Last week, we shared eight tips for buying a house during times of crisis. If you’re the type who views the historically low interest rates as an opportunity, you may be the proud new owner of a fixer-upper. And in that case, a remodel may be in your very near future. If so, a recent realtor.com article offers some highlights about what average renovation costs will run you.
First thing first — exact prices will depend on square footage, location, and the extent of work to be done. If you’re dealing with new paint inside and out, updated landscaping, and refinished cabinetry, you may be able to get away with dropping somewhere between $25,000 and $45,000. Tack on a brand new kitchen, and you’ll be spending closer to $75,000. If you’re doing all of that and tackling things like a new roof, sewer line issues, or foundation problems, expect to spend north of $76,000.
Kitchens and bathrooms are often the priciest rooms to renovate, thanks to those appliances and cabinets. Nationally, the average kitchen remodel runs around $20,000, but that number can run skyward quickly and is definitely not San Francisco pricing, where most things are more expense than the rest of the nation. In the bathroom, homeowners typically spend between $9000 and $20,000. But add a fancy tub and steam shower and you can easily double that top end.
What about ROI?
If you’re planning to sell at some point, can you expect some return on all these expensive renovations? Yes — and no. That kitchen remodel typically returns somewhere around 83%. Updated bathrooms yield a smaller return, in the 65% range.
Renovating in San Francisco?
If you’re snapping up property in San Francisco and renovations are warranted, good news. I’ve been selling real estate in the city for 26 years, and I have a short list of contractors, painters, carpenters, plumbers, flooring professionals, and other renovation experts. If you need the eye of experience to decide which upgrades are worth the money (and which ones you’ll never recoup), I’m happy to help you consult.