Renovating In Greater Boston (Costs and Considerations)

If you are thinking of selling your home, it is important to consider the costs, advantages, and disadvantages of renovating and remodeling. In the Greater Boston area, homes that are listed with a real estate agent ‘as-is’ typically take much longer to sell and of course fetch a lower asking price. In order to prepare a home for a traditional listing, with aggressive buyers attending multiple showings and open houses, renovations are a must. This is even the case with a relatively new home, as kitchens and bathrooms especially become ‘dated’ in just a few years. The costs of renovations and remodeling in Greater Boston are much higher than the national average. This is due in part to the average age of Boston homes, as well as the high desirability of the market. In a hot real estate market, contractors and tradespeople can and do charge higher prices because labor is in short supply and their services are in high demand. For example, the national average cost of a new roof for an average-sized single to three family residential space is around $8,000 while the Boston average for the same project is between $15,000-$25,000. Below are some short summaries and price estimates for the most common types of home renovations before a home sale. These estimates are based on what a licensed contractor would charge on average for the respective projects. Taken as a whole, there are several conditions to consider when calculating your renovation costs. Overall, projects in Boston cost 10-30% more than other areas in the country, and even that amount varies within Greater Boston. For example, a remodel in Beacon Hill will obviously be pricier than a project further in a less expensive area. If you want to create a renovation budget based on size, the range is anywhere from $100-$600 per square foot, although a high-end luxury project could be even more. More often than not, it comes down to the details. How complex will your project be? What quality of materials will be required? Do you need to change the layout of the property? For example, if the house is old, there may be foundation or structural problems. In most cases, permits from the city/building department will be required, and if not procured in a timely fashion, could incur additional fees or fines. If you are changing the layout, which may include removing walls, creating doorways etc, you may need to hire an architect and/or interior designer. Kitchens: Kitchen and bathroom projects are the most popular renovations. Prospective buyers often gravitate towards the kitchen to assess the overall quality of the home. According to a 2017 survey done by Angies List (The home services website which allows users to find, hire, and rate local contractors) the average cost of a kitchen renovation in Greater Boston was between $25,000-$40,000, although some contractors in the area quote as high as $75,000+ for larger kitchen with top-tier appliances and high-end finishes. This is very costly, however on average kitchens provide the best return on investment when the home is eventually sold. Some have reported a $2.50 return per dollar invested on a new kitchen. Bathrooms: Bathrooms, like kitchens, are among the most popular renovations. Many buyers will want to update or upgrade an older bathroom. As such, bathroom renovations on average offer a dollar-for-dollar return on investment. Bathrooms cost between $10,000 - $25,000 on average in the Greater Boston region, with some estimates as high as $35,000+ for larger bathrooms with high-end finishes. The difference often comes down to the homeowners preference for in-stock cabinets, tiles, and finishing details vs. custom-built products. It is important to keep in mind that this is the average cost per bathroom and must be multiplied according to how many bathrooms there are in the property. The same is true with kitchens. If you own a three-unit building with a kitchen and bathroom in each unit, you can expect to pay $100,000+ for kitchens and bathrooms alone. Windows: In addition to improving its efficiency, New windows can dramatically improve the appearance of a home. Old, cracked windows with loose or crumbling frames are a huge turnoff to potential buyers. New windows (from a reputable brand) professionally installed can cost between $400-$700 per window on average. However, if you have large or uniquely-shaped windows with particular details, $1000-$2000 per custom window is not uncommon. Roof: With windows and roofing, we are addressing not only the interior conditions of the house (temperature, moisture, leaks, etc.) but the exterior cosmetic details. First impressions are huge and a prospective buyer will want to see handsome windows and roof (along with siding and deck) on their visit or open house. In Greater Boston, a new roof runs anywhere from $5 to $10 per square foot.

Siding and Decks: With siding, again you will want the job done right, as it will make a monumental first impression on the buyer. If you decide to paint, the national average is $1,700-$4,000, so consider a 10-30% increase on that amount in the Boston area. A fresh installation of vinyl siding costs between $12,000-$20,000 on average. Decks and porches also create long-lasting impressions of a home’s exterior. A new deck runs from $15 to $40 per square foot depending on size, wood choice, ornamentation and so on. Basement and Junk Removal: Another huge issue when selling a home is removing years (or decades) of unwanted junk and clutter. This clutter often congregates in the basement. Depending of course on the amount and size of junk items, prices vary. Average Boston estimates range from $500-$5,000. To remove a single heavy appliance, expect the lower end of the range, for several truckloads of stuff, dumpster rentals, oil tank removals etc..., expect the higher end. Once the space is clear you may want to increase your property’s value by finishing the basement. Depending on size and the eventual use of the room, prices average from $10,000-$50,000+ depending on finishes, bathrooms, kitchenette, etc...

If you think you're up for tackling your own renovation or remodeling projects, feel free to give us a call. We'd be happy to recommend some of the great contractors and tradespeople we've utilized over the years.

If you want to avoid the time and expense of renovating, give us a call and we'll make you a great offer for your property. We buy in absolutely any condition. We've seen it all!

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