Are you planning to remodel a room in your home but have no idea how much to budget? The first thing any homeowner should do when planning for a remodel is to establish a realistic budget for the project. How much money you have to spend will affect the scope of work that can be done and vice versa. To begin building your budget, let’s take a look at the general costs of different remodeling projects.
How to Create Your Budget
Everyone has heard the phrase “you get what you pay for”. In this case, if you are spending more money, then you’ll be able to afford higher quality products and a more intensive scope of work. Similarly, if you have a small budget, you’re more likely to get a simple renovation than an intensive remodel. Reasonable, right? So, how exactly do we define large and small budgets? Let’s take a look at some numbers.
According to a report published by costvsvalue.com, a cost analyzer from Remodeling Magazine, an average bathroom remodel in Baltimore costs $18,070. An average kitchen remodel in Baltimore costs $59,387, while a simple kitchen renovation costs $20,057.
Now, let’s break these numbers down to see how we’re arriving to the grand total.
Here are a few averages from a Consumer Reports article about an average kitchen renovation.
|Cabinets and hardware||$4,165|
|Banquette seating, table, curio cabinet||$690|
|Granite counters and installation (stainless sink included)||$2,850|
|Stainless double-oven gas range||$1,973|
|Stainless French-door refrigerator, cabinet depth||$3,000|
|Dishwasher with cabinet panel||$660|
|Undercabinet LED task lighting||$188|
|Two ceiling light fixtures||$98|
|Paint and labor||$230|
As you can see, the cost of a kitchen renovation can vary depending on exactly what appliances you purchase and how intensive the remodel is. In fact, Consumer Reports lists the national average for remodeling a 200 sq. ft. kitchen between $19,226-$56,786. That may seem like a wide range, but makes sense when you consider the cost difference between a refrigerator that’s on sale and a high-quality, brand new built-in refrigerator. When coming up with your own budget, you’ll have to consider the cost of new appliances, the cost of materials, and the cost of labor. All the small things add up, so it’s a good idea to have a rough estimate of how much your project will cost before getting started. When establishing your budget, be sure to also work in a cushion of 10-15% for possible unforeseen costs. It’s better to have more money than you need than not enough!
Communication is Key
One of the things that will help you greatly during your remodeling project is communication! Let us know early on what yourbudget is for the project and what you expect throughout the process. This can help us to make sure that we are both on the same page. It’s also important that you know all about other costs that may be relevant to your project and that you may not have worked in your budget. For example, some regions require that you obtain a permit before building an addition. The fee for this permit would be included in the cost of your addition. There are many “soft costs” like this, and the best way to know about them when you’re constructing your budget is to communicate with your remodeling company!
After accounting for all the appliances, materials, labor, fees, and other costs, you are left with an “all-in” price. While we can’t give you a definite final price until the project is completed, with open communication we can give you our closest estimate to what the final project will cost. Working together, we can help you to get the best value for your hard-earned money!
What a Deal Really Costs
If it looks like your new kitchen or bathroom is going to cost much more than you were expecting, you may be considering another company that advertised special deals and savings. Many remodeling companies offer deals like “50% off on your first project!” or “we’ll throw in [blank] for free!!” If you’re thinking that these deals sound too good to be true, then you’re right.
You may have noticed that the Consumer Reports breakdown listed the cost of labor at $15,000, which is much more than any other singular item on the list. That is because a remodel takes time, and the cost of labor goes towards paying the installers fairly for the time and work they put into your project.
Many of the remodeling companies that offer deals and savings will make up for the smaller fee by paying their workers less. Oftentimes, this means using novice workers who are still learning and using your kitchen or bathroom as a classroom. Other times, it means that the company outsources its labor to several inexpensive contractors who do not have a special relationship with the company and, therefore, are not held to accountable standards. As they say, “you get what you pay for”; if you are paying less for your remodel, what you are actually paying for is poor quality and substandard craftsmanship that will only have to be fixed later.
Here at Native Sons, we don’t offer any huge discounts, but we do offer quality service, vetted contractors, decades of industry experience, and honesty. These are the things you are paying for when you invest in a remodel from a reputable company.
How Can I Save Money on My Remodel?
While it’s not a good idea to go with companies that offer deals that are too good to be true, there are a few things you can do to bring the scope of your project within your reach.
- Cut back on excess: Consider what you really need. Is there anything you’re planning for that is more of a “want” than a “need”? Perhaps you’ve fallen in love with a certain costly appliance when there’s a similar one available that is much less expensive.
- Finish later: Maybe there is an aspect of the project that could stand to be finished at a later date. Curtailing your project a bit can bring the price down from “just out of reach” to “within grasp”.
- Low-cost alternatives: There may be less expensive options. For example, choosing laminate countertops instead of granite can lower your costs.
Another way to lower your remodeling costs is to try to DIY a few simple projects. However, this piece of advice comes with a caveat: only DIY a project if you know for sure that you can do it correctly. Otherwise, you’ll end up spending money on materials, using up your own valuable time, and having to pay the professionals to fix the mistake anyway. If you’re thinking of a DIY project to save money on labor costs, first consider how much your own time is worth. It may make sense to save a little money by taking on a few small projects that you are confident you can install correctly (and not have to pay to get fixed later). Think about the amount of time it would take you to do these projects. Is it worth using up your own time so that you won’t have to pay for installers to do the work? If so, by all means, go for it! But if you don’t want to spend the time DIY-ing your kitchen, then it’s worth it to pay the professionals to do what they do best.
Reliable Remodeling with Native Sons
Are you ready to create your dream kitchen? How about a luxurious bathroom getaway? Native Sons, Inc. has over 30 years of experience working on thousands of home remodeling projects. With our expert knowledge, attention to detail, and personal customer experience, we hope to be the right remodeling contractors for your project. We are a fully licensed, full-service remodeling company catering to the needs of Maryland homeowners. Contact us by calling (410) 788-5179 or by visiting our Contact Page. Want to see more? Follow us on Facebook for more blog and project updates!