A home’s kitchen is the heart of the house. The meals that nourish a family are prepared and served there. Days are rehashed among friends over comfort food, and children’s artwork gets hung on the fridge and walls like priceless works in a museum. Because a home’s kitchen is so central to the overall mood of a home, it’s also central to a house’s market value and why many homeowners do a kitchen remodel when it starts to get worse for wear.
Spending money on a kitchen remodel can be an exceptionally smart investment in your home. Most people recoup the cost when they sell as long as the kitchen remodel isn’t extravagant and is done with a neutral, mass appeal.
Average cost of a kitchen remodel
The average amount a homeowner spends on a kitchen remodel comes out to be around $22,000. However, a small remodel that does the most basic updating, such as painting, refacing cabinets, new sink and fixtures, and backsplash installation, is generally half the average cost, coming in around $10,000.
If you have your heart set on your dream kitchen with every culinary refinement and custom work, you should expect to spend over $40,000. This includes an entire redo, with custom cabinets, premium flooring, new stone countertops, all new top-of-the-line appliances, high-quality fixtures, and custom backsplash.
Planning a kitchen remodel
When planning a kitchen remodel, there are a few things you need to ask yourself before you begin the physical process:
- What is your goal for your new kitchen? Is your ultimate plan to update and sell your home in the near future? Or, are you planning on staying in the home for several years and would like to customize this kitchen to fit your esthetics and needs?
- How do you want your kitchen to function? Take into consideration how often you cook, if you entertain a lot in the space, and if it’s the main place or only place in your home to sit down and eat a meal.
- Does the size and configuration of the kitchen work well for your needs? If the kitchen design is awkward and small or is a barrier to you physically, then a more extensive remodel may be needed to make extra space. This will bring the cost of the kitchen remodel up considerably but having a kitchen you and future homeowners can use is worth the extra cost.
Building a budget for your kitchen remodel
When calculating how much you should budget for your kitchen remodel, it helps to understand the typical breakdown of where your money goes.
It’s a good idea to keep the kitchen remodel costs to no more than 15 percent of your home’s market value. When trying to come up with a final price, know that 15–30 percent of the final price goes to labor. The rest is materials. This is not a hard and fast rule, but a good place to start when setting aside funds to pay for the project. Labor is generally calculated in one of two ways: labor as a total percentage or labor by the hour.
Labor as a percentage takes the total cost of materials and tacks on 10–15 percent of that cost. Labor by the hour is exactly that— the kitchen remodeling contractor gets paid a wage by the hour. The national average is $20, but this can be a bit higher in certain areas of the country.
For the most part, the percentage tied to labor will be lower on projects with high material costs, and higher on projects with low material costs.
Talk to a skilled, local pro about your kitchen remodel project. Get the kitchen you want that’s within your budget!
If you are trying to keep costs down, purchase the materials yourself. It’s not uncommon for contractors to mark up the price on materials by 10–20 percent. Doing whatever work you can accomplish on your own will also keep the price of the remodel down, even if it’s just doing your own demo and clean up.
Also, kitchen cabinets account for approximately 30 percent of the total materials budget, so refacing instead of replacing is another good way to shave off a nice chunk of cash.
Always leave wiggle room in your budget for mishaps. Don’t take your funds right to the edge or else you might be left with an unfinished kitchen. Problems will occur and things will go wrong with bigger remodel jobs, so plan accordingly.
Factors that contribute to kitchen remodel costs
- Design fees: 4%
- Installation: 17%
- Appliances and ventilation: 14%
- Cabinetry and hardware: 29%
- Countertops: 10%
- Lighting: 5%
- Flooring: 7%
- Doors and windows: 4%
- Walls and ceilings: 5%
- Faucets and plumbing: 4%
- Other: 1%
Financing a kitchen remodel
Sometimes, coming up with the cash to remodel a kitchen in a way that best suits your home and needs can be a challenge. Financing a new kitchen is an option for many homeowners. Trying to cut corners in order to pinch pennies will cause more harm than good. You don’t want to waste your money on a sloppy remodel. Getting it done right the first time is best, and that’s why kitchen remodeling financing is a great option to consider.
Best kitchen remodel contractors near you
It won’t matter how beautiful the cabinets you picked out are or how amazing the new flooring shines in the light if you hire an unqualified pro to do the work. Your materials are only as good as the person who installs them. So, do your research and get reviews on kitchen contractors in your area.
A good installer should never be the place you make budget cuts. Get several quotes. Toss out the lowest estimates, because if it seems too good to be true, it is. Also, if the quote is much higher than the others for the same project, you’re getting taken advantage of.
Kitchen remodels with service.com
Service.com also offers convenient monthly payments with financing. Make the dream kitchen you’ve been pining for more affordable. Apply today. It’s fast and easy with approval in as little as one business day!