Remodeling a kitchen is one of the first projects homeowners start on, but it’s also the most expensive. If you have an older kitchen that’s ready for a boost, it’s important to make sure that your budget is able to keep up with your kitchen remodel ideas.
However, it’s important to remember that if you’re planning on selling your house soon, you can recoup some of the costs. In fact, Remodeling Magazine’s 2019 Report found that homeowners are able to recoup 60 to 80 percent of their costs.
If you’re ready to get started, read on to learn how to set a proper budget for your new kitchen installation!
What is the Typical Cost of Remodeling a Kitchen?
If you just want to know how much does it cost to remodel a kitchen, you can expect anywhere between $5,000 and $30,000 and more. The kitchen remodeling cost on the low end is about $5,000. This is when you opt to DIY all of the major upgrades, such as painting walls, upgrading hardware, and upgrading a few appliances.
The cost goes up by the thousands when the need to hire contractors becomes apparent. This is necessary when you plan to install semi-custom cabinets, a new sink, and replace your countertop with higher-quality materials.
The $30,000 cost is expected if you want a full kitchen remodel. This includes new lighting, flooring, and structural changes such as knocking out walls and changing the kitchen layout.
How Do I Start Budgeting?
Now that you know the general cost of a kitchen remodel, you may be asking yourself how you even begin to start your budget. First, it’s important to take a few hours and take a look at your kitchen. Consider the changes you want to be made and whether you want them done immediately or in a few years’ time.
Remember that if you’re selling your home in the near future, a complete remodel is unnecessary. This is because you’ll never know what your buyers will prefer, and you’ll most likely experience diminishing returns the more you spend.
Break your budget down into separate items, such as:
Consider whether you just want a cosmetic upgrade, as upgrading the floors and painting walls may be all you need to do to achieve the look you desire. A general rule of thumb for kitchen budgets is to spend five to 15 percent of your home value on the kitchen. You’ll also need to consider that you can drive costs down by doing as much work on your own as you can.
Once you decide on a budget, it’s important to set 15 to 20 percent aside in order to account for emergency repairs or higher costs than you expected.
How Do I Make It More Affordable?
Even if you’re on a mid-range budget, there are several ways you can make a kitchen remodel slightly more affordable to you. However, don’t go with the most affordable option if you can’t see yourself liking it in a few years’ time.
A good kitchen remodel is both functional over the span of years and its design also has longevity.
This means that instead of following the latest trends, you’re making design choices that suit your own personal style as well as the rest of your family. Here are a few more tips:
You can expect to spend between $2,000 to $10,000 for upgrading all of your kitchen cabinets. If you want to save money, consider simply repainting them instead of completely replacing them. Homeowners also have the option of upgrading the hardware.
Countertops are another way to completely change the look of your kitchen. Popular materials such as stone, quartz, granite, and marble can cost anywhere between $4,000 to $7,000. You save yourself thousands of dollars by opting for the less expensive laminate, tile, or concrete.
Flooring is another way to drastically change the look and functionality of your kitchen. While real hardwood floors can cost $4,000 and upwards, it’s important to remember that they require upkeep. Laminate and tile can cost you half that.
Upgrading your appliances is especially recommended because if you have older ones, they can save you a substantial amount in energy costs throughout the year. Energy-efficient appliances can go from anywhere between $400 to $5,000. If you only have a budget for one appliance now, we recommend starting with the refrigerator.
Hardware is one of the easiest and cheapest ways to give your kitchen a lift, and you can do it all yourself too. You can expect to pay between $2 to $20 per piece.
Upgrading the electrical wiring and lighting in your kitchen is recommended when you’re going through a remodel. Plus, new overhead or track lighting can easily modernize your kitchen. You’ll be paying the most for your electrician–expect to pay between $50 to $100 per hour.
Beginning Your Kitchen Installation: Plan Ahead
It’s important to remember that planning ahead for your kitchen installation will save you time, money, and headaches in the long run. When you begin deciding your budget, pay attention to the necessities, and determine what your goal is for your kitchen. For instance, if you want to give your home a lift before it goes on the market, costly kitchen renovations aren’t necessary.
On the other hand, if you’re a new homeowner that’s purchased an older home and expect to live in it for years, a full renovation may be exactly what you’re looking for. If this is the case, decide what you can do on your own and then begin budgeting for the renovations that require specialized experience from contractors.
Looking for the best custom kitchen solutions offered by fully licensed and insured contractors with experience? Contact us today for a free quote!