By George DeMare, Vice President Business Development–
As most contractors know, the average cost of home improvement projects can vary widely depending on the area of the country where the work is being done, the quality tier of fixtures and materials going into the design, and the skill level of the craftsman.
A bathroom that uses stock materials from a big box store will cost significantly less than one that utilizes custom cabinetry and high-end fixtures. A contractor that puts in a basic kitchen can charge less than it would cost to involve a kitchen designer.
Prices can be crafted to fit most budgets so it can be helpful, as a frame of reference, to have the average cost of home improvement projects in mind when pitching clients. To that end, we’ve compiled average prices for many of the most common home improvements below. You can use these as a baseline, or as a quick figure when engaging prospects initially. Let’s get started!
Average Cost of Kitchen Remodels
Kitchens are one of the most frequently remodeled rooms in a house, and there are many ways that contractors can refresh the look of the space. The national average for a mid-range remodel is roughly $20,500. Depending on whether a customer is looking for a complete gut-and-replace job or just wants to make minor updates, the cost can be dramatically different.
Minor Remodel: $5,000 to $15,000
Small jobs may include taking down walls to open the floorplan, updating fixtures and appliances, refacing kitchen cabinets, extending a countertop, or putting in updated lighting. These are small changes that update the look of the kitchen but don’t substantively change the structure.
Full Remodel: $10,000 to $30,000
This range covers remodels that drastically change the design and/or layout of a kitchen. You’ll be installing updated stock cabinetry, putting in new appliances, and installing new countertops, fixtures, and flooring.
Using less expensive materials, like vinyl flooring and laminate countertops will price projects on the lower end of this range, whereas more expensive materials like granite countertops and designer tile will push the cost higher.
High-End Remodel: $30,000+
High-end kitchens feature custom cabinetry, premium appliances and fixtures, exotic materials, and other amenities that wouldn’t fit into lower budget projects.
Average Cost of Bathroom Remodel
Bathrooms are a popular remodel because, like kitchens, they recoup a significant portion of their cost when selling a house, and so they’re a good way to boost a home’s value. The current national average price for a standard bathroom renovation is $10,000, but the range of prices around this average is fairly large.
Basic Remodel: $4,000 to $13,000
A basic remodel assumes low-end fixtures and hardware, stock cabinets, and laminate or basic tile countertops. This renovation won’t win any design awards, but it will be a nice, functional replacement for an aging bathroom.
Mid-Range Remodel: $18,500 to $28,000
In this price range, you can afford your customers higher-end cabinetry, more stylish fixtures, and a wider range of tile and countertop materials. Mid-range bathrooms begin to differentiate themselves from the stock bathroom look.
High-End Remodel: $36,500 to $55,500
These bathrooms are high-design and high-style. Customers can get custom showers with separate soaking tubs, custom cabinets made from a wide range of materials, and premium countertops, fixtures, and flooring materials. Interior designers are generally enlisted to create signature bathrooms that make a statement.
Average Cost of Basement Remodel
There are many factors that go into the cost of a basement remodel. You may be hired to renovate an existing basement or finish a basement for the first time. Putting in a basement bathroom where one didn’t exist before can drive up the cost, due to the labor-intensive plumbing work required.
Currently, the national average for a basement renovation is roughly $20,000. Some minor renovations can be done for as little as $5,000, with full-featured, new basements exceeding $40,000. Depending on how extensive the renovation is, consumers are generally looking at a cost between $10 and $35 per square foot.
Installing a new HVAC system can make a big difference in how comfortable a home is. The national average to install a new system is $3,000 to $15,000, depending on whether new ducting is needed, and the required system size.
There a number of options open to consumers today, though they may not all be available, depending on where in the country the system is being installed. If customers want to go green, they can opt for solar. This is significantly more expensive but can pay for itself in a number of years. The average price for an installed solar system is $19,500.
Average Cost of Replacing Roof
Most roofs in the United States are covered with asphalt shingles. They strike a nice balance between cost and life expectancy. Depending on the quality of the tile, these roofs will generally last between 20 and 30 years. The average cost to replace them when they reach their end is about $7,000.
The other options available are generally more expensive. Some, like slate, last significantly longer. Others, like wood shakes, look great, but degrade quickly and need to be maintained.
Real wood shakes average $6,800 to $20,000 depending on the style and the size of the roof. Simulated wood shakes cost more on average, at $12,600 to $18,900, but they enjoy a much longer life.
Metal roofs are extremely strong and long-lived, but customers pay a premium. They should expect to spend between $5,100 and $24,200 for steel and aluminum or between $25,500 and $39,600 for copper.
Tile roofs are another strong choice, and they’re easy to install. Most of the cost comes from the materials. Tile roofs run between $7,650 and $60,000, a wide range to be sure.
Slate is one of the most durable roofing materials. If properly maintained, slate roofs can last up to 200 years. However, if customers find they need to replace them, the cost can be quite significant. Depending on the size and complexity of the job customers may spend between $17,000 and $120,000.
Make Financing Easy for Your Customers
The average cost of home improvement projects can be quite expensive. In order to make financing easy on your customers, consider home improvement financing for contractors from AmeriFirst Finance. We can get your customers approved in the middle of your sales call, relieving the stress of payment, making it much easier for them to sign.
To find out more about how you can provide fast, affordable financing to your customers, check out all the programs available from AmeriFirst Finance.