06 Mar 2022

Across Florida, homeowners are looking into more extensive and comprehensive home renovations than ever before. Much of it has to do with home equity, which has been at its highest since the market boom before the crash in 2008.
Another driver is that homeowners are looking to increase the resale value of their homes.
Let’s discuss five of the most costly home renovations, their average costs, and what makes them so expensive, desirable, and popular.
5 Most Costly Home Renovations
We will start with the least expensive of the five and work our way up to the most costly home renovation, which, unsurprisingly, is also the most popular and desirable one.
• Bathroom or Kitchen Cabinet Renovation and Refacing (Average – $6,000)
Cabinet renovation and “refacing” are quick, convenient, and cost-effective alternatives to renovating an entire bathroom or kitchen. Despite their popularity and relatively lower cost, they are still one of the most costly home renovations you can get.
Refacing, in particular, is also a more environment-friendly option than replacing older cabinets with new ones. Homeowners opt to change the drawer fronts and cabinet doors in their bathroom or kitchen. Typically, the exposed frames are covered with matching veneer or wood.
You can use the money saved from complete cabinet replacement to update other things like installing drawer organizers, partitions, or under-sink storage.
However, opt for a value-based cabinet company in Fort Lauderdale like Half Price Cabinets. You can easily get amazing new bathroom cabinets in Fort Lauderdale for a similar price instead.
• Patio Deck Installation (Average – $7,000)
Outdoor living spaces are becoming more common than ever. Homeowners want to blend their living spaces from indoor to outdoor, and a patio deck is a perfect solution for this. It increases the living spaces of your home and adds value to it without costing you as much as a whole new room.
Regardless, it is one of the more expensive home renovations you can opt for. While you can get a small deck for around $2,000, depending on the size, materials, and other aspects of the renovation, most homeowners typically spend around $7,000 for larger, more attractive, and functional patio decks.
However, most people forget that while this home renovation adds value to your home, it also adds to your property tax. You may also need to ensure your homeowner’s insurance policy covers your new patio deck.
• Roof Renovation/ Replacement (Average – $8,000)
Roof replacement is often a necessity when your existing roof is at the end of its lifespan. Most homeowners, especially those with older homes, go through it at least once. However, since hurricanes and inclement weather are frequent in Florida, getting it done more than once is easy, especially when your insurance covers it.
Most roofers in Fort Lauderdale will give you a warranty when you replace your roof, which can cover repairs for many years. Regardless, if your existing roof has life left in it and can be repaired, it is far less expensive (average – $800) than a replacement.
• Bathroom Renovation/ Remodel (Average – $9,500)
A bathroom renovation or remodel is very expensive and can easily cost you way more than you expect or plan, simply because of any unforeseen plumbing issues that may arise. Naturally, you run up a bigger bill just by choosing fixtures, upgrades, and styling.
It is a lifestyle upgrade more than anything else, which is why it costs so much and is one of the best ways to increase your home’s resale value. Of course, you can always cut costs by only upgrading the essentials or simply opting for “refacing” or new bathroom cabinets in Fort Lauderdale.
• Kitchen Renovation/ Remodel (Average – $20,000)
When it comes to the most costly home renovations, kitchen remodeling comes on top. This home renovation project is broad, complex, and very expensive, averaging around $20,000. You can get it done for less, but that will depend on the size, materials, upgrades, and other remodel aspects.
This type of renovation is the most popular and desirable one for many reasons. Firstly, it is the best way to change the outlook of your home. Secondly, the kitchen is easily the most practical living space to upgrade.
Lastly, you will see the remodeling pay off when it raises your home’s resale value substantially higher than any other home renovation. However, many homeowners overdo it and cannot recoup the value in a sale. A good rule of thumb is to spend 5 to 10 percent of your home’s value in a kitchen remodel and no more.
Of course, if you plan to live in the home for long, you may go as high as around 10 to 15 percent.
Conclusion
While these home renovations are costly, they offer great value in terms of practicality, lifestyle, and the resale value of your home. The mentioned costs are only averages for mid-sized renovations, and you can expect to pay around 30-40 percent less for smaller projects or around 50 percent more for larger ones.
If you are looking for a less expensive alternative to expensive bathroom or kitchen remodels, we highly recommend Half Price Cabinets. They are the best cabinet company in Fort Lauderdale that greatly value your budget.
If you want to learn more about the most costly home renovations or about the best new bathroom cabinets in Fort Lauderdale, please visit our website today.