6 Home Renovations Everyone Overspends On
Don’t Overspend On Your Renovations

While there are plenty of ways to cut costs and remodel a home on a budget, most homeowners overspend when remodeling their home, especially when they upgrade their kitchen or bathroom. Moreover, even building a new deck or resurfacing kitchen cabinets can be costlier than expected. For instance, kitchen remodels can often total as much as $30,000, while the average cost of remodeling a bathroom is around $9,500.

According to a 2017 survey completed by 95,920 American homeowners, millennials and first-time homebuyers spent an average of $33,800 on renovating their homes in 2016, a 22 percent increase from 2015. Of the homeowners who had plans to renovate their homes in 2017, most expected to spend an average amount of $27,300. To explore several of the costliest home renovations in more detail, review the sections below.

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#1 – Kitchen remodeling

Remodeling a kitchen can be rewarding, but upgrading your countertops, flooring, walls, backsplash, cabinets and appliances comes with a steep price. For instance, the national average of remodeling a kitchen is $22,261, depending on whether you complete a small, mid-range or major remodel. While small remodels range between $5,000 and $15,000, mid-range projects range between $10,000 and $30,000. Moreover, major remodels often cost more than $30,000. On average, your remodeling costs will be distributed like this:

  • 29 percent of all remodeling expenses goes toward the kitchen cabinetry and hardware.
  • 17 percent goes toward installation fees.
  • 14 percent goes toward appliances and ventilation.
  • 10 percent generally goes toward countertops.
  • Seven percent goes toward lighting.
  • Five percent goes toward walls and ceilings.
  • Four percent goes toward each of the following:
    • New faucets and plumbing
    • Windows and doors
    • Design costs

As a rule, between five and 15 percent of a home’s total value will go toward remodeling a kitchen, especially if homeowners wish to increase the overall resale value of their home. Having a remodeling kitchen can help your home look newer and increase your chances of selling your home when the time comes.

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#2 – Bathroom remodeling

A complete bathroom remodel often includes the installation of a new bathtub, sink, toilet and shower, as well as new countertops, cabinets, flooring and lighting fixtures. While the national average of remodeling a bathroom is $9,741, you may complete the job in as little as $2,500 if you purchase lower-range materials. However, high-end remodels can cost as much as $24,000. For instance, the cost of bathroom remodels often ranges between the following:

  • Bathtub installations: $400 and $8,000
  • Shower installations: $450 and $10,000
  • Toilet installations: $130 and $780
  • Sink installations: $190 and $6,500
  • New lighting fixtures: $120 and $4,000
  • New flooring: $800 and $7,000
  • New countertops: $900 and $6,500
  • New cabinets: $900 and $6,500

The reason homeowners often overpay for this service, is because many contractors only offer higher end materials. Using high quality products is not a bad thing, but having a limited stock is. If you prefer a cheaper type of porcelain for your tube that you know will be just as good as the more expensive option, you may want to ask if it is possible to order a different brand or product type to save some money on your remodel.

#3 – Roof installations

While the average cost of repairing a roof is just $715, installing a new roof can cost anywhere between $5,114 and $9,832. Nationally, however, homeowners spend an average amount of $6,600 on the installation of a new roof. In cities such as Denver, the average cost of installing a new roof is slightly higher at $7,500, so be aware of how your location may affect this price range. Moreover, several other factors that affect the price of a new roof generally include the following:

  • Its size and steepness/pitch
  • The number of layers in need of replacing
  • The installation or application type
  • Code requirements
  • The specific types of materials used
  • Any home features that may affect the installation process, such as chimneys or skylights

Depending on the complexity of your remodel, you may end up paying more than you expected. However, do not be afraid to call different companies for estimates, as you may find a more reasonable price at the third or fourth company you look into.

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#4 – Deck building

The cost of building a deck often varies by size and the types of materials used. For example:

  • Decks of 200 square feet or less generally cost between $2,888 and $6,870 (or $4,836 on average).
  • Decks of between $200 and 500 square feet typically cost between $5,169 and $11,139 (or $8,142 on average).
  • Decks of 500 square feet or more typically cost between $8,532 and $20,605 (or an average of $14,504).

The national average of building a new deck is $7,093, and you should not exceed this price unless you have an abnormally large deck or wish to add special installations, such as a fire pit or waterfall.

Additionally, the cost of building a new deck varies by materials used. While polyethylene generally costs around $7.82 per square foot, the average cost of polypropylene is $8.68. Furthermore, the average cost of natural wood is as follows per square foot:

  • Bamboo: $3 or $4
  • Softwood/cedar: $3.75
  • California softwood: $7.75
  • Brazilian/African hardwood: $20
  • Brazilian hardwood: $22.50

If you are being charged more than double the market price for any of the above material, you may want to reconsider the contract company you are using.

#5 – Cabinet refacing

Resurfacing your cabinets in an easier and more affordable way to upgrade your kitchen without completing an extensive remodel. However, cabinet resurfacing costs around $6,690, on average, depending on the types of materials you use to reface your cabinets and whether you choose to install cabinet organizers and new hardware. Moreover, solid wood refacing materials are often the most expensive option at $5,000 or more, with wood veneer materials ranging between $2,500 and $6,000. As more affordable options, rigid thermofoil and laminate materials range between $1,000 and $4,000.

Keep in mind that prices also vary depending on whether you complete the job on your own or hire a professional. When you complete the refacing on your own, you will also need to purchase supplies such as:

  • Miter saw.
  • Cordless drill.
  • Circular saw. Caulk gun
  • Nail gun.

If you already have all of the above tools, you may end up saving around $1,000 on your cabinet resurfacing by doing it yourself. If you have no tools or experience, it will save you both time and money to hire a contracting team. However, be sure to only hire a company that stays close to the average costs outlined above to avoid overpaying for this service.

#6 – Siding replacement

The cost of replacing a home’s siding generally ranges between $7,000 and $8,000, depending on the type of material you use and the size of your home. However, the national average is $7,510 for 1,500 square feet of standard vinyl insulating materials. The average cost of siding material per square foot is as follows:

  • Granite stone veneer: $61.34
  • Cultured stone terrazzo veneer: $38.77
  • Cultured stone smooth veneer: $21.70
  • Deluxe vinyl insulating: $6.91
  • Redwood faced plywood: $5.65
  • Deluxe aluminum insulating: $5.53
  • Standard vinyl insulating: $5.01
  • Standard aluminum insulating: $4.55
  • Standard aluminum non-insulating: $3.91
  • Fir faced plywood: $3.88

While new siding can be costly, high-quality siding can last for anywhere between 10 and 50 years before it needs to be replaced once again. Additionally, most types of siding are maintenance-free and require little upkeep to last for many years. As long as a company does not charge you more than double the national average, you are usually making a good investment by installing new siding on your home.

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