Before determining a budget for a kitchen or bathroom remodel, it’s important to decide whether or not a remodel is right for you in the first place.
Consider the following:
- Do you plan on living in this home 10 years or more?
- What would you like to change the most about the home? What do you hate about the house? What do you love?
- What are the biggest drawbacks of your space, including interior and exterior problems as well as contextual considerations, such as lot, neighborhood, housing market, etc.?
- Why is now the right time to remodel?
- Would remodeling improve the quality of your life and experience for you and your family?
After answering these questions, if you decide you want to remodel, it’s time to find a professional you can trust to assist you. Go with the right people–your improvements will last and make you money whenever you get ready to sell.
Depending on several factors around the renovation–the overall layout consideration, quality of the products, quality of craftsmanship, the meshing of different styles in your new home, and the magnitude of the changes–will determine the true value of the improvements as it relates to the quality of your life and the lives of your family.
Approach it as though you are not investing in your home, but in the quality of your life the next 10 plus years. Your money is not buying you a new kitchen or a new master bathroom. It’s really buying you a lifestyle.
I’ve had the pleasure of working with several clients lately who came to me wanting to invest in themselves. Their primary motivation to make improvements to their home was not to boost the value, but because they were worth it. They were doing this for themselves and for the next person buying the home.
On the other hand, I have also worked with wonderful people who bought a home that was remodeled in order to sell the house.
Everyone knew the house was “updated” for the purposes of selling it fast. In every case so far, the new owners have wished the previous owners had left the home the way it was, so they would have the opportunity to make their own.
My recommendation is this: do not renovate your home to sell it, renovate it because you want to improve your standard of living and the memories you will create over time.
WHAT SHOULD THE BUDGET REALLY BE FOR A NEW KITCHEN OR MASTER BATHROOM IN MY NEIGHBORHOOD.
According to a study done by Angie’s list a few years ago, the budget is a direct reflection of the value of your current home. I totally agree.
Kitchen Budget
The kitchen is considered the heart of the home and is almost always the number #1 area for home remodeling. Since the kitchen is an area where most of the expensive products are designed to function, such as appliances, cabinetry, countertops, plumbing, and lighting, it’s always the most expensive space to renovate.
The budget for the kitchen should be 20-30% of the value of your current home. The exact number will depend on size of the kitchen, layout changes, quality of the cabinet construction, finish, and organizational systems; appliance selection; and material choices. If your house is worth $500,000.00, you can expect your kitchen remodeling budget to be $100,000.00 to $150,000.00 with an average budget of $100K. This is a budget to totally gut and rebuild the kitchen.
Master Bathroom Budget
The budget will range from 10% to 20% of the actual value of the home. If we take that $500K home, the master bathroom projects will range between $50K-100K depending on layout changes and materials.
Next time you consider your remodeling goals, ask yourself how the remodel will improve your quality of life. Then find a trusted professional to guide through the plethora of choices and styles.
Melinda Dzinic, CR, CKBR, UDCP
