A recent Houzz survey found that 2015 home buyers spent $66,600 on renovations, while would-be 2016 home sellers spent $36,300 on renovations.
Be Up Front About Your Number
It’s helpful to be honest about your budget with the professionals you contact. Pros typically work with clients whose budgets are within a certain range. (Sometimes a pro’s range can be found on his or her Houzz profile.) If you fall in love with a pro whose projects start at $50,000, but you have $5,000 to spend, you’re probably not a match. Some homeowners pay a high-end designer to create the initial plan, only to realize that the products and materials suggested are out of range.
Homeowners without constrained budgets may be afraid to be too forthcoming for fear that pros will push them to spend more than they would like. That’s where checking references and finding people you can communicate with comes in. In the process of vetting the pros you are considering, you will find reputable people who will not push you but use your target number to help guide your plan.
Some Averages to Go On
If you have never renovated or built a home, you may have no idea how much it’s going to cost. To give you a sense of average budgets, here are some recent stats: People renovating kitchens had budgets ranging from less than $5,000 to more than $100,000, according to a survey of nearly 2,500 owners conducted by Houzz. One-quarter of renovators had budgets of $25,001 to $50,000, while 20 percent had budgets of $15,001 to $25,000. Only 10 percent had budgets of $5,000 or less, and only 6 percent had budgets of more than $100,000. The range of figures here is national; it should be noted that renovation costs vary by region and even city.
That said, not everyone stays on budget — and that’s true regardless of geography. Only about one-third of Houzzers who renovated last year stayed on budget, while just 3 percent came in below budget. Another third exceeded their budgets, while the remaining third had no initial budget at all. Among those who exceeded their budgets, the top reason was selecting nicer finishes or materials.
Major kitchen renovations cost an average of $50,700 for spaces 200 square feet or larger, while major renos in smaller kitchens cost about half that, according to Houzz data. A major kitchen renovation includes at least replacing cabinets and appliances. Major master bathroom renovations cost an average $25,600 in rooms at least 100 square feet and about half that for smaller bathrooms. A major bath renovation includes at least replacing the vanity or cabinets and countertops and toilet. Doing it yourself, of course, is less costly.