If you’re looking to remodel your home, it’s important to create a budget. This will help you make the right decisions and avoid unnecessary headaches down the road.
The cost of your remodel can vary greatly depending on the type and extent of work you need to do. Here are some general averages for different types of projects.
Cost of Materials
The cost of materials is one of the biggest factors that impact the overall cost of a remodel. This includes the price of appliances, countertops, flooring, plumbing and other materials.
Kitchen: A kitchen is a focal point in any home remodel. It is a room that influences a potential buyer’s offer and the value of the home in general, so it makes sense that a kitchen renovation would be a top priority for most homeowners.
Depending on the quality of the materials used, the average kitchen remodel costs anywhere from $23,000 to $135,000, while an upscale major remodel can be in the neighborhood of $250,000. A bathroom is another popular room for upgrades and remodeling. The cheapest option might be to update the toilet, while more expensive options can include new countertops, tile floors and showers.
Cost of Labor
A midrange remodeling project entails more extensive work than a minor kitchen remodel or bathroom. It combines the latest technology with aesthetic upgrades such as semi-custom cabinetry, granite or marble countertops, flooring, lighting and wall coverings.
For a moderately sized project, the cost of labor is between $20 and $150 per square foot. These costs include basic job planning, setup and site preparation, material handling, fabrication of installed materials, installation and cleanup.
This estimate is based on United States Bureau of Labor Statistics Industry-Specific Employment and Wage Estimates. It also takes into consideration fair overhead, profit and supervisory markup rates.
Cost of Appliances
The cost of appliances used in a midrange remodeling project ranges from $200 to $5,000, depending on the type and quality of the appliance. Some high-end kitchen appliances can run over $10,000. However, the cost of these appliances isn’t necessarily the most important factor when determining whether or not your remodel will be within your budget. For example, if you have a low-budget electric stove but need to upgrade to a professional-grade six-burner gas range, it’s probably more cost effective to buy the new range separately than in a package.
Generally, cabinet costs, labor and appliances consume about 20 percent of a remodel’s total budget. For that reason, the cost of these appliances should be carefully considered during planning stages. The goal is to use appliances that are in line with the overall design of the kitchen, while also meeting the homeowner’s lifestyle and preferences.
Cost of Plumbing
The cost of plumbing is a key part of the remodel equation. It will determine the total budget required to upgrade your home’s fixtures and appliances, and can also play a role in how long it takes you to complete the project. In a midrange remodeling project, the cheapest new fixture will typically run you about $250, but a more elaborate replacement may cost several thousand dollars. This will vary depending on the type of fixture, its quality and the extent of the work involved. Adding in the costs associated with any emergency repairs you might have to make during the remodel, and you’ll be looking at some real money on your wallet.
Taking the time to price shop for a bathroom remodel that fits your needs and your budget will allow you to select from the best products and services available on the market. The most important thing is to be smart about what you spend, and to have a good understanding of the pros and cons of different materials.
