Tuesday, 22 September 2020

Budgeting for three common remodelling projects

Kitchen remodels

Most people have a vision of their “dream” kitchen, but not everyone can afford it right off the bat. Homeowners tend to spend $12,500 to $33,500 to create a kitchen that both appeals to their tastes and complements their lifestyle.

Modest: With around $4,000, you can either reface or refinish the cabinetry, upgrade your countertops or get all-new appliances. And your budget could also include detail work like painting, new plumbing fixtures and lighting.

Average: With a budget of closer to $22,000, you can paint, get new countertops, reface or replace your cabinets, and invest in high-quality appliances. You can also add a kitchen island or remove a wall. Note that removing a load-bearing wall could cost over $10,000.

Luxury: Most homeowners spend more than $50,000 for a luxury kitchen remodel. With this, you can change the layout, knock out a wall, install new windows, get high-end flooring and countertop materials, and upgrade to the latest and greatest appliances.

Basement remodels

Remodelling your basement offers a prime opportunity to add usable square footage and value to your home. On average, homeowners report paying $10,500 to $27,500 on basement remodels.

Modest: With a basement that is 600 to 700 square feet, you can create a family room, home theatre or wet bar for around $5,000. Keep your costs down with affordable materials and furniture.

Average: With closer to $20,000, you can renovate a basement of 700 to 1,000 square feet. You can use higher-end flooring materials, add cabinetry and storage, and frame the basement to add rooms or separate spaces. You can even have a bathroom installed, though it will cost $10,000 to $15,000 for the plumbing, electrical, fixtures and walls.

Luxury: A budget of at least $40,000 can transform your basement into a living space with bedrooms, bathrooms, closets, a kitchenette, cabinetry and high-end flooring materials. When it comes to high-end basement remodels, the opportunities are endless.

Source: https://www.thespec.com/living-story/8704781-budgeting-for-three-common-remodelling-projects/

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