Before Covid, the average cost for a remodel was around $250 per square foot of finished space. Now, costs have increased to $350+ per square foot of finished space.
In searching the internet, most data will tell you $20 - $75 per square foot. This can be rather misleading, as these numbers are based on total square footage of the home, not the actual square footage of remodeled space.
Many factors affect the final cost of a remodel. With high demand and low supply, lumber prices soared during covid. We saw retail prices of plywood increase from about $12/sheet to as high as $48.00/sheet. With lumber being a significant part of a remodel, it can eat at a chunk of your remodeling budget. All materials have increased over the last couple of years. While we have seen some relief of these high prices, in general, it costs significantly more to remodel a home today than in 2021.
In our previous blog post, we delved into the misleading nature of home improvement shows. These unrealistic expectations, coupled with rising prices can sometimes result in a sense of sticker shock when providing estimates to potential clients. Conveying unfavorable news is never a pleasant experience.
At Blue Leaf Design Build and Dahlia Interiors, we specialize in assisting clients in navigating and mitigating these escalating costs. This may entail making strategic choices, such as opting for less expensive kitchen components (e.g., cupboards instead of drawers, framed rather than frameless), while maintaining a commitment to delivering a comprehensive client experience. Our approach involves not only executing the remodel but also providing education and guidance throughout the entire process, from the initial design concept to the realization of the finished product.
We strongly advocate for thorough research when selecting a contractor. It is crucial to bear in mind that, in general, opting for the least expensive option may not yield the best results, as quality often correlates with cost. Choosing the lowest bid is typically not advisable, as it may lead to unforeseen challenges. Prioritize understanding the reputation and integrity of the contractor you are considering in order to prevent potentially costly issues in the future. Investing time in scrutinizing these aspects can safeguard against undesirable outcomes and contribute to a more successful and satisfactory project experience.