The cost of a kitchen or bath remodel
The nation’s spending on kitchen and bath remodeling is expected to reach $67 billion this year, according to Remodeling magazine, with at least twice as much being spent on kitchens as baths. So how much can you expect to spend on your remodeling project?
The average cost nationally for a complete remodel of a 200-square-foot kitchen is nearly $40,000, according to Remodeling magazine. The average cost to remodel a 45-square-foot bathroom is nearly $10,000.
In the Boston area, the costs are slightly higher. According to a study by Harvard’s Joint Center for Housing Studies, the average cost of a kitchen re-do in the Boston area is nearly $46,000 and the average cost of a bathroom remodel is nearly $11,000.
Wondering if your kitchen or bath renovation is a smart investment? Consider this: You can expect to recoup about 80 percent of a kitchen remodel and up to 90 percent of a bathroom remodel when you sell your home, according to Remodeling magazine’s 2004 Cost vs. Value Report.
Where is the money going?
Cabinets account for the largest percentage of the budget for a kitchen or bath remodel. Expect new cabinetry to eat up 36 percent of your kitchen budget and 21 percent of your bathroom budget, according to the National Kitchen and Bath Association.
Countertops and appliances take the next-biggest chunk of the budget: 14 percent for kitchen countertops and 11 percent for the bath. Appliances account for 12 percent of the kitchen budget and 15 percent of the bath.
Trends
According to a survey done by Sovereign Marketing Research for the NKBA, the kitchen has become the hub of the home, and many clients are asking for kid-friendly designs with entertainment centers. Stainless steel appliances remain popular, along with granite countertops and nickel faucets.
The bathroom, on the other hand, is now viewed as a refuge. Spa/steam shower systems, warm woods, granite countertops, nickel faucets and neutral colors are sought after.
Source: National Kitchen & Bath Association
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