How To Budget for Your Home Remodel
Are you in the early stages of planning a home remodel? One of your first priorities is to figure out the financial aspect. How much does it cost to remodel certain rooms? And how do you know you can afford it? Are there ways to cut costs? Find the answers to all your questions in this guide on how to budget for home remodeling.
Estimate the Costs
Depending on what room you’re renovating, where you live, the cost of raw materials and labor, and whether you can DIY any of the project, you can expect home remodeling to cost around $10 to $60 per square foot. Some luxury projects can cost up to $150 per square foot.
While getting a few quotes from home remodelers in Tucson is the best way to nail down the exact costs, here’s a breakdown of estimated home remodeling expenses by room.
Kitchen Remodeling Expenses
Kitchen renovations can cost $13,000 to $37,000. The single largest expense is cabinetry and hardware, accounting for about 30% of the cost. Installation and labor come next at 17%, followed by appliances (14%), countertops (10%), and flooring (7%). The remaining expenses — including lighting, walls and ceilings, windows and doors, plumbing, and fixtures — each account for 4% to 5% of the total.
Bathroom Remodeling Expenses
Bathroom renovations can cost about $6,000 to $15,000. Again, cabinets are the most expensive element, accounting for 20% of the cost, followed by installation and labor at 17%. The next major costs are plumbing fixtures, including the toilet, sink, tub, and shower, coming in at 12% of the total cost.
Faucets and plumbing (10%), flooring (9%), and countertops (7%) are also significant expenses. The walls and ceilings, doors, lighting, and ventilation each account for about 6% of the total.
Basement Remodeling Expenses
Finishing your basement may cost about $12,000 to $30,000. Of course, this varies tremendously based on the size and features of your basement. In addition to costs like waterproofing, framing, insulation, electrical, plumbing, drywall, paint, and flooring, you must also cover expenses associated with the specific rooms you add. Popular options include basement bathrooms, bedrooms, home theaters, wet bars, home gyms, and “man caves.”
In addition to the costs directly associated with the project — including materials, labor, design fees, and permits — you should be prepared for several indirect expenses, depending on your particular project. These could include personal storage costs, laundromat expenses, the cost of eating out if your kitchen is inaccessible, and hotel expenses if you must sleep elsewhere during the project. Be sure to account for these costs when budgeting for your home remodel.
Determine How Much You Can Spend
Once you have a range in mind for what your renovation will cost, the next step is to decide how you’ll pay for it. If you can save up enough cash to pay for the remodel without going into debt, great! If not, you still have options:
- Apply for a home equity loan
- Take out a home equity line of credit
- Take a cash-out refinance
Set Your Priorities and Trim Costs To Fit Your Budget
Whatever method you choose to fund your renovation, the key to keeping your project affordable is to avoid going over budget. Use these tips to help you cut costs:
- Prioritize your projects: If you can’t justify a whole-home renovation, pick and choose your projects wisely. Focus on those that will resolve safety concerns, increase home value, and improve your quality of life.
- Do your own demolition: Are you handy with a sledgehammer? If you feel comfortable with it, tackling some of the demolition yourself can save you money on labor costs.
- Choose low-cost materials: You may crave granite countertops, but laminate with a granite-like appearance is a suitable cost-cutting alternative.
- Reuse what you can: Are your appliances, light fixtures, and cabinet doors in good shape? Repurpose them for your project to save on new materials and reduce waste in the process.
- Do your own painting: If you’re willing to do the work yourself, you can paint your walls for the cost of materials alone.
Remodel Your Tucson Home with Aaron & Co.
Before you get overwhelmed by the costs, rest assured that Aaron & Co. can cater to any budget. Once you tell us how much you have to work with, we’ll present multiple designs and estimates for your consideration. Then, as the project gets underway, we’ll keep things moving smoothly to help complete your renovation on time and within budget.
To begin planning your Tucson home renovation, call Aaron & Co. at (520) 214-6293 or contact us online for a free consultation.