I recently purchased a house that has appreciated significantly in value, and I'm planning some major renovations as it's going to be my retirement home in a fantastic location with a water view. I'm looking to expand the home by 30%, which includes remodeling the kitchen and three bathrooms, adding a small family room and a porch, and replacing the windows and siding. I've received a quote of $300,000 for these renovations, but I'm uncertain if that's too much to spend. What are your thoughts?
3 Answers
Before you decide on the $300k quote, it's important to compare it with some other estimates. Have you gotten other quotes yet? Getting at least a couple more can help you see if this price is reasonable. Also, consider breaking it down to a price per square foot – that's often how most renovations are evaluated, and it might give you a clearer picture!
It's tough to give a concrete number without more specifics. Where's your home located, and what's the total square footage? Is the 30% expansion only for the family room, or does it include other parts too? And are the kitchen and bathroom renovations full remodels? I suggest detailing your scope of work clearly and getting multiple quotes to compare. Don't just go for the cheapest bid – sometimes those can turn into the costliest options later. Look for a reliable contractor with good reviews!
Exactly! Do thorough research on contractors and make sure they check all the boxes before committing.
$300k might seem steep, but considering the extent of your renovations, it could be reasonable. You’re practically rebuilding part of the house! If this is your forever home and you can afford it, go ahead. Just keep in mind that if you significantly increase your home's value, it might affect your heirs' ability to sell it later. Also, remember that expanded square footage will raise your overall costs too!
That's a great point! Knowing the price per square foot can definitely help in assessing if you're getting a fair deal.