Home improvements can be a great way to invest in your home and earn a near 100% return on your investment by building future equity. But not all home improvements are created equal. Let’s take a look at some of the average costs for home improvements that are most popular in the United States.
Kitchen Improvement – $~30k
When considering home improvements for the purpose of selling your home, always start with the kitchen. The kitchen is the center point for most people, so having a capable kitchen is a must. New appliances, countertops, and cabinets can go a long way in giving a room a fresh look. Make sure not to get too personalized with your choices, though. The look you create should be timeless, otherwise, you could drive future buyers away with your eclectic tastes.
Bathroom Improvement – $~20k
Bathroom improvements are important and almost always the second recommendation for home improvement, especially in a house with only one bathroom. Adding a second half bath can make the house more comfortable for residents. These bathrooms can be hidden under the stairs or in the basement. No buyer looks at a house and says, ‘Gee, I think that house had too many bathrooms.’
Home Elevator Installation – ~$30k
The price of practical and easy to use residential elevators depend wildly on the vendor, type of elevator, and the size of the elevator being installed. Your best bet for getting a good price estimate is checking out a residential elevator pricing guide. As a general rule of thumb, hydraulic elevators tend to be on the cheaper spectrum between $20k-$30k for the elevator itself. Installation costs can easily add $10k or more. Pneumatic elevators are easier to install but still tend to cost more than hydraulic elevators. Elevators can either be a new construction, or a portion of the house can be retrofitted for the shaft. Whichever you choose will affect the final price of the upgrade. Hydraulic elevators are better for retrofitting a home with an elevator.
Curb Appeal Improvement – $30k
Some extra landscaping, a coat of paint, and new shrubbery can do wonders for making your house more attractive upon first look. Make sure any trees or bushes in your yard are well trimmed and free of dead branches and brush. A new coat of paint can cost a few thousand dollars as long as you’re willing to do it yourself. The cost of labor for these improvements is really the most intensive cost.
Yard Improvement – ~$50k
For large back yards, a new deck or patio can give the space a much-needed community area. The cost of these improvements is highly dependent on the size of the space you want to change, and whether you go with standard deck boards that require staining as a cheaper option to other materials but will require a little more elbow grease. Outdoor kitchens and awnings with sun-shaded areas can make for a relaxing area to enjoy the nice outside weather while barbequing and sipping on your favorite drink of choice.