According to Handy, it is essential to create a kitchen remodeling budget if you want to keep the costs low and still enjoy the best bang for your buck. One of the biggest benefits of remodeling your kitchen is that it can increase the value of your home and thus, it serves as a good investment if you plan to sell your house in the future. However, it is crucial to do your due research in order to create a solid kitchen remodeling budget for your needs.
Tips & Tricks
Here are a few tips you can follow to determine your kitchen remodeling budget:
- Follow the budget guidelines recommended by NKBA – According to the National Kitchen and Bath Association (NKBA), the budget of a typical kitchen remodeling should be about 15% to 20% of the total value of your home. However, you should only consider spending 80-85% of that amount and save the rest for meeting unexpected expenses.
Here is a general breakdown of where the money goes during a kitchen remodeling:
- Countertops: 10%
- Cabinetry and Hardware: 29%
- Appliances and Ventilation: 14%
- Walls and Ceilings: 5%
- Lighting: 5%
- Flooring: 7%
- Faucets and Plumbing: 4%
- Design Fees: 4%
- Installation: 17%
- Doors and Windows: 4%
- Other: 1%
- Create your budget based on your goal – You can also determine your kitchen remodeling budget based on your priorities. For instance, if you want to remodel the kitchen for improving the quality of life, a basic kitchen that involves replacing the lighting, flooring, plumbing, and cabinets could do the trick. Typically, you can get everything done within $15,000 to $25,000.
However, if your goal is to sell the house in the future, you can consider a more extensive kitchen remodel which can cost upwards of $30,000. However, you can consider investing more into the kitchen remodel if you plan to sell your house since you can get a return of up to 78% of the kitchen remodeling cost.
- Create your budget based on the scope – Basic kitchen remodeling can be done without breaking the bank and this typically involves the replacement of countertops, refurbishing cabinets, replacing the flooring, lighting, plumbing, light switches, and wall sockets.
A mid-range kitchen remodeling is necessary for removing and replacing cabinets, countertops, plumbing fixtures, appliances, lighting, flooring, backsplash, and painting the walls, ceiling, and trims. This typically costs about $30,000 to $75,000.
The most extensive kitchen remodeling involves the redesigning and renovating of open space, designing custom built-in appliances, custom cabinets, relocating windows and exterior doors, installing high-end countertops, upscaling the sink and faucet, painting the ceiling, walls, and trim, and installing high-end lighting solutions. This can start from $75,000 and go up to $125,000 and more depending on how large the kitchen is and the extent of remodeling requirements.
Handy suggests you hire the services of a reputed kitchen remodeling expert if you are considering extensive kitchen remodeling. However, if you have a low budget and you are only making minor changes, we suggest you shop smart, keep the current layout, and manage some of the work yourself to save money.