MoneyMagpie

Nov 30

Funding your home remodel – How much will it really cost?

Reading Time: 3 minutes

Renovating and remodeling a home is becoming more popular as house prices and the cost of moving increase. If you’re otherwise happy where you’re living but perhaps need to expand or modernize, then there are various ways of making changes. However, accurate costing is naturally important before you start making plans.

 

Taking everything into account

An ‘all in one’ upgrade such as having a prefabricated metal shed installed in the garden or a farmer adding storage capacity with a steel outbuilding for a known price is different from home remodeling where various elements can vary depending on the scope of work.

For example, even if you decide to carry out a relatively modest remodel such as a full redecoration, then it’s not just the cost of the paint and maybe wallpaper, but buying plenty of other supplies such as brushes, paint rollers, sandpaper and more.

Similarly, with a larger project such as replacing the kitchen it may be simply changing the units and work surfaces, or it might be a full upgrade where the kitchen is gutted and possibly reconfigured to open out the space so involving demolition of an interior wall.

Costs will obviously vary widely so it’s important to be clear on the extent of your remodeling project.

 

So what does remodeling cost?

Some general figures – these are based on an average size house of around 2,500 square feet.

Bathroom – an upgrade can start at around $9,000 but hit a high of over $60,000 for a bathroom with spa-like facilities and intricate tiling.

Just relocating parts of a bathroom can incur significant costs in making changes to the plumbing; simply relocating the shower, toilet and sink can cost $2-2,400. The average spent nationally on kitchen remodels is around $20,000.

Kitchen – a very popular choice for remodeling, even a minor remodel can eat up over $20,000 with a major alteration around the $125,000 area.

Counter tops and cabinets can vary considerably in price depending on how upmarket you want the material to be; budget ‘stock’ cabinets can be below $4,000 while custom cabinets in granite could exceed $52,000.

New appliances such as fridge, range, microwave and dishwasher can vary from $1,200 for a mixture of brands to around $6,500 for a branded, color and design coordinated collection.

Bedrooms – remodeling may be simply redecorating so about $200 might cover it.

Alternatively, replacing floors and doors and replastering walls could cost around $8,000. Custom closets can add anywhere from $400 to over $6,000 for a larger one made from top grade materials.

New flooring – wood flooring could cost around $4,500 while laminate would be considerably less at under $3,000.

Windows – you may wish to move over to more modern, energy saving windows and frames. Replacing ten would cost around $20,000 if wood and $8,500 if vinyl.

Electrical – if the wiring needs updating then – including a new control panel – costs would vary between $3-5,000.

 

Return on investment (ROI)

Even though you’re considering remodeling some or all of your home for your own benefit, you may be at least wondering whether it will add value to your property or whether you’ll recoup the original cost and add to the value of your property as an asset.

As the figures in this piece show, in general the ROI varies depending on the type of remodeling, although external improvements – especially those that can be seen from the front so increasing a property’s ‘curb appeal’ – are usually the best in this regard.

 

Contingency planning and reputable contractors

With the best will in the world, costs can creep up despite the most meticulous budgeting; you may be offered an upgrade for just a little more or decide, say, to get professional decorators in to do the bedroom rather than do it yourself.

Therefore, it’s wise to build in a buffer fund of at least ten to fifteen percent of the overall remodel total – and don’t skimp on contractors. Ensure you hire the best people for the job and check they’re adequately insured.

 

 

WHAT DO YOU THINK?

Leave a Reply

avatar
  Subscribe  
Notify of

Related Articles

Experian Financial Control
 

Make Money and Save Money

ideas for everyone
 

Send this to a friend