When it’s time for a fresh look in the kitchen, we often hear clients ask, “How much will it cost?” As with any renovation project, there are plenty of variables involved. However, we know how important it is to approach any new home remodel with a budget in mind.
Today, we’ll be talking about the kitchen remodel estimated costs. Keep in mind, these are often average costs for a kitchen remodel and will vary according to your needs and location.
How Extensively Will You Be Remodeling?
We spend lots of time in the kitchen. For many of us, outdated style, aging appliances, or crumbling materials will make a new kitchen seem attractive. However, the cost for a kitchen remodel varies greatly based on which components you need to replace.
First, determine whether you’ll be doing an update or a major remodel. Updates include new or updated countertops, cabinets, fixtures, and backsplashes. A major remodel entails moving walls, sinks, or appliances, tackling lighting, updating counters and cabinets, and even replacing flooring.
Which one is best for you? Ask yourself whether you’re prioritizing style or function. Which components most need to be changed or replaced? Will you achieve the results you need with an update, or do you need something more substantial?
Consider Your Finishes
When you’re creating your new kitchen, determine your taste – it often determines your cost. There are a few key places to increase or decrease costs depending on what you choose. These include countertops, appliances, flooring, and extras.
Kitchen countertops can range from more economical materials like laminate to more luxurious ones like granite or quartz. When it comes to appliances, do you want a high-tech option that can be synced to your smartphone, or will another option do just as well? Will you be interested in custom tiling options for flooring? If so, it will impact the price. Settle on the look you want and balance it with a budget you can afford.
Starts between $30,000 and $50,000
- Sink, appliances, and walls remain where they are
- Cabinets are updated or existing cabinets can be painted
- Includes new countertops, sink, and faucet
- New backsplash with basic tile
Major Kitchen Remodel
Starts around $80,000
- Includes wall removal
- Sink and appliances may be relocated
- Lighting may be upgraded (including recessed and under-cabinet lighting)
- Cabinets and countertops replaced (maybe granite or quartz)
- Sink, faucet, and garbage disposal replaced
- Flooring replaced
- Tile backsplash replaced
Don’t Be Tempted to Over Improve
When remodeling your home, you want to make sure that any investment you make in remodeling is sound. If you choose to sell your home, you want to make sure you can recover the money you invested in updates.
When you’re estimating the cost for a kitchen remodel, determine the scope that’s appropriate for your home. A good rule of thumb is to spend 5%-15% of your home’s total value on a kitchen remodel. This makes loss recovery likely.
Typically, kitchen updates reap big dividends when it comes time to sell. Owners enjoy updated, functional spaces to prepare and cook food. It’s a great investment when done properly.
Include Extra Funds for Unforeseen Expenses
As you’re estimating the cost to remodel your kitchen, make sure to set aside at least 15-20% of your budget for unexpected expenses. In construction, there’s a lot we won’t see until we begin the work.
Make sure that surprises don’t also startle your line item budget. Plan ahead for expenses and you’ll be pleasantly surprised if the funds aren’t needed.
Hire a Great Contractor
Though some people feel tempted by the idea of DIY, a kitchen model will cost you less in time and headaches when you go with a professional. At Modern Touch Contracting, we’re one of the 17 best remodeling contractors in Indianapolis, and we’re proud to offer our expertise. Give us a call to begin discussing your needs and how we can help: 317-855-9930.