How Much Does a Home Remodel Cost?
By Jacquelyn Nause
Is your mind spinning with home remodel ideas? Want to add space for a growing family or convert a bedroom into an office? Renovations often increase your home’s value, but planning for a remodel budget can be overwhelming. Knowing what to expect ahead of time can help reduce the sticker shock.
The cost of your remodel will depend on the size and complexity of the project. Building a dream closet will cost much less than a garage conversion or bathroom renovation, for instance. You will also need to consider how many contractors you may need. For example, a bathroom renovation may include a tiler, plumber, electrician and drywaller, among other contractors.
Another important aspect of a remodel is to get permits and inspections, if necessary. Also. consider the age and condition of your home. Plan for the worst but hope for the best when it comes to any hidden or unexpected costs.
The cost of your remodel will depend on your location and the level of renovation you plan to accomplish. As a general rule, the budget for each room should be no more than the proportional value of that room as a percentage of the overall value of the house. For example, a bathroom accounts for approximately 5 percent of the total home value, so for a $200,000 home, spend no more than $10,000 for a bathroom remodel.
There is a lot of flexibility in budget if you are willing to make some compromises on finishes. For example, choosing mid-grade finishes instead of high-end designer materials will yield significant savings. By planning ahead, you may also be able to take advantage of any sales or rebates.
Home Remodel Costs
Freshening paint or replacing flooring can have a huge impact and neither will break the bank like, say, a full cabinet replacement. Updating the paint and flooring in a space could run between $10 to $15 per square foot or more, depending on the type of finishes you choose.
For more complete renovations, costs will be much higher. A full kitchen renovation with mid-range finishes averages $150 to $250 per square foot. The total expense varies depending on the quality of materials and whether you are changing the layout of the room.
An average bathroom remodel costs between $6,000 and $15,000. A small or mid-sized bathroom can be freshened up for less, or a master suite renovation may exceed that range. Bathroom remodels yield the highest return on investment, however, so it is often money well spent.
When it comes to basement remodeling, most homeowners spend between $10,000 and $30,000, though some projects may cost much more. Adding plumbing to a basement, as in the case of an additional bathroom install, is one of the priciest aspects of a basement remodel. Permits, structural engineers and electricians add additional cost as well.
Remodeling general living spaces and bedrooms tend to cost in the range of $100 to $200 per square foot, depending on changes to structural elements.
Bedroom remodels are generally more affordable, averaging $60 to $120 per square foot. Adding windows or renovating closets will add some expense.
Plan for some unexpected costs to arise during the project as well, building in around 15 to 30 percent for overages. Going into a remodel with as much knowledge as possible will empower you to initiate your project with confidence.
Jacquelyn Nause is a contributing writer with specialties in real estate, parenting and wellness. She enjoys traveling with her husband, being a doting mother to her two incredible kids and enjoying the beautiful Pacific Northwest playground.