The Cost of Rehabbing a Home
The price of renovating a home changes drastically depending on the types of changes you’re hoping to make. An individual homeowner planning to tackle a few upgrades will pay far less than an investor trying to completely redo a property to sell at a much more significant price. If you entirely gut out the place and redo everything, you could pay as much as $200,000, maybe even more. No matter what your situation entails, the final cost of rehabbing a home will depend on the number of changes you make and which rooms they include.
Kitchen renovations can be quite costly if you’re tearing out cupboards and cabinets and replacing all of your appliances. Don’t put more than 20% of your home’s value into the kitchen’s renovation price. Carefully consider whether you want to replace:
- The cabinetry and hardware
- The appliances
- The lighting
- Doors and windows
- Faucets and plumbing structures
You might also decide to knock down a wall or change the overall design of the space, which will put you on the high end of prices. Save on costs by finding an affordable contractor. You can also choose money-saving materials that are more durable and long-lasting. Soapstone countertops can cost up to $120 per square foot, while granite and marble can be upwards of $200.
Bathrooms can also be expensive to fix. If you can get away with replacing a few fixtures and cabinet knobs to spruce up the look, you’ll save a ton. If you need to replace the tub, toilet, or sink, you’re looking at a much heftier price.
People can easily spend upwards of $20,000 on bathroom renovations. If you’re looking to save when rehabbing a home, put on a new toilet seat and get a fresh coat of paint for an easy change that won’t cost much.
If you’re looking to sell fast, you can replace the flooring with economical options. They’ll give the home an enticing look without having to pack so much onto the price.
If you’re remodeling your own home, though, then you may want to spend more on durable materials that will last for years. Laminate is an inexpensive choice that’s easy to install that only costs an average of $2 per square foot.
Painting your home is one of the best things you can do before selling. Beige and gray are well-liked because they’re so neutral. They also help make a room appear more spacious. It can significantly improve the home’s ambiance and help it sell far better than if you left your walls with dark colors or something unique, like red, pink, or orange, that could be off-putting to potential buyers.
If you paint yourself, you’ll save on the costs of hiring a contractor, and you’ll just have to purchase your paint and supplies. Hire a painter, and you could find yourself spending upwards of $6,500 for an entire interior paint job. You’ll pay even more if you need the exterior of the home painted as well.
Exterior work can help enhance the home’s curb appeal. A house that immediately looks enticing from the road can improve your chances of selling. The average cost of replacing a roof is $14,000. You can save on the cost of rehabbing a home by going with asphalt shingles or aluminum rather than slate or tile, which can be nearly double the price.
You’ll also need to consider if you should replace:
- The porch – Up to $3,500
- The windows – Up to $9,600
- The paint – Up to $3,200
- The driveway – Up to $3,550
- The landscaping – Up to $4,000
Of course, these numbers can change drastically depending on the type of materials you’re using and how much needs to be replaced. A one-story home with a handful of windows will cost far less than a three-story house with large windows filling every side.
Most of these projects will also require a contractor skilled at that particular job. You’ll pay for the supplies as well as the employee’s hourly price. However, with your return on investment, it may be more than worth it to have the job done right.
Structural or Mechanical Repairs
Your home rehab timeline could be lengthened if you have structural or mechanical repairs to make. If you need to have the entire foundation repaired or replace wood supports that have become warped or damaged, you could add days, if not weeks, to your timeline.
Foundation repair can cost up to $7,500, while just one support beam can add $1,500 to your price. You’ll be looking at thousands of dollars in renovation costs if you have multiple wood beams to replace due to damage.
Updating your home’s heating and cooling system can add thousands to the final price. Having central air is enticing to many buyers, though, making the cost worthwhile. It can cost up to $6 per square foot for a new HVAC system to be put in place, especially if you need new ducts and want an extremely efficient system that can operate well in high heat.
Skip Rehab and Let Offercity Find a Buyer for Your Home
It’s important to carefully consider your budget and make a wise plan to set a sensible cost of rehabbing a home. Of course, all of these costs can be avoided when you let Offercity handle it for you. You can sell your home as-is and let us take care of finding a buyer, and it’s completely hassle-free.