U.S. homeowners typically spend $10,390 to renovate or repair their houses, although the typical price ranges between $4,000 and $17,525.
Those who are planning to sell their property would need to consider upgrades to take advantage of a projected increase in home prices. By July 2019, the prices are expected to rise by 5.1%.
Major and Minor Repairs
When thinking about doing renovation work, choose whether you want major or minor repairs. Some large-scale projects, such as roof replacement and plumbing installation and repair, may require the service of concrete foundation repair contractors.
You’re better off hiring a professional for these types of jobs that require expert knowledge and skills. In case you need foundation repairs, ask if extensive jacking or piering will do the trick. You should expect to pay $1,000 on average for installing each beam or pier. A roof repair may cost up to $2,500 while labor fees for plumbing work could cost $125 per hour.
Rising Home Prices
While the maintenance cost for homes seems high, a renovation project may pay off with value appreciation. Most people are just waiting for the right time to put their homes on sale, even if they feel that recent months have been in favor of sellers.
Prices continue to increase year over year in some states. For instance, the average home price in Florida has been increasing for the 79th month in July, up by 6.3% for single-family houses and 5.3% for condo-townhouse properties.
The actual cost of a home renovation project depends on factors such as property size, your location, and cost of labor. If you plan to sell your home in the future, a home renovation would be a good way to increase its value and raise your asking price in the process.