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Determining Your Remodeling Budget: Cost vs. Value

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Determining Your Remodeling Budget: Cost vs. Value

What Does It Cost?

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. Our Remodeling Budget Calculator makes it simple!

When planning your remodel, it is important to consider is 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 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 you determine an appropriate remodeling budget and understand where the costs lie. Having this information can help you decide if it’s the right time to remodel.

 

 

Determining Your Remodeling Budget: Cost vs. Value

Kitchen Remodel

According to Remodeling Magazine, the average budget for an upscale kitchen renovation is about $82,000. For a complete kitchen remodel, we recommend budgeting 8% to 18% of your home’s value. It’s important to note some of the specific details that are included in the cost breakdown.

For example, mechanical costs include anything related to electrical, plumbing, or HVAC. Also, an exhaust hood is included in the appliance cost and lighting is considered a fixture.

Here are how the costs break down:

  • Demolition is 4 to 8% of your budget
  • Mechanicals 7 to 18% of your budget
  • Framing is 2 to 7% of your budget
  • Flooring is 8 to 15% of your budget
  • Tiled backsplash is 1.8 to 4% of your budget
  • Cabinets are 38 to 50% of your budget
  • Countertops are 12 to 20% of your budget
  • Fixtures are 2 to 5% of your budget
Determining Your Remodeling Budget: Cost vs. Value

Master Bathroom Remodel

For a master bathroom remodel, we recommend budgeting 6% to 15% of your home’s value. Please note that flooring for the bathroom includes not just the floors but also the tile shower and tub deck. Also, fixtures include faucets, tubs, sinks, shower doors, lighting, and other accessories.

  • Demolition is 9% of your budget
  • Mechanicals is 11% of your budget
  • Paint and drywall is 8% of your budget
  • Flooring is 25% of your budget
  • Cabinets are 24% of your budget
  • Counters are 8% of your budget
  • Fixtures are 15% of your budget

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.

 

Calculate Your Project Budget

At ACo, 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.


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