So, you’re looking to renovate. Before you get started though, you’ll need to have a budget. But, how much money should you put aside for a kitchen reno? How about a bathroom? Or bedroom? There are a number of factors at play, including the size of the room and what needs to be done; but with this handy guide, you’ll be able to budget accordingly before you begin the project.
Published July 17, 2019, Updated April 24, 2021, Updated February 8,2022
Depending on the scale of the renovation, a kitchen remodel can cost anywhere between $15,000 and $50,000. While there are definitely some ways to keep your remodel cost-effective, renovating a kitchen does not run cheap. Your remodel really depends on the finishes and the scale. If you want to elevate the look of the room without blowing the budget, look into refacing or painting your cabinets instead of swapping them out for new ones. You can also choose cost-effective products and finishes (some cost less than $100!) that will allow you to add value to your home, while also staying within budget.
Once again, the pricing of the renovation is dependent on the scale and the overall look you are trying to accomplish. If you are replacing carpet for hardwood, painting the walls or simply updating the look of the space, a bedroom renovation will cost you between $5,000 and $10,000. While the primary bedroom is a big feature in any home, I would suggest not breaking the budget on this room, as there are other spaces within the home that can greater increase your ROI and can better increase the value of the home.
A neglected bathroom doesn’t do well for the value of your home. A bathroom update is always a good investment, but can cost you around $8,000 to $12,000, depending on the size of the space and the finishes. There are cost-effective solutions when renovating a bathroom, including cleaning up the grout, adding new hardware and new flooring. Decide what would work best for your space and your budget and go from there!
A basement renovation can be a big job. If you’re looking to take on the basement renovation yourself, it could cost you anywhere between $10,000 and $15,000 for a basement averaging 1,000 square feet. If you’re looking to hire a professional, this can increase the cost to approximately $20,000 to $25,000. While a basement renovation can lean on the pricier side of home renovations, it can greatly increase the overall value of your home.
Most living room renovations focus on cosmetic updates, such as adding new flooring, painting or upgrading lighting and finishes. This could run you anywhere between $5,000 and $12,000. If you are looking to take on a full gut of the room, this will cost you approximately $100 per square foot.
I often see homeowners ignore their landscaping when it comes to home updates. While it may not seem like a ‘renovation’ project, this is an important area of the home to focus on. Many times, the landscaping of a home can make or break its overall value. While you can update the look of your yard by doing basic gardening and lawn care, for those looking to add in a stone walkway, flower beds or a back deck, it can lead to an increased ROI. Depending on the work and finishes in the yard you are looking to have done, a thorough landscaping update can cost you anywhere between $10,000 and $20,000.