Global  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

The Cost of Turning Your House Into a Dream Home

Video Credit: SWNS STUDIO - Duration: 00:57s - Published < > Embed
The Cost of Turning Your House Into a Dream Home

The Cost of Turning Your House Into a Dream Home

Want to have the perfect home?

It might be time to break out the piggy bank since Americans estimate it would take an average $18,747.35 to turn their house into a dream home.A study examining home renovations asked 2,000 Americans to rank what came at the top of their renovation wish list.The results found that fresh paint, new floors, a modern bathroom, updated outdoor space, and bigger kitchen all ranked in the top five when people were asked what they'd most like to change.Even what starts out as a little tweak can soon turn into a massive project since the average renovation goes $5,486.60 over budget.

Seven in ten use money they've saved to fund their renovation while 35 percent break out the credit card and one in five opened a home equity loan.The research conducted by OnePoll on behalf of Figure also found that people have spent $19,998.15 on updates to their current house and nearly one in five admitted that they used the wrong source of funds to make it happen.That was just one thing past renovators plan on doing differently the next time around.

Budget for unknown expenses (36 percent), do more DIY (34 percent), and research a contractor better (33 percent) were all goals for future home updates.Almost three in ten people wish they had thought more about how their renovations would affect the resale value of their house, which isn't surprising seeing as the average American estimates that their updates add $17,332.04 in home value.Even with that additional value, people still admitted that there were struggles with previous renovations and 33 percent revealed that they did something wrong.Materials costing more than anticipated came in at the top of the list of things gone awry with 42 percent.

Labor costing more than expected (39 percent) and the discovering of an underlying problem with the house (35 percent) rounded out the top three.Other major issues home renovators faced included weather delays, hiring the wrong contractor, going over schedule, and regretting design choices.John Sweeney, Head of Wealth at Figure said:"Renovation surprises are increasingly the norm, so build a 15% cushion into your budget from the start.

Then stick to it, making the necessary compromises by selecting lower-cost materials, taking on a few DIY projects yourself, or scaling back the design.

Another tip: go with a fixed-rate loan so you know exactly what your monthly payment will be and can ensure it fits with your budget."Americans have poured a lot of money into their houses.

Survey takers estimated that they had spent an average of $19,998.15 on updates to their current home.The mission to create the perfect dream is far from dead since 45 percent plan to take on a new renovation project in the next 12 months.Three in five are hoping to give their space a new look while 44 percent want this renovation to increase the value of their property, which makes sense since one in four are looking to appeal to future home buyers with their changes.The bathroom and kitchen are at the top of Americans' renovation plans with bedrooms and the living area not far behind.Sweeney, Head of Wealth at Figure concluded:"Homeowners invest a lot of time and energy in their renovation dreams but little in how to finance them.

Most end up paying too much, using relatively expensive credit cards and personal loans.

Plan ahead and evaluate your options, particularly home equity products as your equity typically earns you a better rate and the potential to deduct the interest from your taxes.

You should consult a tax adviser regarding the deductibility of interest and charges."

0
shares
ShareTweetSavePostSend
 

The Cost of Turning Your House Into a Dream Home

Want to have the perfect home?

It might be time to break out the piggy bank since Americans estimate it would take an average $18,747.35 to turn their house into a dream home.A study examining home renovations asked 2,000 Americans to rank what came at the top of their renovation wish list.The results found that fresh paint, new floors, a modern bathroom, updated outdoor space, and bigger kitchen all ranked in the top five when people were asked what they'd most like to change.Even what starts out as a little tweak can soon turn into a massive project since the average renovation goes $5,486.60 over budget.

Seven in ten use money they've saved to fund their renovation while 35 percent break out the credit card and one in five opened a home equity loan.The research conducted by OnePoll on behalf of Figure also found that people have spent $19,998.15 on updates to their current house and nearly one in five admitted that they used the wrong source of funds to make it happen.That was just one thing past renovators plan on doing differently the next time around.

Budget for unknown expenses (36 percent), do more DIY (34 percent), and research a contractor better (33 percent) were all goals for future home updates.Almost three in ten people wish they had thought more about how their renovations would affect the resale value of their house, which isn't surprising seeing as the average American estimates that their updates add $17,332.04 in home value.Even with that additional value, people still admitted that there were struggles with previous renovations and 33 percent revealed that they did something wrong.Materials costing more than anticipated came in at the top of the list of things gone awry with 42 percent.

Labor costing more than expected (39 percent) and the discovering of an underlying problem with the house (35 percent) rounded out the top three.Other major issues home renovators faced included weather delays, hiring the wrong contractor, going over schedule, and regretting design choices.John Sweeney, Head of Wealth at Figure said:"Renovation surprises are increasingly the norm, so build a 15% cushion into your budget from the start.

