Remodeling Costs in 2021: What You Need to Know

Looking to start a remodel? Here’s what you can expect, cost-wise.

Are you looking to embark on a renovation or remodel project this year? If so, get excited! There’s nothing quite as fun as a homeowner as getting to start on a new home project, and it’s the best way to either completely facelift your home or just add a little extra something to it. Whether you’re ready to tear apart your kitchen or you’re adding on a home office, the best thing about remodels and renovations are the flexibility you can have.

However, renovations and remodels aren’t inexpensive — you’re probably wondering how much money to set aside. From small to large to everything in between, here’s your guide to remodelling costs in 2021.

How can you budget for a remodel in 2021?

When planning for a remodel, the best first step is usually deciding on budget parameters that you and your builder can follow. However (especially if you’re new to renovations), it can be hard to plan for costs. Here’s what you need to do:

• Decide on your non-negotiables: To start planning out budget parameters, you need to decide on your musts for your renovation. For instance, if you’re remodelling your kitchen, are you married to the idea of new cabinets but only so-so on the idea of a new floor? If you’re remodelling a bathroom, do you want all-new fixtures, or would you rather have a steam shower? By making a list of your non-negotiables, you can have something to work from.
• Do some market research: Next up, it’s time to find out what things are currently costing in your area. Start gathering data that will help you build out a realistic budget. While there are always some general parameters you can follow for certain types of renovations, it’s always a good idea to do a little market research before committing to anything.
• Interview several builders: Unless you’re prepping for a DIY remodel, do your due diligence by interviewing several builders. From deciding on a budget to getting expert advice to truly gaining clarity on your project, the right builder can be a huge help.

What are typical remodelling costs?

When it comes to typical remodelling costs in 2021, it all comes down to the scale and scope of your project. After all, a small renovation will likely cost less than a huge one — and it’s a very individualized cost. However, here are some general guidelines to expect:

• Kitchen remodelling costs: Expect between $20,000-$200,000 for a true kitchen renovation.
• Basement renovation costs: Depending on the scope, expect anywhere from $25,000-$200,000 for a basement renovation or remodel.
• Bathroom remodelling costs: Expect between $10,000-$100,000 on a bathroom remodel.

What are the next steps?

After you’ve started to define what you truly want from your remodel — and how much money you want to spend — it’s time to join forces with a builder you love and start making some serious remodel magic. If you’re in Ontario Cottage country, our Gilbert + Burke team is exactly who you want at your side.

With years of experience building and designing luxury homes for discerning clientele across the province, we’re here to help. Contact us today, and let’s start something great.