Maybe watching a fabulous kitchen renovation on HDTV has inspired you to remodel your home, or perhaps you just want to give your bathroom a fresh, updated look. Whether your ultimate goal is to increase your home’s value or create your dream home, it’s important to consider your budget when selecting your remodeling project.
From new flooring to knocking down walls for space, remodeling your home can quickly become a costly makeover. So before you make a financial commitment, consider the following to determine if remodeling your home is worth it.
Remodeling: Future investment
Research shows that kitchen remodeling can increase the value of your home by 10 to 15 percent, and remodeling other rooms can also increase home value — but you need to weigh the investment (the cost) against that increase in value. Bathrooms and kitchens are two of the most popular rooms people choose to remodel in their home. According to Old House Web, remodeling a bathroom can range from $7,000 to $12,000, while a remodeled kitchen can start at $8,000.
A kitchen remodel alone can run you as much as $50,000. While doing it yourself may save you money, bring in a professional when it comes to plumbing, electrical work, adding a kitchen island, resizing a room or knocking down walls to create an open layout.
Hiring a contractor will cost more, but it will be less stressful and a faster way to get the remodel done. Just remember to stay on course with your budget when hiring a contractor.
Remodeling expenses for the kitchen
Choose materials that you know you can afford. According to Home and Garden, granite is the most common countertop for high-end kitchen projects, averaging $60 to $90 for material and installation cost per square foot.
Laminate material is a budget-friendly alternative and can cost as little as $5 per square foot, plus $15 to $30 an hour for labor. Opting to install material on the high end for your kitchen floors, such as slate — which can cost $30 per square foot — can actually save you money because it doesn’t have to be replaced as often as other materials.
Remodeling expenses for the bathroom
The bathroom is one room in your home that can be spruced up with do-it-yourself projects that don’t cost thousands of dollars. But if you’re looking to give this room a total makeover, remodeling your bathroom on the higher end can easily cost you more than $10,000, particularly if you replace the tub, toilet, drywall, cabinets, countertops, plumbing fixtures, sinks and flooring.
Budget-friendly remodeling projects
If you’re ready to make changes to your home but aren’t ready to invest a huge amount of money, try these budget-friendly upgrades:
- Paint your walls a new color and add colorful accent décor.
- Sand and paint kitchen cabinets, add moldings, exchange the old panels on the cabinet doors for glass panels or replace the doors altogether. Replace cabinet hardware such as knobs and pulls with new fixtures.
- Resurface your wood floors or cover your kitchen floor with vinyl flooring.
- Choose laminate countertops.
- Install a backsplash with salvaged materials.
- Add shelving units to the room.
- Create a new pattern and color scheme in your bathroom with wallpaper.
- Place a decorative storage cabinet above your toilet tank.
- Hang an oversized mirror above the bathroom sink.
- Change window treatments.
If you aren’t ready to commit to major remodels, even small changes can update your home without breaking the bank.
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