Column: Determining your remodeling budget
Commentary by David Decker
One of the most common topics our clients ask 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.
With each project and home being different, it’s 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.
For a complete kitchen remodel, we recommend budgeting 10 percent to 20 percent of your home’s value. It’s important to note some of the specific details that are included in the cost breakdown. Some of the biggest expenses are cabinets, which make up 38 to 50 percent of the budget, and countertops, which make up 12 to 20 percent. Mechanical costs, which include anything related to electrical, plumbing, or HVAC, are 7 to 18 percent of the total budget, and flooring can be 8 to 15 percent of the budget depending on the size of the space.
For a master bathroom remodel, we recommend budgeting 7 to 12 percent of your home’s value. Please note that flooring for the bathroom, which includes the floors, tile shower, and also tub deck, is approximately 25 percent of your total renovation budget. Your cabinets and countertops for the vanity can be up to 24 percent and 8 percent, respectively, of your total budget. Fixtures, including faucets, tubs, sinks, shower doors, lighting, and other accessories, can make up 15 percent of your final cost.
These percentages can vary a bit with each project, but to find a more detailed budget listing visit our Budget Calculator at: http://the-affordablecompanies.com/determining-remodeling-budget-cost-vs-value/. The Affordable Companies specializes in making luxury affordable and we work hard to limit your costs and help you get the most value for your money. For more, 317-575-9540.