Introducing Purchase Perks! Save $1,000 on closing costs when you purchase with us.
Whether you're looking for a new home, refinance your existing property, or get cash from your home's equity, we've got customized loans for your needs. Talk to a loan officer today.
Read Time: 5 Minutes|
January 30, 2023
Do you have your dream home in mind? Are you ready to finally start living in it instead of dreaming about it? If you’d prefer not to move, it could be time to update your home!
Home remodels and additions help many homebuyers transform their current home into the home of their dreams. Before you go out and hire contractors or pick out design elements to fix up your home, it’s important to get an idea of how much you can expect to spend to get the job done. Rounded up below is a cost breakdown of popular home improvement projects, renovations, and upgrades based on tracking and data from experts at HomeGuide. Spoiler: We’ve even included a financing tool you could use to afford it all!
The total cost of a bathroom remodel varies based on size, materials, layout changes, and labor costs. Typically, you can expect a bathroom remodel to cost $120 to $275 per square foot1. For example, the average smaller bathroom might cost anywhere from $2,000 to $5,0001. The average 5x7 bathroom could run you anywhere from $4,200 to $9,6001. The average 8x8 bathroom could run you anywhere from $7,800 to $17,5001. The average master bathroom could run you anywhere from $10,000 to $30,0001.
A bathroom remodel could increase a home’s value, make for a larger resale value, and averages a 60-70% return on investment1.
As with any remodel, kitchen remodel costs vary based on size, materials, layout changes, plumbing changes, and labor costs. Typically, you can expect a kitchen remodel to cost $100 to $250 per square foot2. On average, homeowners spend between $12,800 and $21,200 total2.
A minor or midrange kitchen remodel includes cosmetic upgrades without any design changes. On average, this type of remodel could cost you $12,000 to $21,000 (minor) and $29,000 to $64,000 (midrange)2.
Cosmetic Changes Include:
An upscale kitchen remodel is a complete remodel, changes from cosmetic to layout to design. On average, an average upscale kitchen remodel could cost you $126,0002.
Upscale Changes Include:
The return on investment depends on the total cost and changes to your kitchen, along with other factors like your neighborhood, assessed home value, and how much buyers are willing to spend. On average, homeowners can expect a 50-84% return on investment2.
Need more space in your home, an extra bedroom, home gym, an office, or playroom? Instead of building out or up, you could make use of the attic. The average cost to finish an attic typically costs homeowners $25,000tt o $75,0003. Sound steep? It may be worth it. By adding square footage, you could also add value to your home! It's important to note that converting an attic could include adding stairs, refinishing the walls, floors, and ceiling, along with structural, plumbing, and electrical work.
On average, a homeowner spends $2,500 to $10,000 when adding a new deck to their home3. As with any home improvement project, the total cost depends on size of the deck the quality of materials chosen and local labor fees.
Need another bedroom? Enclosed porch? Nursery? Grand walk-in closet? An addition may be best. As with any home project, the average cost of adding a room depends on the size of the room, materials, your neighborhood, and location of the addition. On average, home additions cost homeowners between $20,000 and $75,000 all said and done4.
Average Costs of Additions4:
If you don’t have (or don’t want to spend) the cash needed to fund the changes you want to make for your dream home, a cash-out refinance could be the solution for you. A cash-out refinance is a type of loan where you “cash in” part of your home’s equity for cash in hand. With each monthly payment (the principal portion) on your original mortgage, you increase your home’s equity. If you’re looking for a way to tap into home cash for home improvement projects, we have a variety of cash-out refinance options available.
Ready to learn more about cash-out refinances? Check out our Cash-Out Refi FAQs, or get in touch with us today!
We’ve assembled a treasure trove of jargon-free information to demystify home-financing and arm you with valuable insights and actionable options.Browse our complete library of resources
Newrez believes the lending business shouldn't just be about home loans - it should be about homeowners. That's why our employees get to know our customer's real needs, through final closing, and beyond.