August 28, 2017 in Personal Finance

The kitchen is the heart of your home, where everyone gathers to eat and talk about the day. Remodeling a kitchen has the potential to invigorate your home life.

Whether you’re fitting a few cabinets or doing an overhaul of the room to improve its flow and functionality, it pays to spend some time learning about how much it costs to remodel a kitchen.

Here’s what to know so you can devise a comprehensive plan that ensures you get the room you’ve always wanted at an affordable price.

Average costs to remodel a kitchen

The cost of remodeling a kitchen depends on the size of the space and the design decisions you make. For example, completely refitting the kitchen to the highest standards costs considerably more than replacing cabinet doors or adding a few new cupboards.

In general, homeowners spend from $12,594 to $33,118 on kitchen remodeling, at an average of $21,751, according to HomeAdvisor. It may be possible to complete a small job for as little as $4,000, while lavish projects can run more than $50,000.

Unlock the equity in your home to pay for your kitchen remodel. Compare home equity loan rates.

Factors that determine pricing

Factors affecting the cost include how long the project takes, your location, whether you have existing units, walls to tear out and whether you intend to complete any of the work yourself.

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Doing your own demolition can save money, but you need to take care to avoid breaking pipes or cutting electrical wiring. In many cases, it’s smarter to leave the job to professionals.

Setting a budget

While everybody wants the best quality possible, sometimes it simply isn’t possible.

Furthermore, sometimes it doesn’t pay to go for the highest-quality materials because the amount they add to your home’s resale value is less than the amount you spend on the work.

Materials account for about 80 percent of your budget, so making concessions on which materials you choose is a good way to cut costs. For example, rather than choosing granite countertops, pick less expensive wooden ones. Or, choose chrome handles instead of crystal ones. It’s also possible to cut costs by doing some of the labor yourself with tasks such as painting.

Breakdown of costs

As you calculate your budget, bear in mind how you intend to allocate the funds, including a reserve in case of emergencies or late-stage changes to the plan. Here’s a breakdown of kitchen remodeling costs by percentage of the total budget, according to the National Kitchen and Bathroom Association:

Percentage of total budget
Design fees 4%
Installation 17%
Appliances and ventilation 14%
Cabinetry and hardware 29%
Counters 10%
Lights 5%
Floors 7%
Doors and windows 4%
Walls and ceilings 5%
Plumbing 4%
Miscellaneous 1%

The benefits of remodeling a kitchen

If you spend lots of time in the kitchen cooking, cleaning, dining, interacting with the family or hosting social gatherings, it’s worth the effort to remodel the kitchen to suit your requirements.

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If you’re considering selling your house, potential buyers see the benefits of a well-appointed kitchen space, and this has the potential to boost your home’s resale value.

Disadvantages of remodeling

The biggest disadvantage of kitchen remodeling is the complexity of the project. A kitchen serves many purposes. Envisioning how it should all work together, and then organizing all of the relevant pipework, electrical wiring and cabinetry, is a challenge.

Conclusion

If you’ve always dreamed of a beautiful kitchen for serving meals and hosting dinner parties, a remodeling project might be just what you need to translate your vision into a reality.

Remodeling a kitchen is a complex process because of the presence of electrical wiring, plumbing and appliances, and it’s usually best to leave the work to professionals. Before you start, decide on your requirements and then lock down a budget to prevent costs from spiraling.

Ready to remodel your kitchen? Apply for a home improvement loan today.

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