So, you’ve decided you want to remodel your home. But before you start knocking down walls and ordering supplies, take some time to estimate the cost of your remodeling project. Accurate results will help you budget your money wisely so you get the most bang for your buck. Depending on the amount you estimate, you might even decide you can afford to remodel another room. Then again, you might realize the remodel just isn’t worth it.
You’ll never know until you learn how to estimate the cost of a remodel.
Price Estimates for Your Remodel
Some experts say you should base your price estimate on your home’s value. The National Association of Home Builders (NAHB) recommends budgeting the following percentages for each room:
- Kitchen: 16%
- Attic or basement: 10 – 15%
- Primary bedroom: 13%
- Living room: 10%
- Primary bathroom: 7%
- Small bathroom: 5%
- Standard bedroom: 1 – 3%
The average sale price for a home sold in 2022 is about $525,000. Of course, average prices differ considerably by area. In some cities, that much money could buy a mansion. In others, you’d feel lucky to purchase a house for just half a million dollars.
Using $525,000 as an average, you could expect the following costs for your remodel:
- Kitchen: $84,000
- Attic or basement: $52,5000 – $78,750
- Primary bedroom: $68,250
- Living room: $52,500
- Primary bathroom: $36,750
- Small bathroom: $26,250
- Standard bedroom: $5,250 – $15,750
Will you actually end up paying that much? If you live in an expensive area and decide you want the absolute best of everything, you might. But the real cost depends on a variety of factors.
Several online remodeling calculators can help you get more accurate estimates based on what you plan to do. Good places to start include:
Calculators let you adjust the specifics of your remodeling strategy. If an estimate seems too high, make some adjustments to bring it within your budget.
What Factors Affect the Cost of a Remodel?
Some factors that matter most when estimating the cost of a remodel include:
- Whether you plan to hire a contractor or do the work yourself.
- The types of materials you want to use (for example, Southern Yellow Pine costs much less than Western Red Cedar).
- Whether you plan to upgrade the area or gut it and rebuild.
- The rooms you want to remodel (kitchens tend to get expensive when you replace appliances).
- Your area (projects in some cities and states will simply cost more or less than projects in other locations).
If you want to get price estimates that include help from professionals, contact several trustworthy contractors in your area and ask them to give you price quotes. Residential contractors often use software that helps them create accurate quotes. More often than not, the software is more accurate than any estimate you can make by estimating material prices. Why not take advantage of their services, especially since many of them offer free estimates?
Should You Hire a Professional To Remodel Your Home?
Should you hire someone to source materials and do the work for you? That’s a tough question to answer. Do you have the skills to remodel a kitchen on your own?
Keep in mind that remodeling a kitchen could mean upgrading electrical outlets and plumbing. Also, someone from your city government might need to check your work to make sure it meets code. That’s a scary idea for many people since inspectors have high expectations. You might just want the plumbing to work. They want it to have specific dimensions. Those are two different things.
A lot of times, whether you hire a professional depends on the type of work you want to do. You can probably paint your walls without a contractor’s help. Removing old kitchen cabinets and installing new ones is a whole other matter!
If you have any concerns about whether you can finish the remodeling project on your own, find a licensed, insured contractor in your area. You might spend more money on the job, but you can avoid getting injured and potentially damaging your home.
Checklists for Remodeling Projects
If you decide to tackle the remodeling project DIY-style, the following checklists will help you collect all the supplies you need to do the job. You can also use these checklists to estimate the individual and total costs of remodeling.
Kitchen Remodels
- Cabinets
- Sinks
- Appliances
- Flooring
- Countertops
- Paint
- Exhaust fan
- Windows and doors
- Knobs
- Faucets
- Appliances
- Caulk
- Plumbing (pipes, fixtures, etc.)
Bathroom Remodels
- Cabinets
- Sinks
- Shower
- Tub
- Faucets
- Tile
- Grout
- Drywall and installation materials
- Paint
- Knobs
- Vanity or countertop
- Exhaust fan
- Caulk
- Plumbing
- Vapor barrier
- Windows
- Doors
- Furniture, fixtures, decorations, miscellaneous
Bedroom Remodels
- Flooring (carpet, hardwood, vinyl, etc.)
- Drywall and drywall installation materials
- Paint
- Wallpaper
- Ceiling fan
- Doors
- Windows
- Shelving
- Fixtures (knobs, handles, etc.)
- Decorations
- Furniture
Furniture is probably your most expensive item for a bedroom remodel. Of course, that depends on whether you want to keep any of your current furniture.
Living Room Remodels
- Drywall and installation materials
- Shelving
- Flooring
- Paint
- Caulk
- Ceiling fans
- Electrical upgrades
- Windows
- Doors
- Moulding
- Decorations
- Furniture
- Appliances
Conclusion
It’s nearly impossible to know how much a remodeling project will cost until you talk to contractors or make a list of the materials and supplies you need to finish the job. However, you can calculate an accurate estimate when you spend enough time on research. Once you have a quote or estimated cost, you can make more precise decisions about what you want to do to your home.
