Own an older, outdated home that could use some upgrades? Are you interested in possibly putting that house on the market? Then you may be considering a few remodeling projects that’ll make your home more attractive to prospective buyers and increase its property value.
But how much does remodeling typically cost? And is it worth your time and monetary investment?
Let’s take a look at some of the most common remodeling costs, as well as what you can expect in terms of project timelines and potential problems that could complicate your renovation process.
Kitchen Renovation
If the kitchen in your home looks like it jumped straight out of the 1960s, chances are you’re looking to improve its visual appeal, boost its storage space, and streamline its design. And if that’s true — and you plan on performing a total kitchen overhaul — you should expect to pay anywhere from $20,000 to $50,000 to get the job done. If you’re only planning minor renovations, you may be able to complete the project for about $10,000, but that depends on the type and quality of materials you choose.
How long will this popular remodeling project take? That depends on several factors, including how much you’re looking to do to the space and materials and contractor availability. On the low end, a minor kitchen remodel could take about three weeks, and on the high end, a moderate or major remodel could take up to four months.
Bathroom Renovation
Bathroom renovations are one of the most common home upgrades that sellers perform before listing their homes. And while a bathroom overhaul probably won’t cost you as much as a kitchen redo, it can still be quite pricey, depending on what you’d like to do.
On average, bathroom renovations cost anywhere from $9,000 to $20,000 — or $70 to $250 per square foot — depending on the project scope, complexity, and the materials you select.
How much time does this project take? Generally, three to six weeks, which again, is dependent on the scope of the remodel and contractor and materials availability. If you’ll be remodeling more than one bathroom, multiply both the average cost and timeline by the number of rooms you’ll be fixing up.
New Flooring
Although replacing old, outdated flooring might seem like a pretty low-cost and quick project, that’s not always true, especially if you learn your home’s subfloor could use some work too.
While the average cost of installing new flooring is roughly $12.50 per square foot, that cost can range from $3 to $22 per square foot based on the type of flooring you choose. And if you need to repair your subfloor so the new flooring doesn’t warp, crack, or experience other issues, you’ll likely pay another $500 to $700 per room.
If, on the other hand, you need to have the subfloor ripped up and replaced, you’ll pay closer to $2,500 per room (in addition to the cost of new flooring).
Potential Hassles of Home Remodeling
What kind of complications could you run into when remodeling any area of your house? Here are just a few of the most common hassles of performing home renovations:
- Difficulty obtaining permits to perform the work you plan to do (which may increase your project timeline considerably)
- Inability to use your kitchen or bathroom during all or part of the remodel
- Discovering serious underlying problems that require costly repairs (for example, wiring issues, water damage, mold, leaky pipes, or foundation issues)
- Issues sourcing the materials you need for the project (which will also lengthen the time necessary to complete the project)
- Trouble finding contractors with sufficient availability to complete the project on the timeline you need
- Minor to major errors (this is possible whether you’re DIY-ing the project or hiring a professional — mistakes happen, even to the pros)
Should You Skip the Remodel and Sell As Is?
Ultimately, you’ll want to weigh both the time and monetary investment you’ll make against the potential increase any renovations would have on your home’s value. If it doesn’t make sense to renovate, and you still want to sell but are worried no one will want to buy because your house is ugly or outdated, you still have options.
While you might not be able to command the highest possible price by selling your house in as-is condition, finding a buyer for an as-is house is far from impossible. You can sell your home to an investor (aka a cash home buyer like Purple Mountain Holdings) who will pay you fair market value for your house exactly as it stands.
In most cases, the buying process can be completed in a matter of days, since there’s no need for a mortgage approval, inspection, or many of the other time-consuming steps involved in selling on the open market.
When you take this route, you’ll also avoid paying thousands of dollars in realtor commissions and closing costs since cash home buyers don’t charge these fees. Those savings alone could easily make it worth selling your house in this often advantageous yet unconventional way.
Sell Your Colorado Springs House for Cash
Curious how much your Colorado Springs home might be worth if you choose to sell it as is? Then get in touch with our team at Purple Mountain Holdings to find out! We can make you a no-obligation, fair cash offer for your house in as little as 24 hours, and if you like our offer, we can close on a timeline that works for you.
To get started, contact us online to request an offer, and we’ll get in touch right away!
