A renovated office space that has been remodeled for more than a decade will cost less than the same space in an older, less expensive building, according to a report from The Home Depot.
The report, from the home improvement retailer, says the new remodeling will be affordable for both current and prospective clients who have to pay for renovations, but the average home owner would save an average of $100,000 per year in maintenance costs.
The study, commissioned by The Home Group, surveyed more than 3,500 current and former home owners and contractors about the types of remodeling they would need to undertake, including exterior, interior, and plumbing.
It found that for many clients, it will be a relatively inexpensive remodel.
“The remodeling would be relatively simple for both parties to complete and the average remodel will cost about $150,000 to $200,000, depending on the type of remodel and the remodel design,” The Home Company said in a statement.
“A simple remodel is usually a lot easier to complete than a costly renovation.”
The report was conducted by a consultant hired by the Home Group to analyze the remodeling market, the retailer said.
The company also conducted a survey of more than 400 current and past home buyers and contractors.