Then stick to it, making the necessary compromises by selecting lower-cost materials, taking on a few DIY projects yourself, or scaling back the design.

Another tip: go with a fixed-rate loan so you know exactly what your monthly payment will be and can ensure it fits with your budget."Americans have poured a lot of money into their houses.

Survey takers estimated that they had spent an average of $19,998.15 on updates to their current home.The mission to create the perfect dream is far from dead since 45 percent plan to take on a new renovation project in the next 12 months.Three in five are hoping to give their space a new look while 44 percent want this renovation to increase the value of their property, which makes sense since one in four are looking to appeal to future home buyers with their changes.The bathroom and kitchen are at the top of Americans' renovation plans with bedrooms and the living area not far behind.Sweeney, Head of Wealth at Figure concluded:"Homeowners invest a lot of time and energy in their renovation dreams but little in how to finance them.

Most end up paying too much, using relatively expensive credit cards and personal loans.

Plan ahead and evaluate your options, particularly home equity products as your equity typically earns you a better rate and the potential to deduct the interest from your taxes.

You should consult a tax adviser regarding the deductibility of interest and charges."



Recent related news from verified sources

This dream thatched country house could be yours for £1million - take a look inside

This dream thatched country house could be yours for £1million - take a look insideA grade II listed country house has gone on the market - for £50 shy of £1 million. Buerton Old...
Staffordshire Newsletter - Published

'Nothing's affordable': buying a home now just a dream on Arran

'Nothing's affordable': buying a home now just a dream on ArranJennifer and Andrew Earle’s new house arrived at the ferry to Arran final Tuesday, a static caravan...
The News Articles - Published

Builder's 'dream' new home turns into nightmare as leafy suburb house 'ruins his life'

Builder's 'dream' new home turns into nightmare as leafy suburb house 'ruins his life'He paid £270,000 for the brand new property in a leafy suburb of Liverpool, tempted by the...
Tamworth Herald - Published


You Might Like


Recent related videos from verified sources

Dream House Turns Into House Of Horrors [Video]Dream House Turns Into House Of Horrors

Cathy Arrington found what she thought was the perfect house, when a real estate listing caught her eye, boasting a home “so well-maintained that you can move right in, and not lift a finger.” That..

Credit: CBS 2 Chicago     Duration: 02:42Published

Big ginger Maine Coon cat wakes up from nightmare then goes back to sleep [Video]Big ginger Maine Coon cat wakes up from nightmare then goes back to sleep

This big house cat named Keeper had a bad dream that woke him up from his catnap, in this adorable video from Norway. Keeper, an 8-year-old Maine Coon cat, was filmed napping at home but suddenly..

Credit: Newsflare     Duration: 00:39Published

'The Intruder' Trailer [Video]'The Intruder' Trailer

The Intruder Trailer - When a young married couple buys their dream house in the Napa Valley, they think they have found the perfect home to take their next steps. But when the seller continues to..

Credit: MyMovies STUDIO     Duration: 01:31Published

Buy A Home In Southern Italy For A Dollar. Here's The Catch... [Video]Buy A Home In Southern Italy For A Dollar. Here's The Catch...

Want to buy a home in Italy for a dollar? Now you can check out the homes online before trekking to Italy to close the deal. According to CNN, two Italian destinations, Zungoli—near Naples and..

Credit: Wochit     Duration: 00:47Published

Incredible mother of four built their house by herself [Video]Incredible mother of four built their house by herself

Single mother, Cara Brookins, taught herself how to do simple building tasks and built her family their dream home 🏡👩‍👧‍👦

Credit: Yahoo Now     Duration: 01:47Published

Spring Time Is The Right Time To Renovate [Video]Spring Time Is The Right Time To Renovate

Spring is in the air and along with the warmer weather comes the desire to finally get started on those renovations to turn your house into a dream home.

Credit: Rumble     Duration: 03:00Published

Ma Trailer - Octavia Spencer, Diana Silvers, Juliette Lewis, Luke Evans, McKaley Miller, Missi Pyle [Video]Ma Trailer - Octavia Spencer, Diana Silvers, Juliette Lewis, Luke Evans, McKaley Miller, Missi Pyle

Ma Movie trailer HD https://teaser-trailer.com/movie/ma/ Everybody’s welcome at Ma’s. But good luck getting home safe. Oscar® winner Octavia Spencer stars as Sue Ann, a loner who keeps to..

Credit: Teaser-Trailer.com     Duration: 01:42Published

The Cities Where You'll Have to Move Fastest to Land Your Dream Home [Video]The Cities Where You'll Have to Move Fastest to Land Your Dream Home

Looking to leave home and put down roots? Well, if you’re interested in one of these cities, you’re gonna have to move fast.

Credit: Buzz60     Duration: 01:10Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.