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Don't let dollar signs scare you. The right kitchen remodel can actually make you money in the long run.
Big or small, the kitchen brings people together like no other room can. It's where the family flocks at the end of the day, the kids do their homework on weekends, and the party guests congregate with cocktails. As much use as the kitchen gets, it's no surprise that this room can benefit from upgrades more than most.
Beyond the beauty of new counter tops and upgraded appliances, remodeling your kitchen can greatly increase the value of your home. Even with a hefty price tag — the average cost of a kitchen remodel is $20,556 — renovating this oh-so important space can attract potential buyers and make you money in the long run (so long as you know what you're doing).
From the ideal budget to estimated costs and money-saving tips, here's what you need to know if you're considering remodeling your kitchen.
The Budget Breakdown
There are tons of homeowners out there with horror stories when it comes to renovating a room in their house. But there's a way to set yourself up for success when it comes to making money from all your awesome improvements.
If you're considering a remodel, do this math to determine your budget before anything else: Calculate 5 percent of the current value of your home — that's your minimum budget. Then calculate 15 percent of the current value of your home — that's your max. If you respect those two numbers, you're more likely to gain back your money when you decide to sell, no matter what type of upgrades you do.
With your ideal budget in mind, now you can start to get an idea of how much you should be spending on the smaller projects that go into a kitchen remodel. According to the National Kitchen & Bath Association, here's how the top costs typically break down:
- Cabinets: 30% of budget
- Appliances: 14% of budget
- Counter tops: 10% of budget
- Electrical Work: 5% of budget
- Plumbing: 4-5% of budget
- Flooring: 2-5% of budget (depending on material)
You should start by comparing quotes from local kitchen re-modelers to get an idea of your labor costs, because these can take up to 20 percent to 35 percent of a project budget. It's also wise to set aside 20 percent of your budget for unexpected costs.
What to Expect
Small Kitchen Remodel: $5,000 to $15,000
While a teeny kitchen has its drawbacks, smaller spaces are much more manageable when it comes to remodeling; you can save big by opting to do projects yourself.
Here are projects typically included in a small kitchen remodel:
- Installing storage gadgets like lazy susans, roll-out trays, double pull-out shelves and other tiered racks
- Adding countertop extensions
- Downgrading appliances to maximize space
- Painting your walls and ceilings
- Resurfacing cabinetry yourself by sanding and painting
If you want to go big, consult a contractor to see if tearing down a wall or expanding your kitchen space is possible. It may give you space to install more cabinets or add an island.
Integrity Home Pro can give your kitchen a complete facelift
As the local full-service home remodelers, Integrity Home Pro are the experts you need for all your kitchen remodeling services. We will be with you every step of the way from design to completion, ensuring that you get the kitchen of your dreams.
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