Home improvement is more than just making the place look good for prospective buyers. It can mean transforming the space into something more comfortable, inviting, and relaxing. It may be about trying to keep up with the times.
Regardless, BG Construction & Remodeling, Inc. noted that you can always count on professionals to help you. Improving a house, however, can cost a lot of money. When you’re on a tight budget, your projects become limited. For example, between remodeling and adding a room, which one makes more sense financially?
The Costs of Remodeling a House
How much you spend for remodeling depends on the area you’re working on. Two of the most popular ones are the bathroom and the kitchen. It can also vary according to the specific changes you want to implement.
Take, for example, a kitchen. The average remodeling cost can range from less than $8,000 to as much as $25,000. The average price is around $20,000, which is a lot of money. Thankfully, there are certain modifications that are more affordable. Changing the faucet can be less than $200. However, it can already give the sink a nice facelift. Meanwhile, putting up cabinets can be worth $3,000, but it can have a return of more than 82%.
A bathroom remodel is cheaper than that of a kitchen, according to Remodeling Magazine, and a mid-range renovation can provide a return of 70.1% at an average cost of $19,000.
How About Adding a Room?
Adding a room is ideal if you’re planning to sell to the younger market. Surveys have shown that they prefer at least three bedrooms, although they would want an open floor plan for their living and dining areas. According to Home Advisor, the national average of a room addition is $42,000. However, the simplest project can be much cheaper than any remodeling project at around $5,000.
A master suite addition can cost a whopping $120,000 plus, but it can also have a return of over 52%, which is similar to that of a major kitchen remodel, which can cost more than the room addition.
Between remodeling and room addition, which one gives you the better deal? It all depends on your goal. Working with professionals can help you reach a more cost-effective decision.