How to Create a Starting Budget for Your Remodel Project: What Are the Average Costs?
If you’re embarking on your first remodel project it may be hard to know how to start planning your budget. Sure, you know how much you can afford to spend, but will that cover all the work you want to do? How much should you set aside for each phase of the project? What about unexpected costs and hiring professional help? It can all be a little overwhelming.
Planning your budget carefully is an imperative part of any remodel. You don’t want to start a project and then realize you didn’t take into account all the costs involved and start running out of money before you’re finished. That is a nightmare scenario for any homeowner.
If you’re looking to remodel your entire home or just one room at a time, either way, we’ve got you covered. To get started, check out our overview of average remodel costs so you can feel confident when planning your budget.
Entire Home Remodel Average Costs
The national average range for a remodel is between $19,785 to $73,198. This varies based on the size and scope of your project, the needs, and requirements of your home, as well as local labor rates. This range can generally be broken up into three types of remodels outlined below:
Lower-end renovation: $15,000-$40,000+
This includes cosmetic updates like painting, trim, flooring, prefab cabinets, lower-priced appliances, countertops, and landscaping.
Mid-range renovation: $40,000-$70,000+
This includes the lower-end updates above, as well as midrange quality materials and appliances, bath and kitchen remodel new fixtures, hardwood floors, and exterior siding.
High-end renovation: $75,000-$200,000+
This includes the mid-range updates above and higher-end materials and appliances, custom features like cabinets and closets, structural repair, layout reconfiguration, HVAC and roof replacement, basement or attic conversion, and professional interior design.
Note that these are national averages. Prices vary based on where you’re located so for a more specific idea of cost based on your location try using HomeAdvisor’s remodel calculator for good estimates.
Average Cost By Room
Kitchens $100-$250 per square foot. Average cost of $5,000 – $60,000+
The kitchen gets a lot of love and use, so is usually one of the most expensive remodels. The range above varies based on the size of the kitchen as well as the scope of the remodel, and whether the updates are more minor or a full-scale and higher-end. Higher-end kitchen remodels which include high-end appliances, custom cabinets, and high-quality counters and flooring can be well over $100,000+.
Bathroom: $120-275 per square foot. Average cost of $2,500 – $30,000+ per room
Bathrooms are the next expensive types of rooms to remodel and can vary based on the size of the bathroom and quality of materials. Bathroom updates typically include new floors, tile, fixtures, painting, and cabinetry.
Bedroom: Average cost of $1,500 – $12,000+ per room
This includes new flooring, painting, new furnishing, lighting, and fixtures. Again, this can fluctuate based on the scale of the project.
Livingroom: Average cost of $4,000 – $20,000+
This cost depends on the extent of the project and the quality of the materials. Generally, these updates include painting, flooring, trim, window treatments, new furnishings, and fireplace installation.
Exterior: Average cost of $6,000 – $20,000+
The cost here will vary based on the size of your yard(s) and home. Updates to the exterior include new siding, painting, landscaping, and fencing.
Average Costs of Contractors and Designers
The costs outlined above per room type do not include any contractor or designer fees. Depending on the size of your project you may need to consider hiring one or both of these professionals.
General Contractor – Average cost of $200-$1500+
Some contractors charge an hourly rate and others charge a mark up of 10-30% of the total project cost. Again the amount will vary based on the project, very small projects can be under $1000 while high-end extensive projects can cost $50,000 or more.
The general contractor will oversee and manage the project, including setting and executing the timeline and schedule, hiring subcontractors, ordering materials and supplies, getting permits if needed, and will make sure everything is up to code.
Interior Designer – Average cost $2,000 – $10,000+
Like with contractors some designers charge an hourly rate and others charge a fix-rate based on the type of project.
An interior designer can plan home reconfiguration and professional design, they will oversee and manage the project while liaising with contractors and subcontractors, they will also help with sourcing material and product selection.
Conclusion
These average costs are meant to help you get started and give you an idea of what you can expect to spend, but costs do vary based on the project type, size of your home, your location, and the quality of the materials and finishes you want to purchase.
A good way to get started is to lay out all the projects you want to get done and then get individual estimates for each phase of the project. To learn more about how to plan for a remodel click here. To start getting a general idea of product and material costs, check out build.com – they have a wide range of home products. You can even use their Project Tool to start organizing products by the project.
We recommend creating a spreadsheet where you can price out each aspect of the project(s). That way you’ll have a good understanding if you can afford projects A, B, and C or just projects A and C. For more tips on planning your remodel project, download our free guide.
Research contractors and local professionals and get several quotes so you can compare. Remember to allocate an additional 10-20% of your budget for contingencies. You’ll be glad you set this money aside when unexpected issues arise!
For a more detailed breakdown, you can also visit HomeGuide as a good resource.
If you’re still feeling unsure and would like help from a professional and experienced designer, schedule a consult with us.