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So, you’ve finally decided to go ahead and invest in a home renovation. Excellent! You’ve come to the right place if you’re looking for some advice. Renovating your home is a big decision and an even bigger expense. Whether you’re looking to make your house more comfortable and luxurious or hoping to score a profit upon selling, renovating is the best option.
But there are so many ways to renovate, settling on a decision can be overwhelming. Not only that, but you also need to make sure your financially prepared regardless of your choice. Some of these renovations can quite literally give you a run for your money. In this post, we’ll be listing off some of the most expensive home renovations.
Assess Your Current Situation
Before renovating, it’s critical you assess your current financial situation first. If you have any lingering payments, like debt and credit cards, it’s best if you focus on those first. If you’re already cosigning, or was asked to lend an obligation on a loan, this can also get in the way of your renovation plans. But the problem is that you may not want to say “no” to them. However, it’s important to remember that you’re not obligated to cosign. Furthermore, cosigning isn’t for everyone as there are people who aren’t eligible to be one. Either way, you need to have a good understanding of your current financial situation.
Home Elevators
Now that we’ve gone over why you need to prepare, it’s finally time to get into the renovations you can get. We’ll start with what’s probably the most expensive next to pools: home elevators. Home elevators are simple in that they allow people to quickly traverse the upper portions of their house. At first glance, you might be thinking this isn’t anything special, but you’d be surprised how common slip and falls are.
Falling down the stairs is a common household injury and can range from mild to incredibly severe. What’s more is that young children, elderly adults, and those with disabilities are more likely to experience them. Installing a home elevator all but eliminate this risk. Despite the simplicity, home elevators can help you greatly increase the house’s property value. As for the cost, it depends on the model and the company you get it from. On average, you can expect to spend around $25,000 for the elevator. But if your home isn’t eligible, you’ll need to add more space, which can be approximately $90 to $200 per square foot.
Solar Panels
One renovation that’s seen a lot of popularity is solar panels. Solar panels are devices that absorb sunlight and convert it into electricity. The reason why they’ve become so popular over time is because of they can help you save hundreds on power bills.
These panels are installed on the slope of your roof to achieve the best results possible. Solar panels can be either be affordable or incredibly pricey depending on how you go about it. You can get away with spending only around $3,000 to $4,000 if you only get a few. But if you plan to invest more, then you can expect to finance over $30,000.
Replacing the Roof
The roof is one of the most underrated parts of a house, but it’s also one of the most important. If you aren’t well versed in everything to know about roofing, you should still know the basics. The roof is what protects you and the rest of the home from the outside elements. Over time, however, the roof can start to experience issues and lose durability. The shingles may become loose, broken, or missing and the tiling may crack or rot. And if the situation is severe enough, repairs won’t exactly cut it. They’ll just eat away at your savings and become progressively more expensive. Replacing the roof is the better and more affordable option. The roof you get is ultimately up to you.
Adding a Backyard Pool
Backyard pools are an amenity that many people wish to have when they’re looking for their forever home. However, they’re not exclusive to properties that already have them. You can easily get one installed if you have enough space. Before you can have a pool installed by swimming pool builders in Austin TX, you need to measure the space of your yard.
Pools are installed with square footage in mind. Speaking of, it’s also how they’re priced. The price does vary on the company you get it from as well as the size you choose to have. The bigger the pool, the more you’re going to spend. On average, you’re going to spend around $30,000 to as much as $60,000.
Final Thoughts
Getting an expensive home renovation may be an investment, but the value of it can be a significant help. Whether you’re going to sell or turn your house into your dream home, you must carefully consider your options.
