Spring Project Breakdown: Understanding Costs of Home Updates
As a kickoff to home improvement season, there are many home updates homeowners are undertaking. But before you grab your toolkit or enlist the help of a professional, do your wallet a favor, and conduct a little research.
To help homeowners budget for home projects, HomeAdvisor's True Cost Guide provides the average cost of more than 350 projects coast-to-coast based on data reported by real homeowners.
"When completing home projects, a common concern among homeowners is not knowing how much a home project will cost," said Leah Ingram, HomeAdvisor's personal finance expert.
In fact the True Cost Report, released from HomeAdvisor, found that 38 percent of homeowners don't know how much it will cost to hire a professional for home projects, and nearly 70 percent are concerned about overpaying as a consequence of not having reliable cost information. As a result, almost half of homeowners put off projects or attempt to complete them on their own.
The top five spring projects include:
* Repairing the roof: Maintaining the roof protects a home from the elements and can raise property values. Small repairs keep a roof in good shape for several years and help avoid costly damages. Most homeowners assume repairing a roof can be costly. In fact, according to HomeAdvisor's True Cost Guide, the average roof fix only costs $550.
* Remodeling a kitchen: Kitchen remodels boost a home's resale value and add functionality to the most utilized space in a home. Many factors go into remodeling a kitchen including flooring, plumbing, appliances and electrical. Homeowners in New York hire more pros to remodel their kitchen than any other state in the U.S.
* Remodeling a bathroom: Homeowners can choose from different types of bathroom remodels, depending on style preferences, and budget. The average cost of remodeling a bathroom is $9,000.
* Painting the home's exterior: Painting the home's exterior not only boosts its curb appeal, but it also acts as a home's primary defense against weather, insects, and other damage. Boston homeowners spend the most money hiring a pro to paint their home's exterior and Albuquerque homeowners pay the least to have a pro paint their home's exterior.
* Installing landscaping: Landscaping can dramatically change the look of a house and property. Adding landscaping such as an outdoor patio, flowers or shrubs can increase the value of a home. The average cost of installing landscaping is $2,938.
Reprinted with permission from RIS Media (c)2015. All rights reserved.