Name the Price: Home Renovations

Image: Photo by Andy Dean/iStockphoto

About This Quiz

So, your house needs some work. The kitchen, for one, could use an overhaul, and you've always meant to add an extra bedroom. But you have no clue how much it would cost -- and if it would even be worth it to spend the money.

According to Remodeling magazine, about how much can you expect to pay for a major kitchen renovation?

$24,000

$54,000

$84,000

Correct Answer

Wrong Answer

In 2005, the average major kitchen remodel cost $54,000, 80 percent of which could be recovered at resale.

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What's a good rule of thumb for how much to invest in home renovations?

10 to 20 percent of your home's appraised value

20 to 30 percent

30 to 40 percent

Correct Answer

Wrong Answer

Twenty to 30 percent of your home's value seems to be the range that will give you the most bang for your buck.

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Remodeling magazine said that in 2005, you could recoup 103.6 percent of your investment if you replaced your home's siding with "upscale" siding. About how much would this cost?

$10,400

$20,400

$30,400

Correct Answer

Wrong Answer

The magazine estimated the average siding cost at $10,393 -- and the value at resale would be $10,771.

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What's the average price of a roof replacement?

$10,000

$14,000

$18,000

Correct Answer

Wrong Answer

According to Remodeling magazine, a roof replacement will run you about $14,000.

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According to the National Association of Home Builders, how much were Americans expected to spend on home renovations in 2009?

$117 billion

$157 billion

$217 billion

Correct Answer

Wrong Answer

Americans will spend $217 billion on home renovations in 2009. Surprisingly, that's an increase over 2008.

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Electric radiant heat is one fairly inexpensive way to warm up a floor. About how much does it cost per square foot?

$8 to $15

$12 to $17

$15 to $21

Correct Answer

Wrong Answer

Electric radiant heat comes from a roll-out mat that goes under your flooring. The cost is about $8 to $15 per square foot.

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One positive aspect of a slow real-estate market is the drop in home renovation costs. How much does Money magazine estimate you can save on your renovation projects in a downbeat economy?

10 percent

15 percent

20 percent

Correct Answer

Wrong Answer

In December 2008, Money magazine estimated that homeowners can save at least 10 percent on renovations.

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What's the average price per square foot for a room addition?

$150

$175

$200

Correct Answer

Wrong Answer

Tim Carter of askthebuilder.com says you can expect to pay around $150 a square foot for an addition.

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What's the average price per square foot for a deck?

$10

$20

$30

Correct Answer

Wrong Answer

Tim Carter estimates $20 per square foot for a deck -- so if you don't mind your additional living space being outdoors, it could be very cost-effective to add a deck instead of a room.

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One easy and inexpensive upgrade often mentioned by experts is crown molding. About how much would it cost to add crown molding to a room?

$35

$65

$100

Correct Answer

Wrong Answer

Tim Carter says you can install crown molding yourself to the average room for about $100.

FINISH QUIZ

You Got:

/10

Photo by Andy Dean/iStockphoto