Renovating your kitchen is a cost-effective means of increasing your home’s value. So, whether you plan to sell your home or not, a kitchen renovation will help increase the value of your home.
However, you certainly want to know how much a kitchen remodel costs when planning to renovate your kitchen. This, of course, will prepare you for how much to budget for the kitchen renovation project.
Wondering how much a kitchen remodeling project will cost? Read on. This article gives a detailed guide on kitchen remodeling costs and the factors determining the price.
What Is The ROI On a Kitchen Renovation?
First, it is essential to see kitchen remodeling as a project that will add value to your home. This is most important when planning to sell your home. While it helps to sell your home faster, it will also attract buyers willing to pay higher prices. Before investing in a kitchen remodel, you want to know what value to expect from the project to know if it is worth the investment.
However, how much value to expect from a kitchen renovation depends on the extent of the renovation. While a midrange remodeling can guarantee a 48.6% return on investment, a minor remodel will return about 60% of your investment.
The value of kitchen renovation doesn’t stop at selling the house. Even when you are not planning to sell your house, the sense of enjoyment you have when using your kitchen is an excellent payback for the remodeling project.
What Is The Average Cost to Renovate a Kitchen
The cost of kitchen renovation varies. While you can get a simple kitchen renovation for as low as $30,000, a lavish renovation can cost $100K or more.
However, HomeAdvisor pegs the average kitchen renovation cost at $12,567 to $34,962.
No matter the above cost, it is ideal to speak with a remodeling contractor who considers the necessary factors and estimates how much to budget for your kitchen remodeling. A professional kitchen remodeling contractor will be willing to discuss each step of the job with you, so you understand how much your kitchen renovation will cost.
Another helpful metric in estimating these cost is to base the price on 7-15% of the home’s value. This formula says the average cost is 7-15% of the home’s value. For example, if you have a $200K home, budget between $14K and $30K for your kitchen renovation.
What Are The Factors That Determine Kitchen Renovation Costs?
Again, different factors determine the cost of renovating a kitchen. Some of the common factors and their impacts include:
Kitchen Size: the kitchen size is a leading factor in determining the cost of renovating a kitchen. Undoubtedly, larger kitchens cost more to renovate than smaller kitchens. Hence, expect to spend more on your oversized kitchen than your neighbor spent on his smaller kitchen.
Type of Renovation: kitchen renovation is of different levels, and each level carries a different price range. For example, if you only want to improve your kitchen floor, you will spend less than overhauling the entire kitchen. So, the deeper you go into renovating your kitchen, the more it costs you.
Material Choice: the choice of materials for your kitchen renovation also affects the project’s cost. While high-quality materials look better and easily bring out the best in your kitchen, they cost more. Hence, plan to spend more on your kitchen cabinet with high-end materials.
Finishes: though finishes usually come last in a renovation project, they shouldn’t take the back burner when estimating the kitchen renovation cost. Painting, staining, and any other finishes you choose for your kitchen remodeling will influence the project’s total cost.
Age: this is also an essential variable when deciding on the cost of remodeling a kitchen. Since newer kitchens have more up-to-date features, electrical, plumbing, and appliances, they cost less to renovate than older kitchens.
Damages: This is the first point of contact before any renovation begins. Your kitchen contractor will first deal with damages, such as water damage and wood rot, before forging on to the renovation proper. Hence, expect to spend more on your kitchen with damages.
As explained above, kitchen renovation costs vary with different factors
However, regardless of other factors, never compromise on quality materials and a professional contractor. While choosing high-end materials will help add tangible value to your kitchen, they also promise a longer lifespan.
Also, hiring a professional kitchen remodeling contractor means trusting your project with a competent hand.