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There’s no question that remodeling a kitchen is a big job. Depending on your goals, it can cost as much or way more than say a new car. (Ha!) It’s good to start by asking yourself a few questions. Here’s five you want to sort through. By asking and answering these – it’ll inform the big one: How Much Does Kitchen Remodeling Cost?
1) How Much Will a Kitchen Remodel Cost?
Just like any big project, you need to budget for you kitchen remodeling project. You should only spend what you can afford, so make a budget and stick to it. Hiring a designer can help you get the most out of your money, since they know material and labor costs. If you prefer not to take money from your savings, you have the option of taking out a home equity loan or financing through the kitchen remodeling company you use.
2) How Can I Cut Kitchen Remodeling Costs myself?
What you can do to cut costs yourself depends on your skill level and ability. You should be able to help with the demolition process, like tearing out old cabinets and ripping up carpet or flooring. You can also paint or wallpaper to save money. Unless you are trained, you should leave plumbing and electrical to the professionals – you don’t want to do the job wrong and violate building codes or create safety hazards. You should also let the pros install the cabinets so they are level and look perfect. Your cabinets and counter tops will probably be your biggest expense, so it is imperative that they are installed correctly.
3) Where Will Most of my Kitchen Remodeling Budget Go To?
- Kitchen cabinets
- Counter tops
- Workmanship
Kitchen cabinets account for about half the total cost of a kitchen remodel and will have the greatest impact on your budget. Cabinets range in price considerably based on:
- Material Quality – What type of material are the cabinets made of?
- Are the cabinets ready-made and in stock?
- Are the cabinets custom-produced specifically for your kitchen in whatever sizes are needed?
You can also spend a considerable amount of money on counter tops, backsplashes, and floors. Be sure to hire a remodeling company with long experience and skilled workers. If you decide to hire a designer, his or her fees need to be calculated in the total cost.
4) What is the Payment Process for a Kitchen Remodel?
Some remodeling firms usually require payment of 50% of the overall estimate before they start. Then, you’ll pay an additional amount when the cabinets are installed – usually 40%. You’ll pay the remaining balance, or 10%, when the project is completed. If you hire a designer, you may also have to pay a retainer fee at the beginning of the project.
5) What Return On Investment Can I Expect from my Kitchen Remodel?
While kitchen remodels have historically yielded a return on investment (ROI) of 80-100%, those ratios have been down in recent years. That means that the value you can expect to recoup on the project is still very close to what you spend on the remodel.
According to the National Association of Realtors 2011-12 Cost vs. Value Report:
- The average “upscale kitchen” remodel cost $110,938 and had a payback of 57.4 percent.
- A midrange “major kitchen” remodel cost $57,494 and had a payback of 65.7 percent.
- The average “minor kitchen” remodel cost $19,588 and had a payback of 72.1percent.
Many homeowners purchase based on their emotions and that accounts for the high ROI. If a potential home buyer walks into a home and sees a run-down kitchen, they may envision the time and money they will have to spend on updating the kitchen.
On the contrary, if the potential homebuyer walks in to see a beautifully remodeled kitchen, they are more likely to become excited about the home. Not only do you get an outstanding return on your investment, you get to enjoy the benefits of your newly remodeled kitchen until you are ready to sell your home.
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Editor’s Note: A large percentage of any remodeling job is planning. By asking yourself these questions you’ll be sure to get it right. For plenty more on kitchens stay right here. Otherwise, to learn more about budgeting for a kitchen remodel, here is a nice article from HGTV – 10 Steps for Budgeting a Kitchen Remodeling. For the latest up to date costs, one-time partner, Home Advisor – 2023 Kitchen Remodeling Costs. ~jb