Before you list your property on the MLS, you need to make sure it's ready so you can get top dollar in the current real estate market. Unfortunately, that can mean paying big bucks for a lot of remodeling. Here are some of the most common projects and their average remodeling costs. You'll want to consider these basic costs (fancy upgrades not included) before you decide whether remodeling and listing your house is the right choice for you.
- Roof - $12,000 to $15,000 (comp shingle on 1,000 to 1,500 single story house)
- Painting - $3.40 per square foot
- Kitchen remodel - $19,500
- Bathroom remodel - $7,800
- New doors - $300 each (interior)
- New windows - $400 per window (sliding glass doors start at about $1,500)
- New flooring - $3.40 per square foot (carpet) to $7.30 per square foot (hardwood)
- Garage doors - $1,500 (that's for a basic garage door, nothing fancy)
Another remodeling "cost" to consider is your time and peace of mind. Remodels rarely stay on budget or get done in the anticipated time frame. And don't forget about the "unexpected expenses" and the mortgage that still needs to be paid every month. Tack on a few additional months for the listing process and conventional escrow (standard is 45+ days now) and you could be looking at a year. Was the investment worth it? On a property that has been inherited, has a tricky tenant in place, or is about to be foreclosed on, remodeling might simply take too much time and money. The entire idea of it can be overwhelming.
That being said, if you know what you are getting into, want to be involved, have the time, and have the money with a great deal of cushion if things go haywire, then by all means, jump in! Remodeling can be enjoyable, especially when you see the finished project. However, if time and costs are an issue, then go easy on yourself and leave the remodeling to someone else. That's not a bad decision, in fact, for many that is the best and smartest decision you can make.