How Much?
By far the most common question we find homeowners wanting contractors to answer is, “what price they can expect to pay?”
To answer this effectively a contractor must either know all of your scope of work and design selections beforehand as well as a thorough grasp of their own financials to apply proper markup for overhead and profit.
Or he must make a guess! (more common that you may think)
Every project is different and so are the financial needs of each company. That being said, what follows are some figures based on what our clients have invested in their homes and what industry averages look like right now.
How much does a new kitchen cost?
Clients often spend between $80,000 to $115,000 on top end luxury kitchens with an average around $60,000 for a high end kitchen. We have completed some beautiful kitchen projects for $40,000 with cost saving selections as well.
Industry averages are to factor 10%- 15% of a home’s value for a new kitchen, a client with a $500,000 home would be prudent to budget $50,000 - $75,000 for a new kitchen.
How much does a new bathroom cost?
Clients often spend between $80,000 - $90,000 on top end luxury bathrooms with an average of $60,000 for a high end bathroom. Smaller bathrooms and affordable upgrades can be done in the $20,000 - $30,000 range depending on size and quality.
Industry averages are to factor 5% - 10% of a home’s value for a new bathroom, a client with a $500,000 home seeking a new bathroom would be prudent to budget $25,000 - $50,000.
How much does a basement finish cost?
Clients often spend $250,000 on large luxury basements, with an average of $130,000 on a high end basement. $60 - $80/sq ft. has been a reliable ballpark for initial budget formation purposes. Basements vary greatly in size and scope and have a wide range of available options and products, so client selections have a very large impact on price.
Industry recommendations are to factor 15% of a home’s value to finish a basement, a client with a $500,000 home wanting to finish the basement would be prudent to budget $75,000
How much does a room renovation cost
Our clients are spending an average of $20,000 to update a living space. This varies quite a bit depending on room size and extent of renovation.
These figures are averages based on aggregate numbers, it is important to select which products you intend to use and plan you scope of work in depth with a professional to develop the budget for your project before moving forward.
We strongly recommend having all work to be performed, and all product to be used, in writing with a fixed price and payment schedule before proceeding with any major project.