What budget will allow you to renovate? Home prices are high and interest rates are rising, so many homeowners are…
What budget will allow you to renovate?
House prices are high and interest rates are rising, so many homeowners are choosing to stay put and renovate rather than look for a new home. According to the 2018 Houzz US Renovation Study, 51% of Houzz users plan to remodel in 2018, with a median budget of $10,000. But how far can your budget take you? We break down the cost of some popular home improvement projects to help you find the best ways to spend your renovation money.
It doesn’t matter if you’re a gourmet chef or a microwave connoisseur – you want an inviting kitchen that makes the space worth spending time in, not just preparing food. A kitchen renovation is the most common planned project for homeowners, according to the Houzz study, with 31% of respondents noting that they plan to remodel their kitchen. But it is also an expensive project. The 2018 Cost vs. Value from Remodeling Magazine breaks down the national average cost of kitchen renovations as such:
Minor renovation of the mid-range kitchen: $21,198
Major renovation of the mid-range kitchen: $63,829
Major renovation of the high-end kitchen: $125,721
How much you spend will depend on your planned makeover. Read on for a breakdown of some popular kitchen updates.
Kitchen: cupboards and counters
Cabinets and countertops are two of the most visible aspects of a kitchen, not to mention taking up the most space. You have a lot of pricing wiggle room when it comes to hardware and installation of both: installation for countertops alone can range from $1,700 for butcher block to $14,000 for quartz, according to HomeAdvisor. For a kitchen with 30 square feet of counter space and 40 linear feet of cabinetry, here are some cost estimates for materials, based on information from HomeAdvisor:
Budget: $3,600 for stock cabinets, butcher block counter.
Midrange : $13,800 for semi-custom cabinetry, mid-range quartz or granite countertop.
Do crazy things : $52,050 for custom cabinets, concrete counter.
Kitchen: new appliances
If you’re not looking to spend $50,000 on surfaces, consider updating your kitchen with new appliances. Stores like Home Depot and Lowe’s often offer deep discounts if you buy kitchen appliances in a bundle, with the added benefit of having the same name brand appliances that match in color and style. Consider these budget options for replacing your fridge, stove, dishwasher, and microwave all at once (priced as of September 14, 2018). You’re more likely to get a deal on appliance purchases near the end of the month, on a holiday weekend, or just after the New Year.
Budget: $1,234 for a mixed brand.
Midrange : $2,794 for Whirlpool Kitchen Suite at Lowe’s.
Do crazy things : $6,476 for Bosch Kitchen Suite through Lowe’s.
Kitchen: tearing down the walls
Removing a wall tends to cost the same in every room, but these days it’s commonly done in the kitchen to create a more open floor plan. Wall demolition costs vary depending on whether the wall is load-bearing – that is, it is a key part of the structure of the house – or if there is plumbing or electrical wiring running through it. HomeAdvisor provides national averages for the cost of removing a wall:
Budget: $300 to $1,000 for a wall that does not support any weight.
Midrange : $1,200 to $3,000 for a load-bearing wall in a one-story house.
Do crazy things : $3,200 to $10,000 for a bearing wall with two or more stories.
According to the Houzz study, the second and third most popular home renovations both fall under the bathroom category, covering guest or secondary bathrooms and master bathrooms. Current design trends show that homeowners want a spa experience in their bathroom, whether it’s a rainfall showerhead, dual sinks, or exquisite tiling. Remodeling Magazine separates the cost of remodeling a bathroom into two categories, based on national averages for 2018:
Mid-range bathroom renovation: $19,134
High-end bathroom renovation: $61,662
Beautiful tile in a bathroom can make the room a centerpiece of your home, not just a space needed for privacy. But depending on your tastes, a new tile can be expensive. Home improvement cost estimating site RemodelingCalculator.org notes that material and installation costs increase with the complexity of the design and the scarcity of materials. Based on estimated costs from Remodeling Calculator, here are some prices to consider:
Budget: $4.60 per square foot for ceramic tile, $3.80 to $6.70 per square foot for installation.
