The Cost of Home Renovation in New York City

A dream renovation can be costly. For example, you might spend on average $40,000 for a NYC bathroom renovation, while a major kitchen renovation can cost about $100,000. And even though those funds are well spent improving your home, it’s useful to know exactly where that money goes. We asked Hope Holland, a project planner at Block, to explain the most common and often unanticipated costs of a home renovation in NYC.

Labor & Construction

Whether you’re keeping everything in the same place or moving the plumbing around (which can require permits and specialized labor), the bulk of your cost will go towards labor/construction. Some rooms are pricier than others. For example, 80% of the total bathroom renovation budget covers your construction costs; whereas, in a kitchen, it’s closer to 40%. In prewar buildings, replacing copper can cost over $1,700 while replacing shutoff valves can be $300-$500. If you use a company like Block, their longstanding relationships with vetted contractors can help keep these costs to a minimum.

Cost of Materials

There are certainly ways to save with materials, but if you are redoing an entire home, the material cost can add up. Think about what you might need: tiles, vanities, mirrors or medicine cabinets, light fixtures, tubs, toilets, and plumbing fixtures. A lot can go into a tiny space! Many NYC residents choose to upgrade their bathrooms with a shower niche ($500-$700), a heated floor ($500), or a hand shower ($400). On the other hand, you may choose to keep your tub (saving $800-$1,200) or embrace your flusho-meter toilet (which costs $1200 to change.)

Building Requirements and Fees

If you do anything beyond cosmetic work, it’s safe to say a permit could be required. For example, a master licensed plumber requires an extra $1,500 and a master licensed electrician will cost $1,200 in permit fees. If you’re in a pre-war building or don’t have drywall, it could cost over $8,000 to knock down a wall. An older building might also require replacement of the piping in the walls, which can increase your cost by a couple thousand dollars and also trigger another permit.

Unforeseen Circumstances

It’s wise to reserve a little extra in the home renovation budget for anything that might come up—from water damage to plumbing relocation for specific fixtures. After hundreds of renovation jobs, Block understands how to anticipate and budget for potential risk. They will also make payments less stressful with low monthly payments and/or their build now/pay later plan. And while it may be hard to make that initial investment, remember that most sellers earn back 62% of what they put in, and in the meantime, you are making your home more efficient and comfortable for your family.

Block Renovation | blockrenovation.com