Here’s how much these popular upgrades to your home will cost
Sooner or later, you could join the millions of Americans who remodel or renovate their homes every year. Maybe that’s when you realize your kitchen says 1975, but you’d rather cook in the moment. Or you have decided that you prefer a walk-in shower rather than a bathtub to create the illusion of more space in the bathroom. Whatever impulse, a thought crosses your mind: maybe it is time to enhance the look and value of your home.
The reasons for home renovations are as varied as the projects the homeowners undertake. For services like home improvement projects, maintenance, and emergency work done in and around your home, the cost has always been uncertain and difficult to assess.
âWe all want to pay fair prices, regardless of the product or service, but how do you know what’s right – especially if you don’t understand what drives the prices in the first place?â according to HomeAdvisor True Cost Report. âWhen it comes to home services like installing a patio, repairing a roof or renovating a bathroom, most people don’t understand what is behind the prices. that they are asked to pay.
According to Mischa Fisher, report author and chief economist at HomeAdvisor, a home services market, spending on home improvement is on the rise across the board, and that includes both DIY spending and expenses related to the hiring of professional contractors. What’s worth noting, he said, is that the two types of spending support each other.
âAbout half of all households that do home improvement projects do DIY work and also hire a professional contractor to do the extra work,â Fisher explained. âThis trend varies by age, however, with those 55 and over being around 50% more likely to hire strictly a pro than those between 25 and 34, who are more likely to do part of the project themselves. “
HomeAdvisor has relaunched a new and improved annual true cost report, which will help answer the question of whether your professionals are worth their price tags. It also examines the cost of the main projects planned for 2021 and the impact of the Covid-19 pandemic on renovation prices.
The top three projects for 2020 were interior painting, bathroom renovations and new flooring, according to HomeAdvisor’s 2020 Property Expenditure Report, which noted that 35% of households that completed a project improvement undertook some type of interior painting, while 31% completed a bathroom renovation and 26% installed new flooring.
Interior painting is a very popular project, according to the report. With an average cost of $ 2,007, this is the third least expensive project among the top 20 after installing home office networks and smart home devices. However, unlike networks and smart home devices, interior painting can have a huge visual impact on your home. This balance of high visual impact and relatively low prices may explain the popularity of many of the top projects.
âVisual value projects are projects that can make a dramatic visual difference to a home for a small amount of cost compared to the size of the project,â said Fisher. âIt’s projects like landscaping and painting, both inside and out. By doing projects of this nature, you get a big visual impact for a relatively modest cost, thus getting a visual change for good value for money. ”
The HomeAdvisor report states, âThe sweet spot of affordability and high visual impact is probably also what drives the relative popularity of flooring ($ 4,680 and third most popular project), landscaping ( $ 2,389 and fourth most popular project) and exterior paint ($ 3,291 and sixth most popular project). They are inexpensive and very popular, making them âvisual valueâ projects as they usually have a big visual impact for a relatively low price. “
Of course, not all projects with high popularity and high visual impact are what we generally consider to be cheap.
Bathroom renovations were the second most popular project with a significantly higher average cost of $ 13,401. Likewise, kitchen renovations were the fifth most popular project with a much higher average cost of $ 35,317. Both of these projects are both expensive and popular, which is why HomeAdvisor commonly calls them lifestyle-value projects.
Prices are constantly changing across industries, and prices for home service projects are no exception as a direct or indirect result of the pandemic, according to the report. In 2020, additions, closets and cabinets saw the biggest price increase, with project prices increasing from 2019 by 49%, 38% and 30%, respectively.
âPrices for most home improvement categories have risen dramatically since the start of the pandemic,â Fisher said. âThe costs of the new cabinets have increased by 50%; pantries / cupboards and additions are around 30%; and landscaping, siding and bathroom renovations are all up about 15%. This level of cost increase is quite high compared to many other sectors of the economy. “
Fisher noted that the total cost can increase for a variety of reasons: higher material prices, higher labor prices, or consumers choosing to spend on larger and / or better products. He said, “What is often the case is that it is usually a combination of all of the above.”