Midrange : $6.70 per square foot for granite tiles, $5.45 to $7.50 per square foot for installation.
Top of the line : Up to $25 per square foot for custom mosaic tiles, between $15 and $300 per square foot to install.
Bathroom: moving plumbing and drains
Plumbing changes are often one of the most expensive parts of a renovation. If you’re looking to move the toilet, shower, or sink in your bathroom, the cost of moving plumbing for water and drains can add up quickly. Home improvement market and news site Porch.com — a former US News contributor — estimates the national average to move a plumbing line costs between $653 and $802 — and that’s just for the job. Be sure to factor in the cost of new fixtures and any additional work involved in opening up the floor and walls.
Budget: $653 to $802 to move the shower.
Midrange : $1,306 to $1,604 to move shower and toilet.
Do crazy things : $1,959 to $2,406 to move the shower, toilet and sink.
To remodel a bedroom that focuses more on the furniture inside than the four walls, a simple bedroom remodel should be quite doable for someone on a budget. Often a fresh coat of paint can do the trick to breathe new life into a room, but sometimes a little more work is needed. The Fixr home improvement cost guide puts the national average for completely remodeling a room — from replacing drywall on the walls and ceiling to new flooring — at nearly $8,000.
Budget: $200 for paint and painting materials.
Midrange : $800 for a high-end painting, done by professionals.
Do crazy things : $7,880 for new walls, floors, etc.
Bedroom: addition of master suite
Sometimes, however, the room you have is not the one you want or need. Master suites are often at the top of homebuyers’ wish lists, but they’re not always common in older homes. Adding to a home is a big project that will cost you a lot of money, but your investment comes back to you, at least a little, in increasing the value of the property. Remodeling Magazine notes that a master suite addition recoups just over 48% of the cost in resale value for high-end projects and over 56% for mid-range projects. Here are the average costs for the two projects, according to the Cost vs. Value ratio:
Added Midrange Master Suite: $123,420
Addition of high-end parental suite: $256,229
Easily transforming your closet to store all your clothes and have extra storage space is the dream of many, but a custom closet can cost you dearly. The overall price will vary depending on the size of the closet and the customization of the space – a hanging rod and a few shelves might set you back a few hundred dollars, but once you factor in the wood finishes, the built-in shoe racks and rolling drawers, that price goes up. Here is what Fixr estimates for wardrobe costs:
Budget: $400 to $1,000 for a small closet.
Midrange : $300 to $3,000 for a walk-in.
Do crazy things : $400 to $6,500 for a custom closet.
Once you have your kitchen, bathrooms, and bedrooms in order, it’s time to tackle the rooms that aren’t used as frequently but can have a big impact on your daily life. A revamped laundry room may be just the ticket to turn the household chore of cleaning clothes from a hassle to a real pleasure. The cost to redo or build a laundry room varies depending on what you already have and whether you need to relocate the plumbing and electrical. Fixr breaks down the cost range by whether the flooring is replaced, whether the fixtures are new, and whether professionals are needed.
Midrange : $6,000 to $7,000
Do crazy things : $10,000
Although it’s more of a necessity than a luxury, your roof is definitely a major home improvement project to consider if you’ve experienced leaks or are nearing the end of their functional life (about 25 years). You may only need repairs to the existing roof to ensure the rest of your home is protected from the elements, but you may need a whole new roof installed.
Budget: $334 to $1,243 for repairs.
Midrange : $2,380 to $12,100 for a new asphalt shingle roof.
Do crazy things : Up to $84,000 for a new slate roof.
More US news
7 home design rules to break
10 house painting rules you should never break
10 home landscaping rules you should never break
Home Renovation Comparison: How Much Will Your Renovation Cost? originally appeared on usnews.com