Increasing Home Value: What Will Your Home Improvements Cost?

Posted by Laine Smith on 12/12/15 1:20 PM

Topics: Home Ownership

If home improvements, a remodel or renovation are on your 2016 homeowner to-do list, budgeting for those items is essential. Afterall, an estimate is just an estimate. Every remodeling project is unique and costs vary depending on your budget, materials, contractor, timing and even your geographical location.

HOME_IMPROVEMENTS.jpg

You can expect to spend approximately 80 percent of your renovation budget on materials and the other 20 percent on labor. According to home renovations expert Lee Wallender and the 2015 Cost vs. Value report, these are the average costs of several popular home improvement projects.

Flooring & Installation
  • Sand and refinish wood floors $2.50-$4.30 per square foot
  • Install ceramic tile floor $16-$27 per square foot
  • Install vinyl tile floor $4-$6 per square foot
  • Install wall-to-wall carpet $5-$8 per square foot

Garage Addition

  • Build single car garage $8,000-$12,500
  • Build double car garage $10,000-$14,000

Heating and Air Conditioning

  • Replace warm air furnace $2,500-$4,800
  • Replace electric heat pump $3,200-$4,600
  • Replace central air conditioning system (electric) $2,500-$4,000
  • Replace central air conditioning system (gas) $3,600-$4,500
  • Replace hot water heater $3,500-$4,500

Adding Insulation

  • Attic/basement insulation $1.75-$3.50 per square foot

Plumbing

  • Install new septic system $4,000-$6,000
  • Install sump pump $500-$600
Roofing
  • Asphalt/fiberglass shingles installed over existing shingles $2-$3.20 per square foot
  • Remove existing shingles and install new $2.75-$4.75 per square foot

Exterior

  • Install new storm windows $70-$145 each
  • Replace existing windows $250-$700 each
  • Entry door replacement (fiberglass), approximately $3,000
  • Entry door replacement (steel), approximately $1,230
  • Garage door replacement $1,595
Home Additions
  • Build addition $80-$135 per square foot

Remodels

If you're interested in undertaking some major (or minor) home improvements in the future, download our free Rehab & Construction Guide for information on loan types that allow you to roll the costs of renovations into your mortgage loan.

Download: Rehab & Construction Guide

Subscribe to Email Updates