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Cost
With a remodeling project, renovation rates and construction costs do not lend themselves to accurate evaluation. Only explicit estimates from professional contractors provide an almost accurate picture of what our remodeling budget should stand at.
While researching for suitable contractors, you will receive many bids for your remodeling project. Once you accept a quote which suits your budget, always add about 12% overrun. Budget overruns within remodeling or construction projects are common, and prior preparation of added costs will save you unnecessary stress once the final bill arrives.
Factors which can bump up renovation costs and construction rates, and thereby expand your remodeling budget beyond your estimation:
- Old Homes – Homes older than 20 years are highly expected to hold costly structural or plumbing problems in need of a fix before remodeling can begin.
- Scarce Materials – Supply and demand amplify prices of materials. Chances are that if a material is scarce in your area, you will need to pay more.
- Plumbing Rearrangement – Changing the position of plumbing can increase remodeling costs significantly.
National averages can't account for budget overruns, but they can provide you a helpful range of budgets for most popular remodeling projects in US:
| Midrange Projects | Job Cost ($) | Resale Value ($) | Cost Recouped (%) |
|---|---|---|---|
| Basement Remodel | 61,011 | 44,467 | 72.9 |
| Bathroom Remodel | 15,899 | 11,857 | 74.6 |
| Deck Addition | 10,000-15,000 | 8,000-12,000 | 73-82 |
| Family Room Addition | 81,315 | 53,608 | 65.9 |
| Major Kitchen Remodel | 56,611 | 43,030 | 76 |
| Minor Kitchen Remodel | 21,246 | 16,881 | 79.5 |
| Roofing Replacement | 18,825 | 12,336 | 65.5 |
| Sunroom Addition | 71,745 | 40,715 | 56.7 |
| Window Replacement | 10,000-12,000 | 8,000-9,000 | 77-78 |
| Upscale Projects | |||
| Bathroom Remodel | 51,455 | 36,400 | 70.7 |
| Major Kitchen Remodel | 110,964 | 78,398 | 70.7 |
| Roofing Replacement | 36,296 | 22,861 | 63 |
| Window Replacement | 13,000-18,000 | 10,000-13,000 | 76-79 |
| Deck Addition | 37,498 | 23,706 | 63.2 |
(Source: 2008-09 Cost vs Value Report)
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