Homeowners significantly underestimate the costs involved when planning a home improvement project, finds a new study from Discover Home Equity Loans, based on a survey of 1,200 Americans.
Eighty-two percent of consumers believe the home they own is a financial asset, the study says. As such, they want to tackle home improvement projects to increase the value of their home even more. More than half—52 percent—of consumers say they plan to take on a home improvement project in the next year. Kitchen and bathroom remodels lead in projects.
With that in mind, here is a list that may help with budgeting those home improvement projects…
Estimated Cost of Common Interior Remodeling Projects
- New master suite/owner’s suite: $125,000
- Kitchen upgrade: $35,000
- Complete kitchen renovation: $65,000
- Bathroom renovation: $30,000
- Adding a new bathroom: $59,000
- Basement conversion to living area: $40,000
- Attic conversion to living area: $75,000
- Insulation upgrade: $2,100
- New wood flooring: $5,500
- Hardwood flooring refinish: $3,000
- HVAC replacement: $7,475