With inflation, labour shortages and demand in the housing market, it is time to discuss where prices are today for various renovations. I do not have a crystal ball and do not know exactly where the economy or the construction industry is headed, however, I do have knowledge of where we are currently. The question is routinely asked of the renovator during an initial visit with clients and most contractors would prefer not to answer without setting down and doing calculations. I will attempt to answer this question for bathrooms, kitchens and basements and additions.
Please remember an “estimate” is just that, it is based on observations, contractor knowledge and experience, product allowance and scope of work. This is why estimates often varies between contractors and it is always a good practice to get two or three estimates from Trusted – Professional renovators for your project. Another important item is that everyone should be estimating the same scope of work, same products and plans are very important.
When selecting a contractor, it is important to check references, confirm insurance and use your instincts; if a price is too good to be true, it usually is and if a contractor can start at short notice, during this busy time, this could be a read flag.
We will always require a home visit to provide an accurate estimate and to meet the client. We will always ask a client for their budget value. This allows me to make suggestions on how to stay within their means. Having a budget is important, but sometimes client’s budgets are simply unrealistic and the scope of work may need to be altered or more money must be sourced to achieve their desired renovation. Please note, all the prices noted below are based on the Halifax, Nova Scotia market, taxes are extra and they are only “ball park” estimates, based on local knowledge. Prices will change based on scope of work and condition of existing homes. Unexpected changes, like water damage or structural repairs are common and a contingency of 10% is a common starting point.
A bathroom renovation can vary from the basic demolition and installation of new fixtures, acrylic tub surrounds, and vinyl flooring ($20-25K) and more complex bathrooms with demolition to studs, tile tub surrounds and floors ($25-35K). A larger more detailed ensuite with a custom shower, vessel tubs, heated floors ($35K plus). The bathroom is possibly the most expensive room per sq.ft. in your home. Bathrooms are the most popular renovation because they add immediate beauty and function to your home, plus the moist environment and daily use by multiple people causes bathroom to simple wear out
The kitchen is often referred to as the “heart of the home” and for good reason. It is where we gather to cook, eat, do homework, and always host a good “kitchen party”. Again the size and scope of a kitchen renovation can vary greatly. A basic kitchen renovation would include removing cabinets and installing new cabinets, with vinyl flooring and laminate countertops, a smaller, basic out and in type of renovation ($30-50K). A more extensive kitchen could encompass, removing walls (structural or non structural), tile or hardwood floors, solid surface countertops, built-in appliances, under-cabinet lighting, and larger more elaborate cabinets ($50-100K plus). The kitchen renovation is often the greatest renovation investment a homeowner can make since the room is so critical to the daily function of the home.
For those wishing to add value to their home, finishing an unfinished or renovating a dated basement to create additional living space such as bathrooms, bedrooms, laundry, work-out areas, family theater, In-law suites, separate space for young adults or, if zoning allows, a rental income apartment, can be the best investment in building functionality and home equity. As you can see from the list of options, the cost of a basement renovation can vary depending on your desires. In our experience, starting from scratch, an entire basement renovation (800-1200 sq.ft.) with a 3-piece bathroom, potentially a kitchenette, will cost approx. $80-140K plus. When considering a basement renovation, it is important to recognize you are adding functional and valuable living space to your home, with income potential and this adds value within the existing space.
It is a challenge to provide an estimate or even a range for an addition as there are so many variables; foundation type, number of stories, and interior usage (kitchen, bath, etc.). Let’s assume a 4-8ft foundation wall, concrete basement floor (unfinished), and a single story addition completely finished. For this type of space, I will typically use a “ball park” value of $400-500 per sq.ft. of living space, however a smaller sq.ft. can actually cost more per sq.ft. then a larger renovation. I always recommend clients spend the time and invest money on a set of professionally prepared plans to allow clarity to the renovator, therefore a more accurate estimate.
It is a challenge to provide an estimate or even a range for an addition as there are so many variables; foundation type, number of stories, and interior usage (kitchen, bath, etc.). Let’s assume a 4-8ft foundation wall, concrete basement floor (unfinished), and a single story addition completely finished. For this type of space, I will typically use a “ball park” value of $400-500 per sq.ft. of living space, however a smaller sq.ft. can actually cost more per sq.ft. then a larger renovation. I always recommend clients spend the time and invest money on a set of professionally prepared plans to allow clarity to the renovator, therefore a more accurate estimate.
The above estimates are based on my personal experience. Remember, good planning, product research/selection, establishing a reasonable budget, and selecting a reputable and knowledgeable renovator will go a long way to achieving a successful renovation.
I hope this information is helpful as you prepare for your renovation project.
Dan Monk, P.Eng. / Red Seal Carpenter
Owner – MONK Renovations
