Predicting Your Kitchen Remodel Costs
As they plan to upgrade their houses in the New Year, many homeowners may devote their attention to one room in particular: the kitchen. An upgraded kitchen not only makes your home feel cleaner and newer, it is also a smart investment. The average kitchen remodel has more than a 50% return on investment, which in turn increases your property value, should you ever decide to sell your home. When determining a kitchen renovation budget, you should consider several different factors. Read on to learn more.
The Average Cost of A Kitchen Remodel
We understand the thought that goes into investing in something as costly as a kitchen remodel. According to HomeAdvisor, the average dollar amount that for a remodel is approximately $150 per square foot of space. For the entire space, this averages about $25,000, though the price can be higher or lower depending on the size of the kitchen and the quality of the materials used. Additionally, if the layout of your kitchen is changed by moving the plumbing or adding/removing walls, you will have to figure in those costs as well. Cabinet refacing can often cut that price in half, due to the fact that your are keeping your current cabinet boxes in place.
In sum, the total cost of a remodel will vary not only according to the size of your kitchen but also depending on your personal needs. As you create your budget, do keep these things in mind.
Take Into Account the Cost of Labor
When budgeting for a kitchen remodeling project, budget estimates usually fall short when it comes to the cost of labor or the cost of specialty tasks like refacing the kitchen’s cabinetry. A study hosted by Discover Personal Loans found that more than ¾ of homeowners underestimated the cost of a kitchen remodeling project. More than half of the people surveyed underestimated how much the listed remodels would cost by an average of over $9,000.
According to the study, labor can cost as much as ⅓ of the total sum spent on remodeling a kitchen and most homeowners did not take into account an accurate estimate when planning for their remodeling project.
Bottomline: Go Into Your Project Prepared
While a sleek, updated kitchen will transform your house for the better, it’s important to research extensively so that you can create a sound budget. Be sure to check several resources for accurate estimates when it comes to both material and labor costs. This way, your remodeling project won’t run into any budgeting surprises along the way and when all is said and done, you’ll have a room in your home that’s been made brand-new.
Be sure to read How Much Should I Spend on a Kitchen Remodel to learn more about project cost ranges.
If you are interested in learning more about Kitchen Tune-Up and the services we offer, visit kitchentuneup.com. To speak to a local kitchen expert, visit the Locations tab to find a local owner near you.