How much should I budget?
Ok! I’ve identified the general scope and timetable for the home improvement that I would like.
Now, its on to how much I will feel comfortable spending and how might structural changes, component choices and the selection of a contractor affect the final cost? Also, could financing play a role in helping me achieve my goals?
All of these factors and more begin to highlight the importance of creating a relationship with a professional or professionals with proven experience in the type of renovation that you are exploring.
Unlike almost any other purchase that you have ever made, the field of home renovation and specifically that of Kitchen, Bath, Closet and interior structural renovations, require not only product selections, but design assistance and installation by qualified trade pros with a proven background handling the products you’ve chosen.
For instance, the ideal kitchen renovation, may involve changes to the existing structure, whether it be major items like wall, window and door adjustments, to something as simple as a soffit removal or adjustment. Your choice of components and most importantly, their ability to fit and perform in your unique space along with the number and types of items necessary to meet your goals will also effect your final cost. For example, beyond cabinets, counters, sink and faucet, appliances, flooring, lighting, trims, windows, insulation, electrical fixtures and power outlet locations may be effected? Can I hire just one contractor to fulfill all of my needs or will I need multiple companies or trades people? You can see how all of these decisions can impact budget, planning and timetable.
As you begin your search, you are going to notice that each and every supplier will operate differently. Most contractors will give you a general idea of price for labor, but will not commit until you visit multiple suppliers to generate costs through selection and quantity of items that they are expected to install. They may or may not be able help with design ideas (and sometimes may try to talk you out of your ideas if they deem them complicated, time consuming or not profitable ). And, product suppliers can rarely give you an accurate estimate without first visiting your home.
WHY WE ARE DIFFERENT!
Your experience with us will be more like what you are used to. Our designers have countless hours of training and with 100’s of in-home visits as part of their experience. It is quite likely that they have already designed, outfitted and decorated projects similar to yours. By working with one person to assist you with everything necessary to meet your goals, we can help you to formulate and stay within a comfort range. from Design, decorating, color coordination and component selections to completed installation, you need just One designer and one showroom to do it all. This is why we have over 6500 satisfied clients and over 11,000 projects in our 35 years in business.
BUT, WE PROMISED SOME BUDGET GUIDELINES!
Here are a few, based on current sales data and client preferences.
For instance, A typical cabinet replacement featuring up to 12 components of similar layout to existing, Laminate counters, and new larger stainless steel kitchen sink and better quality kitchen faucet with removal and disposal of existing items, plan to budget from $20,000+. Substituting granite or quartz will typically add at least $4000. Add in design, electrical, plumbing, lighting and structural changes, possibly a new or updated floor & trims and the budget can quickly expand. Replacing the four most popular appliances in your kitchen (ie) refrigerator, Range, dishwasher & microwave can typically run from $4000 to as much as $20,000. In a typical kitchen renovation labor could run from 30% to 50% of the final total. In a bath labor costs could easily run from 50% to 70% of the total based on your homes age, size and the complexity of the project.
HOW DO I GET THE BEST RETURN ON MY INVESTMENT?
If resale is either the primary reason or a near term possibility, these formulas may provide an entry point for determining a working budget. By taking the current expected resale value in todays market for your home with all necessary improvements included, these formulas may provide a budget that gives you the ideal ratio of return on investment at resale.
First determine the current resale value potential for your home with the renovations completed. Sites like ZILLOW.COM can provide a quick and easy guide to neighboring homes that are similar to yours.
Full Kitchen Renovation: 10% to 15% of the improved homes resale value.
Full Family Bath renovation: 5% to 10% of the improved home resale value.
Larger Master Bath: 8% to 15% of the improved homes resale value.
A FINAL THOUGHT!
As you can see, there are many factors that effect the cost of a residential renovation. What and who you choose, as well as, Your homes age and condition.
Our design team will truly impress you with their knowledge, imagination and ability to provide you with valuable information so that you can confidently go forward and enjoy the process of your renovation.
The next step should involve a visit to our beautiful showroom. It will cost you nothing more than a few minutes of your time. We assure you a pleasant and pressure free visit. And, you can be assured that you will come away with some interesting ideas and a better path forward.
Come join us!