When you’ve outgrown your current home, or simply want a design that’s more efficient and useful, one of the options to consider is remodeling. Theoretically, redoing your spaces saves you money over buying a new home and avoids having to move. The reality, however, can be far more costly, especially if you value your time as much as you do money.
Renovating your home costs far more than those estimates you see from contractor ads in the local paper. Remodeling Magazine reveals the following averages for California’s Central Valley in its “Cost vs Value 2016” report.Bathroom addition: Midrange – $45,992, which covers a 6 x 8-foot bath with a fiberglass tub and shower, cultured-marble vanity top, low-profile toilet, and ceramic tile floor. Upscale – $84,571, which adds a 100-sq. ft. master bath to an existing master bedroom with a ceramic tile shower, customized whirlpool tub, stone countertop with two sinks, and separate compartment with a one-piece toilet. Major kitchen remodel: Midrange – $64,505, which updates a 200-sq. ft. kitchen with semi-custom wood cabinets, a 3 x 5-ft. island, laminate countertops, double-tub stainless steel sink, resilient flooring, and all-new appliances. Upscale – $125,192, which covers 200 sq. ft. to include custom cherry cabinets, commercial-grade appliances, stone countertops, imported tile or ceramic backsplash, and cork flooring.
Master suite addition: Midrange – $126,453, which applies to a 24 x 16-ft. master bedroom that includes a walk-in closet, whirlpool tub in a ceramic tile platform, double-bowl vanity with solid-surface countertop, carpeting for bedroom floor, and ceramic tile for bathroom floor. Upscale – $258,885, which covers a sound-proofed 32 x 20-foot master bedroom with a sitting area, custom bookcases, high-end gas fireplace, walk-in dual shower with stone floor and walls, corner-design whirlpool tub with granite platform, stone countertop with two sinks, and a five-foot-long hospitality center with bar sink, under counter fridge, and microwave.
An important consideration in any remodeling effort is the amount of money you recover when you sell the home. Bathroom additions get you back 69.8 percent for midrange renovations and 66 percent for upscale efforts. Major kitchen remodels return 54.8 to 63.6 percent and master suite additions receive 67.2 percent to 60.2 percent. You’re not going to get back every penny for these types of common remodels.
There’s also the danger of pricing your home out of the neighborhood because you’ve spent too much on it. If you live in a community where the average home price is $350,000, you cannot expect to sell your home for over $600,000 just because you’ve added a luxurious master suite. You’re likely never to recover all the money you put in a remodel.
You may be lucky enough to have someplace else to live as your home is being remodeled. If not, can you live with a bathroom renovation that takes two to three weeks, a complete kitchen renovation that take eight to twelve weeks, or a bedroom conversion that takes eight to ten weeks? These times are just estimates. Projects typically go on longer than predicted.
If you have to stay at home, how are you going to get around the loss of a kitchen or bath for an extended period?
Practically speaking, a home renovation can cost you more time, energy, and money than a new San Joaquin Valley home would. Our homes feature the latest building and insulation technologies that would be cost-prohibitive to add to an older home. If you want a more detailed comparison, or want to tour our developments, please contact us.