Originally Posted by explanade
Home Depot says 5% is the typical cost of a kitchen remodel and showed me a chart claiming that average kitchen remodel in the Bay Area was $71k.
Had a couple of contractors out, one came with an estimate of about $45k for the kitchen and 2.5 bathrooms. This includes new floors and lighting, counters and cabinets. Does not include appliances, sinks, plumbing fixtures.
Another estimate was about $70k, including about $5k for appliances.
Is there some rule of thumb for how much remodels should costs, how much value they'd add, etc?
Anyone here deal with these issues? Not necessarily in the context of ER -- still working here.
I purchased a 50 year old home 3 years ago in St. Louis. Tackled the remodel of the kitchen and 2 bathrooms (small) myself. Had a carpenter do the demo/studs/electrical/drywall, while I did the painting and tile work, and found a cheap countertop guy to do my countertops.
I wouldn't necessarily be stuck on x% of your condo cost, since your specific decisions on what to go with can vary GREATLY. As an example, just cabinet choices alone can range from
---simply repaint/refinish them, either yourself or paying someone
---repaint/refinish plus new doors for a new look
---entirely new cabinets....which then ranges from lower cost standard looks to custom cabinetry.
The cheapest option on just the cabinets can range from $1,500-$2,000 (refinishing/repainting by a contractor) to $30,000 for higher-end cabinets and countertops.
My advice: make sure you understand completely what each bid covers, with a product sample (not only for finish color, but also quality of the cabinet/wood) and clear list of what the contractor includes and excludes.
As long as you aren't rewiring things, a 'simple' cabinet removal and replacement, with perhaps a little minor electrical work to move a few outlets shouldn't result in too many unforseen things, and should allow you to get fairly straightfoward bids without too many unforseen extras.
One biggie: electric for a stove might have to change if a new range/oven requires more power than the existing electric oven/range circuit has).
Same deal w/ bathrooms - are you looking to simply change out the vanity/plumbing fixtures? Or are you expanding/demoing/moving a wall? Tearing out tile and putting in new tile? Big difference in costs.
In terms of resale value, an often cited percentage is that bathrooms and kitchens usually offer more bang for your buck - although it's relative, since very few renovations actually yield a positive return. A good kitchen/bathroom remodel could recoup 70%-80% of your construction cost when you resell it.
You could simply surf a site like realtor.com to see currently listed condos in your area to see what they are listed for, and see what condition (old/updated) their interior pictures indicate to get a feel for how it might impact your resale value.