What is A Realistic Budget for a Kitchen Remodel?
A kitchen remodel is one of the best investments you can make for your home. Studies show that you can recoup up to 80% of your investment in increased home value.
A well-designed space not only improves efficiency but also contributes to your overall enjoyment of your home. The question for many people isn’t whether a remodel is a good idea or not. It’s whether they can afford to even think about investing in such a project.
Below, we discuss the cost of redesigning your kitchen so you can set a realistic budget.
Kitchen Remodel Budget Brackets
No one wants to start the makeover process only to find that they can’t afford to complete the project. It’s best to start off with a budget and work on a project that you can complete confidently. As a general guideline, it is a good idea to set aside 5% to 15% of your home’s total value for your project. For example, if your home is valued at $400,000, you should set aside $20,000 to $60,000 to comfortably transform your space into one that you will truly love.
It’s important to note that the project scope will play a major role in determining how high or low the cost of the project will be. Determining the project scope from the start will help you determine approximately how much you should set aside. The average kitchen remodel cost will vary based on the project scope, as shown below:
Minor remodels – these are budget-friendly projects. They can cost anywhere from $5000 to $15000. They may involve tasks such as new paint, replacing hardware, and basic appliance or countertop updates.
Mid-range remodels – these remodels are more extensive than minor remodels. They may involve updates such as semi-custom cabinets. They may also involve the use of higher-quality materials such as stone counters and new mid-tier appliances. With a budget of $25000 - $50000, you can even make some minor layout changes.
High-end remodels – these upscale remodels involve upgrading to premium appliances and custom cabinetry. They may also involve the use of luxury materials and extensive structural changes. These projects can cost over $100,000
What Influences the Cost of Remodeling a Kitchen?
The actual cost of transforming your space will depend on various factors. These include:
The size of the kitchen – larger kitchens require more materials and labor
Changes to the layout – changing the layout of your space can be expensive. However, the cost depends on the types of changes made, e.g., moving walls can be cost-intensive.
The complexity of the project – does the remodel involve the simple replacement of appliances, or is it a custom redesign involving structural work? Complex projects requiring specialized skills and machinery are often cost-intensive.
Kitchen Remodel Cost Breakdown
Various elements of the project also influence the total cost of the project.
Cabinets – These can cost between $3000 and $30,000 depending on the quality, size, and level of customization.
Countertops – The cost of these starts at $2000 and can go over $10,000 depending on the materials used. Granite and quartz are emerging as popular choices for their durability and style.
Appliances – These can cost from $2000 to over $15,000. High-end energy-efficient models with smart technology are often more expensive.
Flooring – The cost of finishing your floors can be anything between $1500 and $10,000, depending on the type of tile chosen. Wood, vinyl, and tile are popular choices for floors in the kitchen.
Backsplash – this costs between $800 and $2500, depending on the material used.
Lighting – This can cost anything from $1000 to over $5000, depending on the type of fixtures chosen.
It is also important to include the cost of inspections and other extras in the total kitchen makeover cost. Having a detailed plan can help you save and stay on budget throughout the project.
Contact us, Design and Build NW, to discuss your plans and get an accurate estimate so you know what you’re getting yourself into.