One of the hardest parts of coming up with a renovation plan is budgeting. Figuring out how much it will cost and how much you can afford is no easy feat. Here’s a breakdown of how much a typical renovation costs in three of the major areas of the home.
- Kitchen: With a range of $15,000-$50,000, there are a lot factors that can place your kitchen reno at the high end of the scope. If you’re looking for more of a facelift, such as new cupboard doors, countertop, sink and faucet, you may come in under $15,000. But if your reno involves any kind of changes to plumbing location, the addition of a large island or the removal of any walls – definitely plan for closer to $50,000.
- Bathroom: A typical bathroom reno can cost between $8000-$12,000. Less than a kitchen, but remember a bathroom is usually a much smaller space. Bathroom finishes can be expensive, and small details like tiling and grouting add up. But if you choose affordable features and finishes or do the job yourself, your bathroom reno can come in at around $5,000 or less.
Basement: Just because it’s underground doesn’t mean it’s going to be inexpensive. In fact, a 1000 square foot basement renovation can cost about $20,000-$25,000. However, you can knock about $10,000 off if you’re willing – and able – to tackle the reno yourself.