Some expensive home renovations are worth every penny!
Do you look at your house and think it may need some changes? Or perhaps you just think about what renovations you can make to cultivate a more hospitable and attractive space?
There are a bunch of moves you can make here. Generally speaking, the more money you put into upgrades (provided you spend it wisely and work with reputable professionals), the more you stand to make when or if you go to sell your house.
We spoke with real estate experts to share with us which are the most expensive home renovations that are 100% worth their high costs. Not only will these home upgrades transform your space for the better, but they will also increase the value of your house, making them worth every penny and some.
Let’s get started!
1. Foundation repair
A house is a real hazard if it doesn’t have a strong foundation. If your house is sinking or shifting, this can cause all sorts of issues and even make the place uninhabitable. A foundation repair renovation can solve the problem, and even if it’s among the most expensive home renovations, it can be well worth your money and time.
Of course, the cost depends on the size of the property. According to real estate experts, it can run from a couple of thousand dollars to tens of thousands because it must be done by skilled professionals. In other words, this isn’t a job you should do yourself.
Trust the experts, and the results will match what your house needs.
2. Kitchen remodel
The kitchen is the heart of any house, especially if it is occupied by a family. So it’s only fair that any big changes you make there fall into the category of expensive home renovations.
Investing in a major remodel like this, especially if anything in it is falling apart or outdated, definitely makes it worthwhile. According to experts, a kitchen remodel can range between $14,000 and $41,400, making it one of the most expensive home renovations. Moreover, they point out that a kitchen remodel is usually an “all or nothing” endeavor.
The thing about upgrading one area is that it highlights the other areas that aren’t remodeled. Fresh updates can make older spots stick out like a sore thumb. For these reasons, it’s important to commit fully to the project.
Experts also recommend going for stainless steel appliances if you can afford them. They may be expensive, but they can quickly elevate a kitchen from a B or C to an A-class space.
3. Outdoor living space
Moving forward with the list of expensive home renovations that are worth every penny, we have outdoor living space remodeling. Anyone who can appreciate a private haven in the backyard or a space where you can spend lovely summer nights with friends or family would love an outdoor living area.
Consider creating an enchanting one in your backyard if you have the space (and, of course, the money, because this type of project can be one of the most expensive home renovations). You can elaborate on this environment with features like an outdoor kitchen, a comfortable seating area, a fire pit, and high-quality landscaping.
According to experts, the cost of this can range anywhere from $15,000 to $70,000 or more, depending on the design, including materials and elements used.
But it’s definitely worth it; a well-designed outdoor space adds an extra living area and can significantly increase the value of your house.
4. Finishing the attic
Attics can be pretty inhospitable. They are often dank, dusty, and dark. But you can make yours much prettier with a little TLC and, yes, a lot of money, as this is the type of project that experts describe as one of the most expensive home renovations.
However, finishing your attic as extra square footage and increasing its height is affectionately known as doing a “pop-top.” Basically, this means adding a second (or third) floor to an existing house by finishing the attic with full-height walls, adding insulation, and finishing the interior with electrical, lights, and windows.
As one of the most expensive home renovations, this project is a full structural change, but the home value improvement is considerable.
Read on to discover other expensive home renovations that are worth every penny!
5. Bedroom addition
Who doesn’t want an extra bedroom, whether it’s for your children, guests, or even to be used as a working space?
Adding another bedroom ups a house’s functionality and also immediately increases a home’s resale value. Like any other project on this list, the cost depends on how much structural modification is needed.
If you just turn an existing study into a full bedroom, that will be far less expensive than removing an exterior wall and increasing the house’s square footage; however, when done properly, this is one of the best renovations possible, according to experts.
6. Creating an open floor plan by removing walls
According to real estate experts, this is a trend that just won’t go away. They point out that open floor plans are still a highly attractive selling feature for potential homebuyers. So removing walls to merge spaces like the kitchen, dining, and living areas into a single, open floor plan can have a huge impact on your house’s purchase price.
The cost to undertake these types of renovations ranges from $3,000 to $10,000 for non-load-bearing walls and can be more than $10,000 for load-bearing walls, depending on finishes and complexity. This makes it one of the most expensive home renovations you can make.
7. Upgrading to energy-efficient features
No. 7 on the list of expensive home renovations is installing energy-efficient features. According to experts, there’s actually a big trend toward energy-efficient appliances, tankless water heaters, and LED lights.
These products can save homeowners a good chunk of money, not to mention that they contribute to a smaller carbon footprint. For instance, a tankless water heater can be installed for around $4,000 in a 2,200-square-foot gouse, while LED converter bulbs are more budget-friendly, at $14 per light on average (here are some options from Amazon).
You don’t have to wait until you sell the house to reap the financial benefits that come with an energy-efficient upgrade. A tankless water heater can slash your water heating bill by about a fifth per year.
Additionally, switching from incandescent to LED bulbs can save you a surprising $300 per year. Energy-efficient features may not be the most exciting of expensive home renovations, but they can have an almost immediate impact on a house’s overall bottom line.
8. Home wellness spaces
As more of us work from home and the accent on self-care keeps picking up steam in society as a whole, there’s a lot of interest in home wellness spaces.
By turning a space in your house into a wellness area, such as a sauna, meditation room, a small indoor gym, or a home spa, you can appeal to homebuyers to tap into this trend. Depending on the type of wellness space you pick to create, the costs can range from $11,000 to $55,000 or more.
This expensive renovation is worth it not only because it makes your house more desirable (both for you and future buyers), but also because it makes it stand out among other properties in your market.
If you liked our article on expensive home renovations that worth every penny, you may also want to read Revitalize, Don’t Replace: 8 Ways to Modernize an Outdated Kitchen.