How Much Is This Renovation Going To Cost?

August 15, 2018

Reno Cost

Image via Pinterest

 

“I just need a rough idea of cost for this remodeling project,

just so I can see if I can swing it…”

 

“We have absolutely NO idea how much this

renovation is even going to cost….”

 

“I don’t want to tell you what my budget is, because I want to see what ALL the contractors I’m talking to tell me it costs first.”

 

 
 
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It’s the Homeowner/Contractor Budget Dance…   

If you’ve ever had a renovation project at your home, you may have experienced this “Tango”. It can be frustrating for Homeowners AND the Design/Build firms they’re considering. So how do you realistically prepare for what a typical renovation or addition project will cost? We’ve shared Remodeling Magazine’s annual “Cost Vs. Value” report before, which is an excellent gauge for what to expect for various project costs and value for resale. If you missed this blog, please take a look at this link….  http://www.remodeling.hw.net/cost-vs-value/2018/south-atlantic/washington-dc/

Recently, Houzz published an e-book that also tackles the subject of the cost of remodeling: “Renovation Costs: Reframing Homeowner Expectations”. The link to this e-book is at the end of this blog, but I’d like to highlight one section in particular that may help with any future renovation cost expectations. 

 
  

 

“Costs in Context: Property Value”

We all know the Northern Virginia real estate market has seen lots of ups and downs over the last 10-15 years. After the bubble burst and the dust settled, it seems like we’re in a more realistic place now with regard to property values. So how can you use the value of your home as a guide for expectations of cost for various remodeling projects? As you’ll see in the article, Money Magazine interviewed a spokesman for the Appraisal Institute, John Bredemeyer. His suggestion is to budget your renovation costs based on the approximate value of each room as a percentage of the overall value of the home. For example; Kitchens should be approximately 10-15% of the total value of the home. If your home is worth 500K, you can expect your Kitchen remodel to be in the $50K to $75K range. Likewise, a Master Bath remodel comes in at 10%, which would put your remodel cost expectation for a home worth $500K at approximately $50K. According to this guideline, the following percentages are a great way to get an initial idea of cost:

 

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 Image via Houzz

 

 

Kitchens: 10-15% of total home value

Master Bath: 10% of total home value

Guest Bath: 5% of total home value

Patio/Deck: 2-5% of total home value

Finished Basement or Attic: 10 -15% of total home value

Other Rooms: 1-3% of total home value

 

This basic guideline really helps put our Northern Virginia real estate market and the cost of potential renovations into context. Check out the entire e-book with the following link…. https://info.houzz.com/eBook-RenovationCosts-Download

 

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Ready to remodel your Kitchen? Master Bath stuck in the 80’s? Need a Screened-In Porch for bug-free living? Give me a call or shoot me an email. We’ll help you plan your budget, design your space and build your dream.

“Beautiful – Functional – Comfortable…. We’ll Help You Love Where You Live.”

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Stacy S. Lensis, AKBD

Lensis Builders Inc. – 12060 Cadet Court, Manassas VA 20109 - Office/showroom: 703-367-8999 - Mobile: 703-856-5963

stacy@lensisbuilders.com - www.lensisbuilders.com

Remodeling eBook Information