Remodeling Costs: Modest, Average and Luxury Budgets
When you moved into your home, you probably saw a better future for each room—the garage converted into an office, the bathroom updated with new lighting and cabinetry, the kitchen transformed with an open concept and all-new appliances. It’s easy to imagine. But, when it comes down to the nuts and bolts, how much will these renovations cost? And which features can you budget for right now? Read on to see what you can achieve with modest, average and luxury budgets.
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Bathroom Remodel – $6,000-$14,000
A bathroom remodeling project can be as big or small as you need to make the difference you want. On average, homeowners spend $6,000-$14,000 depending on the size of their bathroom and the extent of the remodel.
Modest – With a budget of around $2,500, you can bring an outdated bathroom into the 21st century. Give it a fresh, inspiring coat of paint; upgrade the toilet and the sink; and add intentional décor to boost character. And while you’re at it, update the lighting.
Average – For closer to $10,000, you can swap out every surface and fixture as long as you don’t move plumbing or electrical. This budget will typically get you new cabinetry, flooring and countertop materials — and the option of swapping your standard tub or shower for a curbless walk-in shower.
Luxury – With a $24,000 budget, you can move plumbing fixtures in order to optimize the space for comfort, and you can invest in high-end flooring and countertop materials. You can get custom-made cabinetry, tile installations, radiant heating for your floor, and a luxury shower.
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Kitchen Remodel – $12,500-$33,500
Most people have a unique vision of their “dream” kitchen, but not everyone can afford it right off the bat. Homeowners tend to spend $12,500 to $33,500 to match their kitchens to their lifestyles.
Modest – With $4,000, you have to set your priorities in order to maximize on your remodel. You can either reface or refinish the cabinetry, upgrade your countertops or get all-new appliances. Any one of these will have a significant visual impact, and you may still have room in your budget for detail work like painting, new plumbing fixtures and lighting.
Average – With $22,000, you can upgrade multiple aspects of your kitchen. You can paint, get new countertops, reface or replace your cabinets, and invest in high-quality appliances. You can also add a kitchen island or remove a wall to open up your space. Note that removing a load-bearing wall could soak up over $10,000 of your budget.
Luxury – For the luxury kitchen of your dreams, you’ll probably need a budget of over $50,000. With this, you can change the layout, knock out a wall, install new windows, get high-end materials for flooring and countertops, and update to the latest and greatest appliances. For an extensive remodel like this, you should definitely consider hiring a kitchen designer.
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Basement Remodel – $10,500-$27,500
If your finished basement isn’t stuffed to the floorboards as a storage space, why not remodel it to add usable square footage? On average, people are paying $10,500 to $27,500 for this project.
Modest – With a basement that is 600 to 700 square feet, you can create a family room, home theater or wet bar for around $5,000. Keep your costs down with low-cost materials and furniture.
Average – With $20,000, you can renovate a basement of 700 to 1,000 square feet. You can use higher-end flooring materials, add cabinetry and storage, and frame the basement to add rooms or separate spaces. You can even have a bathroom installed, though it will cost $10,000-$15,000 for the plumbing, electrical, fixtures and walls.
Luxury – A budget of over $40,000 can transform the basement into a living space, with bedrooms, bathrooms, closets, a kitchenette, cabinetry and high-end flooring materials.
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Garage Remodel – $5,500-$16,000
A garage is a significant remodeling opportunity. Think of what you could use more of—bedrooms, family areas, work space—and see if it will fit. On average, homeowners spend $5,500 to $16,000 on this project.
Modest – With $2,000, you can whip your garage into shape with storage solutions and paint. This remodel is for homeowners who still want to store their cars in the garage, but who want the space to be more attractive and functional.
Average – If your budget ranges within $5,000 and $10,000, you can really transform the garage into an office or family room. A drop ceiling will cost around $1,500; adding more electrical outlets ranges from $75 to $500; drywall will be around $1,000; and flooring could be $1,000 or more.
Luxury – You could turn that old garage into a guesthouse with $30,000 or more. For this, you would need to install plumbing and electricity, drywall, flooring, a kitchenette and a bathroom.