Home Renovation Costs: What to Expect
When perusing real estate listings, many buyers are enticed by the low monthly mortgage payments projected by websites like Zillow. Aside from excluding property taxes and homeowner’s insurance, those numbers also do not include the cost of home repair. Solo is here to elucidate those costs!
Our real estate agents have an extensive knowledge of home repair and remodeling, with backgrounds in real estate investment, property rehab, and architecture.
When visiting properties, Solo agents work with clients to understand what necessary repairs or desired upgrades will cost. This knowledge is essential for making an informed choice as a buyer!
A general rule of thumb is that the homeowner should expect to pay annually an average of 1-4% of the price they paid for the home for home repair.
Of course there are many variables affecting this number, including the age of the house and the condition when it was purchased.
Based on that rule, a home purchased for $150,000 will have an average of $1,500-$6,000 in home repair expenses per year.
This means the home will cost $125-$500 per month in addition to the cost of the mortgage payment, property tax, and homeowner’s insurance.
A few rowhome-specific costs include:
- Flat roof replacement: $3,000 – 8,000
- Wooden cornice, window frame, and doorframe repainting $1,000 – 2,500
- Removing pavement from backyard: $10/square foot
Choice Home Warranty has created another helpful infographic to help illustrate other home repair costs:
Combined with the earlier Choice Home Warranty infographic we featured on the lifespan of different home appliances and upgrades, these repairs can be anticipated and saved for, making them manageable.
When you’re prepared for repairs, you can enjoy the opportunity to make upgrades to your abode!
Opening image: “Custom Kitchen Island with Range” by Sitka Projects – Own work. Licensed under CC BY-2.0 via Flickr: https://www.flickr.com/photos/sitkaprojects/5052101012