Quote:
Basement
Kitchen
Bathrooms (renovate existing as well as add a new one)
Backyard (landscaping, patio, gazebo, shed etc)
New Garage
Quote:
Originally Posted by electricladylnd
You are looking at about $150k for the items in this post depending on what you want.
At this rate, this has to be a lot higher right? I'm guessing something like this now:
Finish basement = 50K
Kitchen reno = 50K
Add new bathroom = 20K
Reno existing bathroom = 11K
Backyard enhancements = 20K
New garage = 64K
Remove existing garage = 5K
= ~220K
Plus
Heating / AC ~ 37K (lowest estimate)
Siding / Windows ~ 35K (lower estimate, only replacing badly damaged windows)
Misc interior ~ 30K (most of it already spent)
Various other fixes 10K (about half it already spent)
= ~112K
Which comes to about 332K.
Is this really just how things are these days? I don't think believe we're getting high-end anything from any of the above. How do normal people live? I'm finding it difficult to understand the economics of all this, given that most Americans live in single family house, and most Americans don't make much money. Is the very act of undertaking significant renovation without doing most things yourself and hiring legitimate, licensed contractors some kind of luxury consumption? At least where we are, the economics sort of make sense because our purchase price + 332K still doesn't buy anything out of the ordinary around here. But how do things work in areas where houses sell for around 300-400K? Do people just do the absolute minimum and buy the cheapest everything? Is renovation an instant money loser in those areas?