Current:Home > MarketsCost of repairs and renovations adds thousands of dollars to homeownership-LoTradeCoin
Cost of repairs and renovations adds thousands of dollars to homeownership
View Date:2024-12-23 19:52:08
Monthly mortgage payments aren't the only recurring cost tied to owning a home. Money spent on maintenance, renovations and repairs, particularly for older houses, can easily cost homeowners thousands of dollars.
The median amount Americans spent on home renovations in 2022 was $22,000, according to home improvement website Houzz. That's up from $14,000 in 2018. Among the top 10% of homes that spent the most on renovations last year, the median spend was $140,000 or more.
Experts in residential construction told CBS MoneyWatch that no homeowner can escape home maintenance because appliances eventually break down and weather erodes parts of a home's exterior. The higher annual spend is also a reflection of the higher cost of materials which have risen exponentially over recent years.
"A two-by-four may have been $7 and it went up to $15," said Matthew Francis, who teaches building construction at Pennsylvania College of Technology. "A sheet of OSB (oriented strand board) was $10 and it went up to $70. Straight down the line, material prices just skyrocketed through the roof."
Contractors that specialize in home renovations are also charging more because the cost of their employee health insurance, workmen compensation and liability insurance have increased, Francis added.
Most of the renovations that Americans with older homes completed in recent years involved replacing ceiling tiles, drywall, flooring, paneling, plumbing fixtures and water heaters, according to U.S. Census data released this month. These days, homeowners are also focusing on fixing and replacing things like toilets, sinks, shower tiles and pipe associated with those systems, said Alan Archuleta, chairman of the home remodelers council at the National Association of Home Builders.
"Kitchens and bathrooms have the most working products in them, so they have the most points of failure," he added.
Exposure to elements
The most common exterior renovations homeowners included deck repair, window replacements, new doors and roof repair, the Census data shows. Archuleta and Francis said decades of exposure to rain, snow, sunlight and wind damages the wood used on decks, as well as window panes and roof shingles.
"Nowadays, they say shingles have lifetime warranties, but in 25, 30, 35 years you're going to be replacing your roof," said Francis, who spent 15 years as a project manager for a construction company. "The environment really does tear down the asphalt shingles and you're going to need to make sure it's waterproof."
Archuleta and Francis said there are some renovations that homeowners can do on their own, which could save money, including interior painting, power washing the siding and clearing the gutters. And even if someone doesn't get to repairing those areas immediately, your house will still be safe, experts said.
"The bones of your house are not going to go bad," Francis said. "It's the material that you put on your house or in your house that may go bad or you may want to change aesthetically down the road."
Here's the median amount homeowners spent on renovating specific areas of their home last year, according to Houzz.
- Kitchen ($20,000)
- Main bathroom ($13,500)
- Guest bathroom or living room ($5,000)
- Laundry room ($3,000)
- Main bedroom ($2,500)
- Dining room or home office ($2,000)
- Guest bedroom ($1,000)
- In:
- Home Sales
- United States Census Bureau
Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.
TwitterveryGood! (2959)
Related
- Should Georgia bench Carson Beck with CFP at stake against Tennessee? That's not happening
- A Plastics Plant Promised Pennsylvania Prosperity, but to Some Residents It’s Become a ‘Shockingly Bad’ Neighbor
- From the sidelines, some Christians in US strive to be peacemakers as Israel-Hamas war continues
- GaxEx: Leading the Way in Global Compliance with US MSB License
- Michael Jordan and driver Tyler Reddick come up short in bid for NASCAR championship
- Former teacher at New Hampshire youth detention center testifies about bruised teens
- Shooting after prom kills 1 and injures 3 in south Georgia town
- Anne Hathaway Shares She's 5 Years Sober
- John Krasinski named People's Sexiest Man Alive for 2024
- Ex-NSA staffer gets 21 years for trying to sell defense information to 'friends' in Russia
Ranking
- Does the NFL have a special teams bias when hiring head coaches? History indicates it does
- Bruins, Hurricanes, Avalanche, Canucks can clinch tonight: How to watch
- Tony Awards: Which Broadway shows are eligible for nominations? When is the 2024 show?
- 3 US Marshals task force members killed while serving warrant in North Carolina, authorities say
- Georgia remains part of College Football Playoff bracket projection despite loss
- U.S. Soccer, Mexico will submit joint bid for 2031 Women's World Cup instead of 2027
- $1.3 billion Powerball winners revealed, cancer survivor said he 'prayed to God' for win
- Philips agrees to pay $1.1 billion settlement after wide-ranging CPAP machine recall
Recommendation
-
Inspector general finds no fault in Park Police shooting of Virginia man in 2017
-
Alo Yoga's Biggest Sale of the Year Is Here at Last! Score up to 70% off Sitewide
-
GaxEx: Dual MSB License Certification in the USA, Building a Secure and Reliable Digital Asset Trading Ecosystem
-
Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing
-
Chris Evans Shares Thoughts on Starting a Family With Wife Alba Baptista
-
Gerard Depardieu detained for questioning in connection with alleged sexual assaults
-
Britney and Jamie Spears settlement avoids long, potentially ugly and revealing trial
-
New York special election will fill vacancy in Congress created by resignation of Democrat Higgins