Ever experience sticker shock in a store? You are just browsing with a sweating Starbucks cup, maybe to get out of the heat for a bit and you see something that looks interesting and reasonable and maybe you know people that have something like it. Reasonable people! You find the little dangly price tag and turn it over and. . .
Die.
Okay, you don’t die, but you definitely take a big step back and try to walk away before you accidentally break it. It seemed so reasonable!
When starting on a home renovation, especially with a sizable budget that you’ve spent time preparing, you feel prepared to turn over the price tag. It seems reasonable! But often times, the actual cost gives us the rush of panic as seeing an unexpected price tag in the store. Suddenly, your well-prepared budget can seem small and your dreams still out of reach.
Kitchens
Expect granite, cabinets, and design to be your biggest costs. Hiring a designer can be around half that cost. Something as simple as installing an appliance can be around $200. Installing cabinets will average out to about $5,000. All told, an average kitchen remodel costs a little over $20,000. When you are sitting down to decide your budget, it’s best to keep your kitchen renovation budget between 5-15% of your home’s value.
Bathroom
Hiring a plumber for either kitchen or bathroom starts at $300 and can go from there. If you are installing a shower or bath, especially with tile work, you can expect around $3,000 for an average size project. Most bathroom remodels total around $10,000. A reasonable bathroom remodel budget should be 5-10% of your home value and you can expect around 60% of the value to be retained.
Flooring
Aside from the cost of the actual materials, usually calculated by price per square foot, different materials will have a wide variation of installation costs. Carpets will often be installed for free, but things like hardwood or tile will have higher installation costs and the subfloor may even need preparation before installation can begin. An average flooring remodel will come in around $3,000.
Electrical work
Needing to run wires, install fixtures, or fix existing problems with a licensed electrician will often start at $400. Expect this to be an additional cost to what you’re expecting to spend on the project.
Overall, materials stay consistent pretty much no matter where you are, but labor prices can fluctuate by 20%. Prepare a budget that can accommodate the known and the unknown, and you’ll be on your way to a smooth renovation project. No surprises needed.
