Almost every potential client I meet has the number twenty thousand in their mind for any significant renovation for some reason. I don’t know where this number comes from, but I can’t count how many times that number is thrown out there.
I want to offer some insight into what you can expect to pay for a renovation. Here is my disclaimer – there are many ways to spend more money, including high end finishings, challenging builds, complications with existing structures and wanting to build structures outside of normal code requirements; these prices don’t reflect the added cost of appliances.
Based on an average home, with middle of the road finishing’s, these are the numbers that seem to average out, for myself and other contractors I discuss work with.
New home and new build additions average out around $250-$350/sqf
Extensive renovations, full gut and redo, as well as making significant mechanical changes come in around $150-$200/sqf
A simpler renovation that would still include all new surfaces and finishing’s is $100-$150/sqf
Average cost to redo a bathroom is $18,000 -$35,000
Average cost to install a new bathroom $30,000-$35,000
Average cost for a kitchen renovation starts at a very basic cabinet and counter swap at $20,000 – and continues up to the full renovation that can top the $60,000 range. The kitchen is by far the most expensive space in a home but it is also the most used space in almost every single home. Kitchens also have the widest range of price and product options of any space in a home.
Keep these prices in mind when considering your renovation. Ensuring you have the right budget for the job will help speed the process along. And alleviate stress that comes when unforeseen expenses arrive.
What a lot of people don’t take into account is that these are average prices, this means that if you renovate a 1000 sqf this is the cost across all 1000 feet. However a bedroom might be as much as $60/sqf and a bathroom might go as high as $400/ sqf creating an average that is between the two numbers.
So just because they say the average price is xyz it is important that we take into account where those averages are being pulled from.