- Budgeting for a large remodeling project presents a bit of a chicken-and-egg problem: Homeowners won’t have a feel for the cost until they get bids from contractors.
- But unless the homeowner give the contractors a ballpark figure from the start, the contractors will have to guess at what to include in their bids — and they’ll come back with a huge range of prices for very different plans.
- To solve this problem, homeowners should start by finding the average costs. When insurance companies need to pinpoint construction costs, they multiply the length by the width of the space and then multiply that by the project’s typical cost per square foot. Estimators who provide such data to claims adjusters and contractors use the following averages for cost-per-square foot: Kitchen, $174; Powder room, $133; Master bathroom, $160; and Family room, $92.
- Next, homeowners should tweak the costs to fit the scope of the project. The numbers above are for complete remodels, meaning the room is demolished right down to the framing and rebuilt. With a less involved project, reduce the number by about 30 percent. For a cosmetic update, as in fresh paint on the cabinets plus new lighting and hardware, reduce it by about 60 percent.
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