What does Renovating or Building A New Home cost?
When embarking upon a Home Renovation or New Build, homeowners ask,
“What do I spend, and where do we spend it?”
Priorities differ from homeowner to homeowner so lifestyles and interests are explored to determine what types of materials, products and fixtures are appropriate for use within the home. A customized Selection List is created and each item is given an allowance.
Renovation costs related to selections depend on the supplier, quality level, brand and the type of preparation for, and the installation of, the material or fixture. Within one category, and even one type of product, price ranges can vary drastically.
Kitchen Cabinets are the integral component of a kitchen. The cabinetry package bears a comprehensive pricing process unto itself. Aside from the varying sizes of kitchens, the cabinet case, drawerbox type, the door style, material and finish, affect the cost of the kitchen. A mid-sized (10’x10’), attractive and well-equipped kitchen cabinet package can cost between $25,000-35,000.
A little more on Cabinetry
APPLIANCES & FIXTURES
Kitchen Appliances, whether you are relocating them or not, disconnection and installation may require the skill, and sometimes specific designation, of a professional in a particular field. This cost needs consideration when estimating. A decent appliance package (refrigerator, range and hoodfan, dishwasher and microwave) can cost between $8,000-12,000. However, features and brand names can greatly affect this budget. The cost range of a single appliance can vary by thousands. The Plumbing Fixtures required within a kitchen renovation are fairly limited. Commonly, sinks and faucets usually each cost anywhere between $800-1500. Lighting includes undercabinet and recessed potlights, as well as ceiling-suspended fixtures. I generally allow $1,000 for undercabinet lighting and $100/new potlight. A safe budget for a chandelier might be $1500-2000, and a reasonable budget for pendants is $400-650 each. There are techniques that can be applied, that can strategically limit these costs.
A little more on Electrical
If current potlight locations can be “repurposed”, sometimes just the inner reflector and the trim can be replaced. When the entire electrical plan needs redesigned, ceiling (drywall) repair is generally required, which needs to be factored in. Furthermore, if an upgrade to the electrical panel is needed, this can cost $1,800- 3,000+.
Countertop options seem endless, but the current most popular material is still quartz and derivatives thereof. Brand name greatly affects cost, and the range is $120-140 per square foot, installed. There are various Flooring materials available, such as tile, hardwood and vinyl. Costs, including installation, tend to range between $8-15 per square foot. I’ll usually budget towards $22 per square foot for backsplashes.
Renovation costs are as unique as the homes requiring them. Each project is explored and evaluated on an individual basis resulting in a customized Preliminary Estimate. This Estimate is developed and becomes our Renovation Budget. As time progresses, the budget costs vs the actual is maintained in order to provide us all with the ability to make the best decisions possible, as needed at any point throughout the project.
Estimation figures for our simple, although complete, Kitchen Renovations can range between $75,000-90,000. Our Home Renovations that include the kitchen plus; fireplace, staircase, bathrooms… usually cost between $220-$480,000. The numbers can grow from there, depending on the extent of the renovation.
Most projects expand beyond the kitchen, and will call for the updating of other rooms. There may be requirement for new flooring, new baseboards, doors (and hardware) and casing, and the painting thereof. For in-depth projects which involve all of this, plus the modification of load-bearing walls and exterior windows and/or skylights, costs can climb towards $500,000+. The only way to accurately budget for your renovation, is to establish your Scope of Work. This is determined by evaluating your space; analyzing your priorities and exploring the options specific to your municipal guidelines and unique to your house.
Homes built prior to 1990, will likely need hazardous material testing. Depending on the extent and size of the space, this test generally costs between $800-$1,200, and if the renovation area is containing, there are costs that’ll be incurred for abatement (containment, removal and disposal), which could run anywhere from $8,000-$15,000+). If a building permit is required for your renovation, costs can be managed if a strategic plan for the application process is in place. Replacing fixtures and/or appliances that require more than a simple plug-in, such as gas or electrical wiring, “over-the-counter” permits pulled by the professional within that particular designation might be possible. The sub-contractors can usually include this cost in their pricing. If service relocation and/or wall modifications are planned, the municipality will likely require documentation. The permit application is usually between $250-300. It is difficult to determine what costs will be incurred to produce the documentation required for the permit application package, but the building permit itself is generally based on the scope of the project and can run anywhere between $1200-2,800. (Further guidance on permitting requirements and costs is available..please contact us for a further, in-depth consultation.)
Improve the potential of a return on your investment by learning more about what to spend and where to spend it. Developing a renovation budget requires careful consideration on many levels. Let’s talk about how we can help you balance the increase of the value of your home, with the increase to the quality of your lifestyle within it.
Get in touch with us and start the conversation.
Contact me directly.. I’m Amber, the Designer, and I’d love to hear from you!
Call/text 604 365 4151 or email me [email protected]
Serving Langley, Surrey, Abbotsford, Delta, and the surrounding areas.