Renovation Costs And Homeowner Expectation

Are you thinking about renovating your homes? Most homeowners don't know what to expect when it comes to renovating their homes. Most people know for sure they will love newer upgrades but have no idea how much this is going to cost them or how to go about it. If you find yourself in this situation, you are in the right place. This article will teach you everything you need to know about home renovation cost in the United States. 

According to Harvard's Joint Center for Housing Studies, home renovating spending is expected to hit $340 billion by the end of 2018. This is almost a 7.5% increase over 2017. Most people renovate their homes for various reasons. Some renovate to upgrade and enjoy better features while some do that in order to increase the market value of their homes. Whatever your reasons are, you need to know you are likely to pay more than what you would have paid in 2017 if you want to do a home renovation in Maryland or anywhere else in the United States. 

Cost of Renovation In the United States Today

Cost of renovation is not only on the increase in Maryland but throughout the nation. Recent data showed that most renovation costs are up about 2-3% compared to last year. Most people considered 2-3% a good thing as we typically experience an annual 5% increase every year. Perhaps, low gas prices and lower inflation are the reasons why the increase in home renovation in 2018 wasn’t as steep as in previous years. However, this does not still provide a clear overview of what you should expect when you decide to renovate your home in Maryland. Below, you will find an overview of what you should expect to spend on average when you want to renovate your home.

Overview of Average Renovation Cost in the United States

There are tons of renovations you can undertake in your home. However, you don't have to renovate the entire home at once if you don't have enough money. You can do the ones that will have the highest ROI and improve the value of a listed home. Based on our experience renovating a lot of homes in Maryland, kitchen and bathroom remodels are on the top of the list.

Average Kitchen Remodel Cost

  • Low End: $7,520
  • Mid-Range: $13,200
  • High End: $25,320

Note that this price will vary based on your location and the contractor you are using. Typically, with a mid-range budget, you should expect the price to include the following 20 linear feet of cabinets, 30 sq. ft. of backsplash tile and installation. 200 sq. ft of floor tile and installation, new garbage disposal, dishwasher kit, 4 pieces set of stainless steel appliances, and painted kitchen walls. 

Average Roofing Costs

  • Low End: $4,931
  • Mid-Range: $6,288
  • High End: $8,360

Once again, the price will vary based on your project needs. The price above is for Asphalt Shingles Roof Installation, your price will increase if you need metal roofing, cedar shingles, clay tile roof, slate roof, rubber roof or TPO roofing.

Average Bathroom Remodel Costs

  • Low End: $5,210
  • Mid-Range: $10,012
  • High End: $19,523

A modern bathroom can be fitted with a number of features. Note that the more features you want in your bathroom, the more your budget increases.

Average Cost of 10 Replacement Windows:

  • Vinyl: $3,520
  • Wood: $6,895
  • Fiberglass: $8,459

The price above covers the cost to remove the old windows. It also covers framing of any opening and installation of new windows.

Average Siding Costs

  • Low End: $6,631
  • Mid-Range: $8,288
  • High End: $10,360

You will need to decide on the material you need to use such as vinyl, cedar/wood shingles as well as clapboard. You can also choose to have engineered wood, fiber cement, and composite wood siding.

Choosing a Contractor

Like we mentioned above, your price will be determined by the amount of work involved, your location, as well as the contractor you are working with. It is very important that you work with an experienced contractor who can get your work right on the first attempt. A good contractor will be able to give you a good estimate without doubling the estimate once the work starts. This is the reason why most people in the Maryland area and Baltimore constantly make use of contractors from Maryland Carpet and Tile for all their home renovations. You can enjoy affordable price, fast work, and peace of mind when you work with our contractors.

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Date Published

August 17, 2018

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