Mortgage Goals: Understanding the Costs of Rehab

Posted by Laine Smith on 1/29/15 2:54 PM

Topics: Home Ownership Home Buying

It is always difficult to estimate home renovation costs since it is a flexible number, depending on various different factors. Every remodeling project is unique, and costs vary depending on your budget, tastes, and priorities. According to Better Homes and Gardens, in general, materials will account for 80 percent of your budget, while labor costs represent the last 20 percent.

Home_Renovations

Image courtesy of tiramisustudio at FreeDigitalPhotos.net

Home renovations expert, Lee Wallender, gives us a list of national averages on what certain common projects will end up costing you for your rehab:

Additions

Build addition $80 to 135 per square foot

Enclose porch $6,500 to $16,000

Drywall ceiling over plaster $2.50 to $4.00 per square foot

Basement Conversion Cost Estimates

Convert basement to legal rental unit $40,000 to $60,000

Bathroom Remodel Cost Estimates

Remodel bathroom $9,000 to 14,000

Add half bathroom $4,500 to 6,000

Add full bathroom $8,000 to 14,000

Electrical Work Cost Estimates

Increase service to 200 amps $900 to $1,500

Run separate electrical lines $250 to $400

Install connectors on outlets (of aluminum wired homes) $25 to $30 per connection/ $2,600 to 3,900 (whole house)

Exterior Work Cost Estimates

Regrade lawn $700 to $2,000

New gutters and downspouts $3.50 to $4.50 per linear foot

Floor Work and Installation Cost Estimates

Sand and finish wood floors $2.50 to 4.30 per square foot

Install ceramic tile floor $16 to 27 per square foot

Install vinyl tile floor $4.00 to $6 per square foot

Install wall-to-wall carpet $5 to $8 per square foot

Garage Work Cost Estimates

Build single car garage $8,000 to 12,500

Build double car garage $10,000 to 14,000

Heating and Air Conditioning Cost Estimates

Replace warm air furnace $2,500 to 4,800

Replace electric heat pump $3,200 to 4,600

Replace central air conditioning system (electric) $2,500 to 4,000

Replace central air conditioning system (gas) $3,600 to 4,500

Install humidifier $500 to 750

Install electrostatic air cleaner $600 to 850

Replace hot water boiler $3,500 to 4,500

Install attic ventilation $350 to 550

Insulation Cost Estimates

Insulate attic / basement $1.75 to $3.50 per square foot

Full-Scale Kitchen Remodel Cost Estimates

Remodel kitchen $12,000 and up

Plumbing Cost Estimates

(40-gallon capacity) $500 to 750

(40-gallon capacity) $400 to 650

Install new well $4,000 to 6,000

Install new septic system $4,000 to 6,000

Install sump pump $500 to 600

Install French drain and sump pump $3,000 to 4,500

Roofing Replacement Cost Estimates

Asphalt / fiberglass shingles- Install over existing shingles $2 to $3.20 per square foot

Remove existing shingles and install new $2.75 to 4.75 per square foot

Replacement and Storm Windows Cost Estimates

Install storm windows $70 to $145 each

Replace existing windows $350 to $700 each

With products representing such a large percentage of the budget, you can help control costs by choosing the level of products you will purchase. When deciding where to scrimp and splurge, consider how you will use your new rehab and how long you will own the house. If you won't live with your renovations forever, save your splurge items for things that will help your resale value later on.

Sometimes it seems that there is no end to the home renovation projects you want to do, but this list should at least give you a good start to knowing where to prioritize and begin with the jobs that will be the most useful in the long run.

Please feel free to share this post and leave comments or, for more tips, check out our Rehab & Construction Guide or Pinterest Page to see more!

Download: Rehab & Construction Guide

Images courtesy of about.com

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