SpotlightFebruary2018

the home” and for good reason. It is where we gather to cook, eat, do homework and always host a good “kitchen party.” Again, the size and scope of a kitchen renovation can vary greatly. A basic kitchen renovation would include removing cabinets and install- ing new, with vinyl flooring and laminate countertops ($15-25K). A more extensive kitchen could encompass, removing walls, tile or hardwood floors, solid surface coun- tertops, built-in appliances, under-cabinet lighting and larger more detailed cabinets ($50-100K plus). The kitchen renovation is often the greatest renovation investment a home owner can make since the room is so critical to the daily function of the home. Basements – For those wishing to add value to their home, finishing an unfinished or reno- vating a dated basement to create additional living space such as bathrooms, bedrooms, laundry, work-out areas, family theater, In-law suites, separate space for young adults or, if zoning allows, a rental income apartment. As you can see from the list of options, the cost of a basement renovation can vary depend- ing on your desires. In my experience, starting from scratch, an entire basement renovation with a 3-piece bathroom will cost approx. $45-85K plus. When considering a basement renovation, it is important to recognize you are adding functional and valuable living space to your home and this adds value. Additions – It is a challenge to provide a price estimate or even a range for an addition as there are so many variables; foundation type, number of stories and interior usage (kitchen, bath, etc.). Let’s assume a 6-8ft foundation wall, concrete basement floor (unfinished) and a single story addition com- pletely finished. For this type of space, I use a

By Dan Monk, P.Eng., Red Seal Carpenter and Owner of MONK Renovations T his question is routinely asked of the renovator during an initial visit with clients and most contractors would prefer not to answer without sitting down and doing calculations. I will attempt to answer this question for bath- rooms, kitchens, basements and additions. Please remember an “estimate” is just that, it is based on observations, contractor knowledge and experience, product allowance, scope of work, etc. This is why esti- mates often varies between contractors and it is always a good practice to get two or three estimates from Trusted – Professional renovators for your project. I will always ask a client for their budget value as this allows me to make suggestions on how to stay within their means. Having a budget is important, but sometimes client’s budgets are simply unrealistic and the scope of work may need to be altered or more money must be sourced to achieve their desired renovation. Bathrooms – A bathroom renovation can vary from the basic demotion and installation of new fixtures, acrylic tub surrounds and vinyl flooring ($10-15K) and more complex bathrooms with tile tub surrounds and floors ($15-18K). A larger more detailed ensuite with a custom shower, vessel tubs, heated floors, etc. ($18-28K plus). The bathroom is possibly the most expensive room per sq.ft. in your home. Bathrooms are the most popular renovation because they add immediate beauty and function to your home, plus the most environment and daily use by multiple people causes bathrooms to simple wear out. Kitchens – The kitchen is often referred to as the “heart of

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SPOTLIGHT ON BUSINESS MAGAZINE • FEBRUARY 2018

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