Home remodeling is a common home project undertaken by homeowners. It’s also an expensive project that involves a considerable amount of second-guessing and financial ambivalence. A survey conducted by the real estate search website Trulia suggests that 90 percent of homeowners have inclinations toward home remodeling estimate cost but that nearly half of them either can’t or won’t pay more than $5,000.
This is a problem because kitchen remodeling – the most popular remodeling job – alone home remodeling estimate cost of about $20,000. Home remodeling jobs differ greatly from home to home and depending on factors like your specific home, your area, the contractor you use, the schedule you have in mind, etc. But the fact of the matter is that you need to be aware of the costs before you go in.
A shower remodel cost will be different from a kitchen remodel cost, and the cost of repainting your home will be different than renovating your floors.
Let’s compare a couple of these and dig into the costs:
Kitchen remodels are the most common and popular home remodel job. The cost of a kitchen remodel will depend on a variety of factors. Simple questions, like whether you want a marble countertop or a granite countertop, will affect your bottom line.
Additionally – and many homeowners don’t know this going in – but one of the biggest costs tied up in a kitchen remodel is cabinets. Yes, cabinets. They are one of the most essential aspects of a kitchen and are often made-to-order, which drives up the home remodeling estimate cost.
In that $20,000 average for a kitchen remodel, cabinets will easily make up 50% of that cost. Cabinet expenses will depend on whether you are refinishing or replacing them.
Generally speaking, a kitchen remodel budget should be at least 5% of your home’s value and less than 15%. But this will depend on a number of personal factors and specifications related to your home.
Countertops will be another expense, averaging about $6,000, depending on various other factors.
Second to kitchen remodels, bathrooms are next on the list of most common and popular remodel projects. Bathrooms have just as many idiosyncrasies as kitchens, which means the cost can vary greatly depending on a number of factors.
The biggest bathroom costs to keep in mind are as follows:
Bathtubs – With bathtubs, you will need to take into account size and style as well as the installation costs of tubs that may have additional plumbing expenses.
Cabinets and Vanities – Your choices here will greatly impact the overall price. For example, if you’re designing for a master bedroom, home remodeling estimate cost could skyrocket quickly.
Countertops – As we mentioned earlier, countertops are usually a significant cost, regardless of the room. But with countertops you have to consider materials. There will be a difference depending on whether you want stone, marble, or prefabricated countertops.
Additional factors will be faucets, sinks, toilets, tub/shower liner, and wall/floor tile. With sinks, you have to decide if you want pedestal sinks, drop-in sinks or designer models. With toilets, you need to be aware that replacing old models can involve high installation costs for plumbing. With wall and floor tiles, consider whether you want ceramic, porcelain, or natural stone.
This is just a small sampling of the kinds of questions you will need to answer before you embark on a bathroom remodel.
As we mentioned in the beginning, the cost of home remodeling projects will depend greatly on not only the homeowner but the various factors that impact their specific homes and the rooms and furnishings they plan to remodel.
In addition to remodeling costs, homeowners also have to contend with home repair costs, which are a whole different issue. According to the home improvement website Porch, 69% of homeowners have plans for home repairs in the coming year. However, as with remodeling, the majority (83%) intend to spend less than $5,000.
It’s arguable what these statistics means, but there’s at least one takeaway for the average homeowner: remodeling and home repair costs are serious expenses that you need to take seriously. You need to carefully plot out exactly what you want and cut out the frills and pipedreams because the reality is this stuff is more expensive than it seems.