Commentary by David Decker
One of the most common topics our clients ask us about when it comes to remodeling is the budget. People want to know what they can expect to spend on a remodel and where that money is going. Understanding how much a project will cost will help determine the scope of the project and if financing is needed.
When planning your remodel, it is important to consider how long you intend to stay in your home. If you think you’ll be selling within the next five years, you’ll want to look at any improvements you make as an investment. However, if you’re planning on staying in your current home for longer, choose updates that will make you happiest and make your life easier.
With each project and home being different, it is nearly impossible to give a set figure on what a renovation should cost. That said, we can provide some guidelines to help determine an appropriate remodeling budget and understand where the costs lie. Having this information can help you to decide if it’s the right time to remodel or not.
According to “Remodeling Magazine,” the average budget for an upscale kitchen renovation is about $82,000. For a complete kitchen remodel, we recommend budgeting 10 percent to 20 percent of your home’s value. Here is how the costs break down:
- Demolition is 5 percent of your budget
- Mechanicals like electrical, plumbing, and HVAC are 8 percent of your budget
- Flooring is 10 percent of your budget
- A tiled backsplash is 2 percent of your budget
- Cabinets are 44 percent of your budget
- Countertops are 12 percent of your budget
- Fixtures are 3 percent of your budget
- Appliances are 12 percent of your budget
- Paint and drywall are 4 percent of your budget
For a complete master bathroom remodel, we recommend budgeting 7 percent to 12 percent of your home’s value. Here is how the costs break down:
- Demolition is 9 percent of your budget
- Mechanicals is 11 percent of your budget
- Paint/Drywall is 8 percent of your budget
- Flooring is 25 percent of your budget (This includes floors, tile shower and tub surround)
- Cabinets are 24 percent of your budget
- Counters are 8 percent of your budget
- Fixtures are 15 percent of your budget (This includes faucets, tubs, sinks, shower doors and accessories)
Again, these percentages can vary a bit with each project, but this guide can help you plan and understand the costs related to your remodel.
At The Affordable Companies, we work to make luxury affordable. That means we work with clients who have large budgets, as well as those who have more modest budgets. Each project is individual and unique, and we work closely with our clients to create a space that fits both their budget and their lifestyle.
Are you interested in updating your kitchen and your bathroom? Do you have questions about budgeting and whether or not now is the right time to remodel? Schedule a consultation with us! We’ll talk about your home and your budget, and come up with a plan that fits your needs.
Updating your kitchen or bath is an investment, but it’s one that pays dividends for years to come.