When planning a renovation, it can be helpful to know what kind of investment is required,, however, we are always hesitant to give a number when we receive a call that asks “how much is it going to cost?” This is for a number of reasons:
Without seeing your home, it is so hard for us to determine the scope of work.
Proper pricing takes a lot more time than you would think. It includes research, selections, and many hours of work.
Pricing is dependent on so many factors, including the finish level and even the client’s ability to make decisions.
That being said, we recently collaborated with an AMR Design Preferred Contractor, Tania Bosch of Bouwen Construction for some Investment Education for you!
Tania Bosch has been in the construction industry since 2006 and started her own company in 2020. We have worked with her on projects in the past and look forward to our continued partnership in the years to come. For more information on Bouwen Construction, please visit https://www.bouwenconstruction.ca/
Introduction to Investment Education
“We would ALWAYS recommend that a client not rely on unit rates for projects. Preliminary pricing should be prepared with consideration to what a client has indicated their wish list is.
I often use a car analogy with a client:
1. Basic Ford 2. Fully loaded Honda 3. Mercedes
If you don’t have a baseline to work against, then it is almost impossible to have a relevant framework for pricing! For this reason, it is also helpful to have the entire project team participate in project planning from as early on in the process as possible.
The pricing I have outlined can yield a beautiful finished product with some key custom features. That being said I have worked on kitchens where the millwork alone was about $350,000…before anything else was contemplated! The right team and yield great results regardless of budget.
I would say the below works on properties that are in the $750,000 – $2,000,000 range.
All numbers below include contractor fees.” –
Tania Bosch, Owner Bouwen Construction
WHOLE HOME RENOVATION
$400,000 – $500,000
This pricing assumes some exterior changes, window replacement, kitchen renovations (see above), bathroom renovations (see above), flooring replaced, interior drywall, electrical and mechanical upgrades and modifications. This could also include a small addition.
MAIN FLOOR RENOVATION
$300,000 – $350,000 (based on approx. 1200 – 1500 sq. ft.)
This would include redevelopment of a kitchen, 2 bathrooms, flooring, paint, finishing carpentry replacement, relocation of some space, new windows, and new custom millwork throughout.
$120,000 – $150,000
This pricing assumes new flooring, custom millwork, under cabinet lighting, replacement of appliances, solid surface counters, lighting, modifications to plumbing and electrical.
$90,000 – $115,000 (based on 1250 sq.ft.)
This would include bedrooms, a bathroom, open area or gym a millwork allowance in the main area and bathroom, carpet in the main area, and custom tiled tub or shower surround in the bathroom.
$130,000 – $160,000
This would be a similar price point to a kitchen renovation, assuming two bathrooms being redone and the balance of living space being updated
FULL BATHROOM RENOVATION
This pricing assumes that the space is completely demolished and includes new drywall, mechanical and electrical modifications with fixtures, plumbing (think kohler or similar),a free standing tub, custom shower, heated floors, and custom millwork.
POWDER ROOM RENOVATION
This pricing assumes that the space is completely demolished, and includes new drywall, mechanical, electrical with fixtures, plumbing (think Kohler or similar), heated floors, and custom millwork to suit the space.
WHAT ABOUT DESIGN FEES?
Design fees typically start at $10,000 and up for a renovation. On a renovation of $400,000, fees average $25,000 assuming we are designing for the renovation and sourcing a full furnishing and decor package (like the professional photos in our portfolio)
We are strong believers in investing in the lifestyle you want to live and finishing a space completely before moving onto another part of the home. We encourage our clients to invest wisely in a full plan so they can enjoy their fully finished spaces once the renovation is complete.
Decorating a whole home is much more involved than designing a floorplan and hard finishes, as there are actually many more decisions to be made than there are on the renovation side. Furniture and decor takes about ⅔ the time but is necessary for the photo-ready personalized space that you will love for life.
PHASING RENOVATIONS AKA HOW TO GET EVERYTHING YOU WANT
We often recommend clients to phase their larger renovations if they require for financial reasons. This way, we can come up with a cohesive plan for the whole home, but execute it over time so you are doing it the “right” way.
If the goal is to have a fully finished, renovated and decorated home, it is perfectly reasonable to expect the full project to take a number of years – not only for financial reasons, but also for your own sanity! (Who wants to live on a construction site?)
We hope that this article helped clear up some cost questions you may have had. While this is an overview of the investment required for renovations, remember that each project is unique and costs can vary based on supply and demand, contractor choice, and even the client’s role.