If you’re shopping for a home, and don’t have unlimited money, it’s important to understand that every feature you want in a home simply translates to a dollar amount... the amount you would have to pay to add or fix up that feature, or even find it in a different home. This list is particularly addressed to first-time homebuyers, the ones we see on the funny TV shows who look at every kitchen and say “I can’t buy this house because the kitchen doesn’t have granite countertops.”
We’re going to start with the least expensive items because that’s the part that seems to have the most misunderstanding. All of our estimates are based on home sizes and quality levels typical of first homes, 2-4 bedrooms, middle-class values. And these are called “order of magnitude” estimates, meaning they are just to give you rough values relative to one another; they’re not supposed to be particularly accurate. The point is, you don’t dismiss a home because it has ugly paint.
Another reason I made this list because it would be nice if a home inspector would use it to give you a list of your fix-up costs, instead of merely telling you what’s wrong with a house. If you turn everything into a number, then it’s a lot easier to both understand your price point for the house and feel good about negotiating with the seller. Let’s say you like the house but it needs X, Y, and Z; knowing that it’s $7,000 out of your pocket makes the process a lot more sensible, and makes you a lot smarter about your early days of owning that house.
-Jack Bellis
Item
|
US dollar cost for a professional to do it
|
Clean
|
50 per room
|
Paint interior
|
200-300 per room
|
Remove 30-foot tree
|
300
|
Replace ceiling fan/chandelier
|
300-500
|
Replace bathroom sink
|
300
|
Replace toilet
|
500
|
Add a circuit breaker and circuit
|
400
|
Replace bathroom floor
|
500-1000
|
New carpet
|
500/room
|
New laminate floor
|
500/room
|
New hardwood floor
|
1000/room
|
Remodel powder room
|
1000-3000
|
New front door with side panels
|
2000
|
Granite counter tops
|
2000 minimum
|
Remove 60-foot tree
|
800 minimum
|
New hot water heater
|
800-1500
|
Refinish hardwood floors
|
500/room
|
Paint exterior trim and windows
|
500-2000
|
Replace a square section of concrete sidewalk
|
400
|
Replace 8-foot section of concrete curb
|
600
|
Replace windows
|
400 each
|
New asphalt on driveway
|
3000 minimum
|
Build new 10-foot x 10-foot low deck
|
4000 minimum
|
New furnace
|
4000 minimum
|
New roof
|
4000 + 2000/room
|
A house with more windows
|
10,000-50,000
|
A house with a more open layout
|
25,000-100,000
|
A house in a better school district
|
50,000-100,000
|
A house on a quieter street
|
50,000-100,000
|
