By Gordon Lee
If you are thinking of remodeling your kitchen and bathroom, getting an exact figure of how much you will be spending is one of the challenges you will have to face. Many homeowners face this problem too. The truth is that coming up with an exact number is not a straightforward process as there are some factors that will determine how much it would cost you to execute these remodels. Learn more on our remodeling website.
In this article, we take a good look at what to consider to be able to know how much your kitchen and bathroom remodeling would cost you.
Bathroom Remodeling Average Costs
The bathroom is the second most popular room that is often remodeled by homeowners, the first being the kitchen. When it comes to home improvement projects, bathroom remodeling is one of the most difficult due to its moving parts, also making it one of the most expensive home projects. However, if planned properly, you shouldn’t have any problem running the project within your budget while getting all the features you’ve always wanted for your dream bathroom.
The average cost of remodeling a bathroom is between $27,000 and $82,000. A typical cosmetic upgrade to your bathroom that involves basic fixtures and subway tile will cost from $30,000 upwards.
If your bathroom remodeling involves changing the layout (which would require that some pipes will be moved) and upgrading the tiles and fixtures, then you should expect the cost of the project to go up. Another great upgrade that can increase your expenses is the addition of a heated floor. All these upgrades are probably worth it in the long run. You, just like most homeowners, will always have to deal with the dilemma of what to splurge against how much cost they can save.
Kitchen Remodeling Average Costs
The cost of an average kitchen remodel is between $79,000 for midrange upgrades and $157,000 for top upgrades. This range largely depends on the level of remodeling you’re considering. Note that these figures are just averages. You may want to be honest with yourself when setting your budget about whether your taste is high, and do your planning based on that.
For example, while a midrange kitchen remodeling may include laminate countertops, some homeowners may want to go for stone or quartz. Of course, this will have an impact on the cost of the project. Also, if the project will require that one or more walls be removed and structural support be added to have an open floor, then you should expect the cost of your kitchen remodeling to be higher.
While there are many reasons why homeowners remodel their homes, one of the top priorities should be the value that such home improvement projects bring to you and your family, especially the joy that comes with the design style and the more functional space that is created.
Unless you are really planning to sell your home quickly, remodeling your home with the idea of resale is not advised. So, if you’re going to spend a huge amount on remodeling your kitchen and bathroom, you want to make sure that the result you are aiming for will be satisfying to you and your family.
Budgeting for your kitchen and bathroom remodel
Based on the National Kitchen and Bath Association (NKBA)’s estimation, the cost of remodeling your bathroom should be between 5% and 10% of your home’s value.
The cost allocation for your bathroom remodeling is recommended to go as follows:
- Installation: 20%
- Cabinetry and Hardware: 16%
- Fixtures: 15%
- Faucets and Plumbing: 14%
- Flooring: 9%
- Countertops: 7%
- Walls and Ceilings: 5%
- Design fees: 4%
- Doors and Windows: 4%
- Other: 1%
As for remodeling your kitchen, the NKBA recommends that you budget 15-20% of your home’s value. This implies that if your home is worth $300,000, you want to budget between $45,000-$60,000 for your kitchen remodel. For a $500,000 home, the budget for a kitchen remodel should be from $75,000 to $100,000.
The NKBA’s guide for an average kitchen remodel is as follows:
- Cabinetry and Hardware: 29%
- Installation: 17%
- Appliances and Ventilation: 14%
- Countertops: 10%
- Flooring: 7%
- Lighting: 5%
- Walls and Ceilings: 5%
- Design Fees: 4%
- Doors and Windows: 4%
- Faucets and Plumbing: 4%
- Other: 1%
When creating a budget for your kitchen and bathroom remodeling, you want to look beyond the amount you can afford to spend. You should know that investing too much into the project could affect your ROI.
Labor and Materials
With your budget established, you want to hire a contractor to get the job done. You may be deceived into thinking that kitchen and bathroom remodels are simple projects. Many homeowners have been tricked into believing that these home improvement projects can be done by themselves, only to be shocked by the complexities involved in it.
More so, any mistakes you make in your attempt at DIY will still have to be fixed by a professional, thereby costing you more in the long run. Therefore, it is important to know your limitations, and only take up tasks that are within your ken, leaving the rest to professional contractors to handle.
It is commonly advised that you contact at least three contractors for estimates. You want to ensure that the estimates you get include separate quotes for materials and labor. You may want to check to see if you can get the materials for less before signing the contract with any of them.
You want to be fully decided on what you want before the project begins. Making changes in your order after the remodeling project has begun will not only cost a lot of money but will also extend the timeline of the remodeling.
Conclusion
Remodeling your kitchen and bathroom can increase the value of your home significantly. With the help of the Cost vs. Value report, you can have a better idea of how much your home will be worth after remodeling and how much you may recoup should you choose to sell the home.
That said, the best way to come up with an accurate estimate of your kitchen and bathroom is to consult a professional contractor to give you an estimate based on what you want.
