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The Cost of a Kitchen Remodel
Remodeling your kitchen can add a breath of life into your home.
It's a focal point and a functional area, which means design flaws stand out like a sore thumb, so a great design is vital.
Having a beautiful, functionally designed kitchen is not something people have a problem with.
The problem is: Cost.
The Cost of a remodel is not something that is particularly palatable for most people. Not to mention considering the sacrifice of your kitchen for the duration of the remodel.
However, with careful planning, design, and sourcing of materials, you can get your dream kitchen and increase your property's value by roughly 60% of your overall costs.
How Much is a Kitchen Remodel?
On average, a kitchen remodel costs $22,000 for a Midrange remodel; but can range from $10,000 to upwards of $50,000. For an upscale remodel it can cost roughly $131,000 on average.
The price also varies greatly state-to-state, and location (Metropolitan vs rural).
In the Pacific region (Alaska, California, Washington and Oregon), according to Remodeling Magazine, that same midrange major kitchen remodel jumps to $72,513 and an upscale major kitchen remodel jumps up $11,823 from the national average, to $143,333.
Is a Kitchen Remodel Worth the Investment?
Kitchen remodels have an ROI of approximately 60% of your total investment.
So if you invest $50,000 into your kitchen, you can expect to see an increase in home value of roughly $30,000.
Your ROI is determined by a number of factors, primarily: Quality of materials, design, and quality of work.
Don't over-do, but definitely, do not under-do the renovation either.
Roughly $15,000-worth kitchen remodel has a return of 92.9 percent resale value.
Maximizing Your ROI
Carefully selecting you materials is a vital step that is often forgotten about by going to department stores.
The problem with a department store is that you end up buying something that is so common, it decreases it's uniqueness and loses some of its value.
Plus, the materials are bought in bulk so the quality is typically lower.
Consulting a design specialist and/or a contractor will help ensure you're getting the best results and the most out of your remodel budget.
Professionals know the tricks of the trade for finding the best materials and sourcing them quickly and affordably.
Utilizing their experience and resources is an easy way to maximize your ROI.
DIY... To the Best of Your Ability
DIYing is a great way to cut costs and increaser your ROI, but you want to be sure you know what you're doing and how to do it right.
Otherwise, you'll run the risk of needing a professional to come and undo the problems you may have accidentally caused; ultimately costing much more time and money.
Working with a contractor is a great way to get the best of both worlds. You can help out with labor to mitigate costs and still receive the guidance and professional work needed to get the most out of your remodel.
The last thing you want is stuff breaking down the line, well after you thought it was complete. Take the time and work with professionals to get it done right the first time around.
Count on a Contingency Budget
To avoid being surprised by anything and under prepared financially, it's good practice to add in 10%-20% for contingency purposes. Labor factors, weather, medical emergencies, etc. can unexpectedly run up your costs.
You never know what could happen, so being prepared for the worst is a smart and easy way to avoid serious trouble.
Plus, as a bonus, if you manage to keep all your expenses under budget, then you can use your contingency fund for a wish-list item in your new kitchen!
Or, keep it for your bathroom remodel!
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