Remodeling Costs… have you stumped?
If you are thinking of remodeling your home, one of the first questions you will probably start with is…..
“How much will it cost?”
Then you will ask…..
“What is the return on your investment ?”
Design professionals will tell you that it is difficult to answer the question regarding remodeling cost.
However, there are some great tools available to help you understand averages. This will help you understand remodeling costs and determine an estimated budget.
The National Kitchen and Bath Association, or NKBA, recommends that homeowners budget between 10 and 25% of their home’s value to complete a full kitchen remodel. There are actually a number of online calculators available to help you determine your budget, like this one from StarMark Cabinetry.
So in a home with a value of about $450,000, you can expect your remodeling cost to between $45,00 and $112,000 for your kitchen. Here’s the breakdown of where that money goes based on 10% of the homes value.
The remodeling cost example above is built around a 200 square foot kitchen. Your kitchen may be larger or smaller, which will influence the final cost of the remodel project.
Also, it is important to note that none of these projects involve any floor plan changes, like moving or removing walls or locations of appliances, plumbing and electrical. Major construction activities will cause the remodeling cost to increase.
Finally, the product included in each project is on the value end of the scale. It includes no more than 30 Linear Feet of cabinetry (not custom), a 3’x5’ island; laminate countertops; a standard double-tub stainless steel sink and a single-lever faucet and an energy-efficient appliance package. Upgrades to any of these items will of course increase the overall cost of your project.
The Remodeler’s Magazine produces an annual report, called the Cost Vs. Value. Want to learn more about remodeling costs for your project? Download your copy today by clicking here
You can pull up City data for 36 projects, including:
City Job Costs
City Resale Value
City Cost Recouped
Home sales are improving, as is the remodeling industry. If you are considering remodeling your home you may be wondering, “Is it worth the money?” Overall the answer is “Probably.” Click here to Learn More
If you are not working with a designer but are interested in doing so, click here to learn about our complimentary referral service.