Renovating your home can breathe new life into the space, and if you’re planning on selling your home in the future, those renovations can also make your home more marketable to potential buyers, depending on what projects you tackle.
That being said, renovations are an investment, and before you commit to a project, it’s important to know the cost.
So what, exactly, are those costs?
A recent article from realtor.com outlined average renovation costs for kitchens, bathrooms, and other spaces in the home, including:
- Kitchen renovation costs. The average cost of a kitchen remodel in the US is $27,492. However, that cost will vary based on the scope of the project. If you’re only doing minor upgrades, that cost will likely be closer to $10,000, while if you’re completely gutting the space, costs could hit nearly $80,000, depending on material and finishes.
- Bathroom renovation costs. If you’re planning on renovating your bathroom, a mid-range renovation will run you right above $25,000. But the fancier and more upscale your bathroom upgrade, the higher that price will go, all the way up to about $78,000.
- Refinishing floors. Good news! Not every home renovation requires a huge budget. For example, you can install new wood floors for between $2474 and $7031. Or, for an even better deal, opt for laminate, which will range between $1472 and $4638.