How Much Does It Really Cost to Remodel a House? (Part 2 of a 3-Part Series)

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Home Renovation Costs: General Findings

$10,000 or less: 39% $10,001 to $20,000: 20% $20,001 to $30,000: 14% $30,001 to $40,000: 13% $40,001 to $50,000: 7% Over $50,000: 8%

Savings: 51% Credit card: 32% Personal loan: 9% Other: 6% Cash or debit card: 2% Inheritance: 2%
Big Spenders

85% said they would remodel again 53% gave their level of happiness with the remodel the highest rating. This is nearly double the percentage of respondents who spent $10K or less and also gave their level of happiness the highest rating (27%).
77% said it was their first time remodeling 33% said they regret the remodel, while only 9% of all respondents said the same 53% said their relationships were strained by the remodel, almost double the percentage of all respondents who said the same (27%)

Budgeters

Remodel Regrets

Styled in the modern farmhouse aesthetic (18%) Used a credit card (42%) Cost more and took longer than expected (62%) Remodeled the kitchen (75%)
Advice From Past Remodelers

Rome wasn't built in a day. Measure twice, cut once, and take your time. Remember to remodel to what you like and not what everyone else thinks you should like. Buy second-hand. Look for free materials and items on Facebook Marketplace, Craigslist, etc. If you're doing the project yourself, research and learn everything beforehand, even if it seems simple. And never leave something almost done to start another. It will stay almost done forever. Pinterest fails happen.
Preparing for the Real Costs of Home Renovations
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About the Author
Sarah Mattie is a researcher and writer with an education background. She's passionate about teaching others about financial issues and has written extensively for a variety of degree sites and financial institutions. Her writing covers credit cards, lending products, and paying for college, among other economic topics.
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