I often have clients and prospective buyers voice an interest in purchasing a property in need of renovations or some TLC, rather than a home that is move-in ready. There are many advantages to doing renovations yourself, mainly that you will have an opportunity to choose the materials that suite your taste. Why pay for recently upgraded dark hardwood floors if you'd rather have lighter floors? Or an brand new ultra-modern kitchen if your tastes are more traditional? You'll also be able to research different companies and personally select who is hired to do the work. That being said, many people underestimate the cost of home improvements and how long projects can take.
Every project is unique so, of course, costs vary greatly. However, here are some national average costs for common remodelling projects in the US, according to Remodeling Magazine:
Bathroom remodel - $16,000
Bathroom remodel (large and premium quality) - $50,000
Full kitchen - $55,000
Full kitchen (premium quality) - $110,000
Basement remodel - $60,000
Family room addition - $80,000
2-car detached garage w/electrical - $54,000
Installation of wood deck - $10,000
Here are a few factors that can affect the cost of a home improvement project:
Access - how difficult is it to get to? Is it the roof of a bungalow or a 3-storey building? A basement or a crawl space?
Height - is scaffolding required?
Weight - heavy materials are harder to carry up ladders
Disposal costs - there can be significant costs of disposing of old materials
Amount of difficulty of prep work - painting isn't at difficult of stripping, scraping and sanding a surface to paint
Costs of materials - cedar siding will cost more than vinyl siding
Availability of materials - is it available locally or will there it need to be shipped?
Amount of labour - laying individual tiles will take more than than laying vinyl flooring
Economic conditions - are trades people busy working or anxious to take on new jobs? How competitive is the market?
Time of year - certain construction depends on weather and could affect the cost of your repair or renovation
For more information about Vancouver real estate, please don't hesitate to contact me.
Century 21 In Town Realty