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Thursday, July 25, 2013

Kitchen and Bath Remodel Budgets

Many of our recent clients coming into the Design Center are interested in kitchen and bathroom updates.  Realtors will tell you that these are the glamour rooms of your home.  These are also some of the most used areas and rooms----and function is just as important as beauty. 

If you are thinking about a bathroom or kitchen remodel, you probably don't know how at start and have no idea how much to budget.  This week we will share with you average kitchen and bathroom costss
Kitchens
The average cost for a major kitchen remodel is roughly $60,000, a minor one under $20,000, but you can spend a lot more---or less.

Per John Bredemeyer, spokesperson for the Appraisal Institute, a standards-setting organization, you should spend 10 to 15 percent of your property value and expect about 75 cents back on the dollar at resale on a kitchen remodel.

The National Kitchen and Bath Association says for a "gut" remodel, plan to spend approximately 30 to 50 percent of the budget on cabinets (including installation), 5 to 20 percent on countertops, 10 to 20 percent for appliances, 5 to 11 percent for flooring, 2 to 5 percent for lighting and other electrical work, 1 to 2 percent for a tile backsplash, 3 to 6 percent for plumbing and fixtures, and 10 to 20 percent on fundamentals like windows and wallboard.

Using these guidelines, let's say your home is valued at $250,000. Your budget for the kitchen remodel should be $35,000.

By category you should budget:
Cabinets $17,500
Countertops $4,500
Appliances $3,000
Flooring $2,500
Lighting/electrical $1,000
Backsplash $1,000
Plumbing/fixtures $1,750
Misc. $3,750

You should also set aside a minimum of 10% of the budget as a contingency fund (in case of unforeseen structural problems, for example.)

Bathrooms
You may think that because your bathroom is a fraction of the size of your kitchen that is would be easier, right?   Sorry, but you are sure to find that updating your bathroom is as overwhelming as a kitchen makeover!  There are just as many choices as well as huge price ranges to consider.  For example, a toilet can cost $100 or over $5,000, tub prices range between $125 to over $10,000, and even something "simple" like shower heads vary from $5 to $10,000.  Really. 

In 2012 a major bathroom remodel cost an average of $26,052.  An industry average price per square foot for a professionally done bathroom remodel ranges $175 to $225 per square foot on the low end and over $600 per square foot for a luxury bathroom. For a 5 x 8 bathroom (40 square feet) that is a range of $7,000 to $24,000. 

The NKBA breaks down bathroom remodeling costs like this:
·  Design fees: 4%
·  Installation: 20%
·  Fixtures: 15%
·  Cabinetry and hardware: 16%
·  Countertops: 7%
·  Lighting and ventilation: 5%
·  Flooring: 9%
·  Doors and windows: 4%
·  Walls and ceilings: 5%
·  Faucets and plumbing: 14%
·  Other: 1%
These figures are guidelines, not rules, and each project is different. Using these percentages and a bathroom remodel budget of $20,000  you will spend by category:

Installation (labor) $4000
Cabinetry and hardware $3200
Fixtures $3000
Faucets and plumbing $2800
Flooring $1800
Countertops $1400
Lighting and ventilation $1000
Walls and ceilings $1000
All other $1800

Also set aside a minimum of 10% of the budget as a contingency fund (in case of unforeseen structural problems, for example.)

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2 comments:

  1. new kitchens is more than simply a place to prepare meals; it is the essence of your home and an investment in your lifestyle. Whether you are looking to create a bold and punchy contrast or an understated look to coordinate with your surroundings, our team at Kitchen Essence ensure that the result reflects the character of the owner and the home.

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  2. Reading your posts brings back memories of the experience I had while remodeling my kitchen. Working along with the team at CKB in Westmont, IL made that process less tiresome for me. Great service along with their years of experience, CKB really made the process smooth and seamless. You should check them out at www.myclassickitchenandbath.com or call 630-515-9151, for invaluable advice, kitchen and/or bathroom remodeling services.

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