Remodeling Costs aren’t Accurate
Many articles these days on remodeling costs are ridiculous. Remodeling costs aren’t accurate. First of all, everyone wants to be helpful but lumping all the homes in America, or even regionally, is far from helpful. Furthermore when pricing project ideas a kitchen, bath or roof on a 2 million dollar home is not the same as the average American household, you can’t compare them. They are NOT EVEN CLOSE!
According to the National Association of Realtors and the US Census Bureau the typical owner-occupied home in 2013 was built in 1976, is 1,800 square feet, built on a .26 acre lot, and has a median value of $197,100.
Researching Home Remodeling Costs.
When you Google or research home remodeling costs, several articles and websites in the first page of results put the average kitchen renovation at $50,000+, master bedroom renovations at $100,000+, and a new roof (with no square footage listing) for around $17,000. Those numbers are obscene. Those remodeling costs aren’t accurate. I put a new roof on my 2,300 sq. ft., 21-year-old colonial for $8,200. That included stripping the old roofing and using an architectural grade shingle for the replacement. It was a sweet looking 25-year roof but half the “average” you might find listed online. Two other common, broad inaccuracies are the kitchen or bathroom remodel, which should realistically be no more than 10% of the value of your home. (If it fits median description)
Looking at numbers like this online, without deeper research, asks for trouble. Most contractors are reliable and honest working businessmen who do for a living what they love. That said, for all manner of reasons, you can still receive wildly varying estimates. Here is a scenario: You have a median home, have saved some money and you see articles listing $50,000 as the average price to remodel a kitchen. You interview a contractor and his quote is $30,000. Wow! Great deal, right? NOPE! For the average home a $20,000 renovation makes an AMAZING kitchen.
Don’t be misled. Always get several prices and do as much research as possible. Hire a professional third-party to help determine costs. Spending a couple hundred dollars, to save thousands, is well worth the time and money.
Stephen Sprague – Estimate Busters