The kitchen is the heart and soul of your home. Everybody gathers there every day to eat and discuss the daily matters. Similarly, your kitchen reflects your decor sense and style too.
When you start planning to remodel your kitchen, the first and foremost thing is the finances. The first question in any remodeling project is always, how much it will cost? How much should I spend? The answer is very tricky and simple at the same time. How much you should budget for a home improvement project depends on several things.
Here we will discuss some key factors which will guide you to rightly decide about the amount to spend on your kitchen remodeling project.
What do you want?
The most important thing in deciding on the right amount to spend in a kitchen remodeling project is to prioritize the things you want in your kitchen. Estimated kitchen remodeling costs vary from $75 to $250 per square foot. The wide gap between the figures shows clearly that the expenses can go higher very easily when you go for the upscale changes in the kitchen. But, be very practical in your decisions when planning the remodeling.
How long you will live in your home?
Your future plans will play a very key role in this regard. Whether you want to live for a long time at this home or you will go to another place after some time. If you have settled down and don’t have any future plans to change your place, then you should go for proper remodeling of your kitchen. Otherwise, in a temporary home, you can bring small changes to the kitchen which does not cost much.
Now the expenditures for a proper kitchen remodeling project, here are some key factors to consider to have a successful project.
Average Costs for remodeling
The cost of remodeling a kitchen depends mostly on the size, style, and design decisions you make. Complete refitting of the kitchen to the highest standard will definitely cost more than repainting, replacing cabinets, doors etc. The average national cost for a mid range remodel was $21198. However, major renovation costs go up to $63829, while an upscale renovation cost came in at $152721. Regardless of the category your remodel falls, there will be a lot of money involved.
Keep future aspect of remodeling when planning
One main reason for remodeling the kitchen is the desire to have an elegant and cozy space to cook and eat. But another very important and long term aspect of remodeling is that it will have a very strong impact on the overall market value of your property. People love to have a house which has a beautiful and dazzling kitchen. You can get a good reward for your investment if you do the remodeling intelligently. We recommend not to overspend and keep the equity of your home in your mind when you are planning to remodel hour kitchen.
DIY will help a lot
Can you do it yourself? If not, at least play your part. You can save a handsome amount of money on labor costs by taking matters in your own hands, or at least help in the job. Labor costs can range between 20% to 30% according to the National Kitchen and Bath Association. There are many things like removing the cabinets, painting, redoing the countertops, selecting the appliances, and many more that you can manage by yourself. This not only will cut the costs but also brings a unique sense of ownership about your kitchen.
Don’t just discard everything, rather be smart
Kitchen remodeling leaves you with many things that you have to discard. Discarding them is not the right thing to do. You can save money on them too. There are people who are looking for the second hand or used items. Take pictures of the old but usable items like the ovens, gas stoves, chimneys, chairs, or the refrigerator and post them on a number of online websites. You will get people who are interested and it would be amazing if the cost of the new cabinet is partly paid by the oven you want to discard.
Let’s break down where the money will go
When you are thinking of an amount for kitchen remodeling, you should have an idea where this amount will go. To make it simple here is a breakdown of the expenses according to the National Kitchen & Bath Association.
Percentage of Budget
Appliances and Ventilation
Cabinetry and Hardware
Doors and windows
Walls and Ceilings
Plumbing and Faucets
Keep in mind that these are average percentages and amounts and they change according to the area and the quality of the materials you will use in your kitchen.
How much you should spend
It strongly depends upon the area you are living in and the features you want in your kitchen. Our suggestion in this regard is to stay between $30000 to $40000. Again it depends largely on the choices you make regarding cabinetry, structure, design, and the appliances. But always keep the value of the property in your mind when you are going to invest in the remodeling project. It should correlate with the property value. An understated or overstated kitchen reflects poorly on the potential buyers.
Remodeling of the kitchen will cost you money and valuable time. Make your decisions very wisely. Don’t just focus on the looks and style of the kitchen rather keep the long term benefits in your mind. You should have a sleek, exquisite, and an elegant kitchen where you can cook meals and have gatherings but it should have a positive impact on the overall market value of your home.