The 5 Most Popular Renovations Cost Way More Than You Might Think
Before you start your next big project, make sure you know the true cost.
Home ownership comes with more costs than just the initial down payment. At some point, you’ll most likely need to do some kind of renovation. And while renovations are sometimes factored into the cost of buying a house, homeowners often opt to do the projects sometime later down the road. So what exactly do some of the most popular remodels cost?
Clever, a platform designed to connect real estate agents, buyers, and sellers, recently surveyed 1,000 homeowners about after-purchase home costs. The results revealed not just what people spent on renovating, but also how much they thought expenditures would cost beforehand. And the two prices rarely aligned.
The survey asked homeowners which renovations they planned to undertake in the next five years, as well as what they expected the cost would be. The five most popular planned renovations were:
- New flooring
- Bathroom remodel
- Kitchen remodel
- New patio or deck
The homeowners were aware, and actually fairly correct, of which renovations would cost the most. They estimated that the most expensive projects would be kitchen remodeling, followed by the new deck, then bathroom remodeling.
But the homeowners were way off when it came to the actual cost of those renovations. For example, homeowners estimated the cost of new flooring at $1,985, while according to HomeAdvisor, the actual reported cost is $2,863.
Estimates were even more inaccurate when it came to kitchen and bathroom renovations. The homeowners guessed the cost of redoing their bathroom at $2,406, but the HomeAdvisor true cost report reveals it's closer to $9,723. As for kitchen renovations, the homeowners correctly assumed it would be the costliest of projects, at an estimated $4,773. The actual average reported cost of a kitchen renovation? A whopping $22,134—about the price of a new Mini Cooper.
The report serves as a reminder that your dream kitchen might cost more than you expect. As you're planning your next renovation, be sure to budget wisely so you don't get stuck with sticker shock.