What Are the Costs of Room Remodeling?
Your remodeling expenses depend not only on the quality of materials you select but also on the prevailing price of labor in your region. You can reduce your costs by doing some of the labor yourself, buying products on sale and keeping the plumbing in the same place. Room additions cost more and belong in a separate category than remodeling jobs because you're changing the footprint of your home. Does this Spark an idea?
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Kitchens
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Using midrange materials, plan to spend just over $58,000 to remodel a 20 x 10 kitchen from top to bottom, according to Remodeling Magazine's Cost vs. Value Report 2010-11. The estimate includes all labor and semi-custom cabinetry, an island, laminate countertops and a new stainless-steel sink with stock faucet. The figure also factors in energy-efficient appliances, lighting, paint and flooring. If you opt for luxurious materials, custom cabinets and commercial-grade appliances, the splurge will cost you more than six figures.
Bathrooms
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Including labor, bathroom remodeling jobs in the U.S. cost an average of $16,634. The figure assumes that you'll modernize a modest, 35-square foot bathroom. Your money will buy you a new tub, shower control, toilet and vanity cabinet with sink. Flooring, wallpaper and lighting are also included. If you knock down interior walls and use upscale materials, you can easily spend more than three times this estimate.
Home Offices
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In terms of resale value, remodeling your home office makes a poor investment. Home office makeovers cost nearly $29,000 on average but recoup less than half that cost. The estimate includes custom cabinets, a laminate work surface, storage, new wiring, a workstation and commercial-style carpet.
Basements
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To remodel your basement, budget around $65,000 to finish the space. The figure includes a main room, full bathroom and a wet bar area with a mini-fridge. The estimate may seem pricey, but the remodeling job entails adding insulation, drywall, electrical wiring, hardboard doors, flooring, lighting and plumbing.
Dollar Value Versus Enjoyment Value
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Remodeling is about more than just the value you'll earn back at resale. Though most renovation jobs won't recoup their full cost, consider how much satisfaction and use you'll get out of your new space. The longer you stay in your current home, the longer you can forgo moving, which would cost you thousands of dollars in moving and closing costs. As long as you don't over-improve your home for the area, you'll receive some return on your investment.
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