Remodeling is the best way to update the style of your home. You can achieve the look you desire and bring your boring and dated home to life. However, remodeling is not always necessary. Sometimes, you can transform your space with only a few upgrades.
Yet, it’s a fact that a home remodeling project yields positive results. When you want to increase your property’s value or enhance the appearance and functionality of your home, remodeling seems like the right option.
But how often should you remodel your home?
Keep scrolling to find the answer.
Remodeling vs. New House
While home remodeling isn’t exactly cheap, but many people prefer it over buying a new house. The reason is that home prices are rising and will continue to rise in the future.
According to the Annual Housing Aspirations Report by the real estate information company Zillow, 76% of Americans agreed that they would rather remodel or renovate their home than purchasing a new one.
Remodeling your home also seems like a more sensible option. As per the National Association of Realtors, the national median price for an existing home sold in November 2020 was $315,500, 15.1% more than November 2019.
Hence, more and more homeowners are taking advantage of home remodeling. According to the Houzz and Home study of annual renovation trends, 54% of homeowners renovated their homes with a median renovation cost of $13,000 in 2019.
When to Remodel Your Home
The interior design styles and trends come and go. But that doesn’t mean that you have to remodel your home frequently. The styles that once dominated are forgotten as soon as a new trend comes along. So, how often should you remodel your home?
Although it’s usually determined based on your property’s condition, you should only remodel your home every 15 to 20 years. Before starting a remodeling project, you need to evaluate your home.
Signs Your Home Needs Remodeling
The following are a few sure signs your home needs remodeling:
- The detachment of the tiles
- Leaking roof
- Termite infestation
- Dingy and chipped paint
- The kitchen and bathrooms look old
- The house feels out-dated
Home Renovation and Remodel Costs
Typically, home renovations and remodels cost almost $46,827 on average. While most home remodels fall between $18,257 to $76,161. Structural or mechanical repairs in kitchens and bathrooms cost the most.
Kitchens alone can cost about $25,000 on average. On the other hand, bathrooms cost around $10,000, and basements take an estimated $20,000. Besides, you also have to include an additional 20% to all home renovation budgets for any underlying problems you might encounter.
There are many factors that you have to consider while setting a budget for home remodeling. You have to keep each room’s size, cost of materials, and the extent of the remodel in mind.
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