value says it all. Other renovation projects vary widely like installing a proper siding on the house exterior or window installation. Moreover, other home renovations include installing air conditioning or an extra heating system, or adding a new fireplace.
Different home renovation costs vary, but doing proper research and project planning can reveal ways to cut costs. With $5000, you will not get the home renovation that you dream of.