Kitchen remodels are a rewarding project, both for you and for the value of your home. According to Zillow, the average return on investment for a kitchen remodel can be anywhere from 60% to 120%. Beyond the ROI, you’ll find both cooking and entertaining in a new kitchen can bring its own, inestimable value.
Determining kitchen remodel costs comes down to several factors, including materials, finishes and scope. Remodeling small kitchens of course will come with less expenses, while larger jobs will cost considerably more. When determining the remodeling cost of your home improvement project, you’ll want to list out everything you’d like to repair or replace, so you can see it in one place. Once you’ve determined the estimated cost of your project, a home improvement loan [link to Home Improvement Pillar Page] will help you finance it.
What’s The Average Kitchen Remodel Cost?
Before you dig into your project, you’ll want to ask yourself a few questions. What do you hope to get out of your new kitchen? What elements must be replaced and which can stay? Do you want to hire professionals or handle the project on your own? How many square feet is your space? Once you’ve answered these questions, you can move on to the logistics.
The size of your kitchen will affect the overall cost of your remodel project, of course, but there are other factors that will affect the price of the job. If you know what you want, you can save some money by forgoing a professional kitchen design mock up. But expect to pay for other –sometimes hidden–costs as they arise.
The average cost for remodeling a kitchen in the United States is just over $22,000, but projects with finer materials can cost up to $50,000. Let’s take a look at the average cost breakdown:
|Plumbing and Faucets||$1,000|
Other factors that have a direct impact on cost include brand of materials and appliances, whether or not you choose to use eco-friendly methods and finishes and whether you have to do demolition before commencing the project.
Unexpected Costs for a Kitchen Remodel
Even the most meticulous budget can forget some simple elements that tend to come up during a large-scale renovation project. Here are a few:
Cookware: If you’re replacing your appliances, namely your stovetop, it’s possible that you may have to replace all of your cookware (including pots and pans) so they are compatible with your new cooktop. This is usually the case if you opt to purchase an induction cooktop that only works with stainless pans.
Surprises (or accidents): When you’re tackling your renovation, it’s possible that you may encounter some unexpected issues including water damage, glitchy electrical wires or plumbing mishaps. It’s recommended that you devote 20% of your budget toward surprises, so you’re never left scrambling.
Relocation: One factor that is often forgotten is the inconvenience of living in a home without a kitchen. It goes beyond the annoyance of ongoing noise or ever present saw dust, you may simply not be able to use your kitchen (or home) at all during your project. Moving out of your home means hotel costs (unless you have some very welcoming friends and family), so take that into consideration when constructing your budget.
How Much Is It To Remodel A Kitchen Yourself?
Depending on the scope and scale of your kitchen renovation, and your skill with the saw, you may be able to do some of the work yourself and cut costs considerably. One of the major renovation costs is labor. In fact, it can cost as much as 35% of your entire budget.
If you’re considering doing your remodeling project on your own, keep in mind that there are many elements, like installing kitchen cabinets or countertops that should be left to professionals. While designing, painting, installing a backsplash, and even installing flooring can be DIY. Handling anything you can on your end will not only make the project cost less, but will also be extremely rewarding, knowing that you had a major hand in your kitchen remodeling project.
Does Remodeling My Kitchen Add Value To My Home?
One factor to consider when remodeling your kitchen space, is to not go overboard. You don’t want to outprice your home or neighborhood with too fancy of an overhaul. Although often valuable, there are some kitchen and bathroom trends to avoid.
How To Save On Kitchen Remodel Costs
Beyond handling elements of your remodel on your own, there are other ways to save both time and money. This can start with the scope of the project. Maybe you don’t need to do a complete overhaul and can salvage existing elements or repurposed items. Are your existing cabinets in good shape and made of decent materials? Kitchen cabinets, especially custom cabinets are expensive, so if you can work with what you have, you should. Depending on square footage, you can save a ton of money if you decide to go this route.
Maybe your appliances are still working or fit the general aesthetic of your kitchen, if so, keep them until they absolutely need to be replaced. Other options to recoup expenses is by selling your old countertops or appliances, rather than sending them to the landfill.
How Can I Finance All Of My Kitchen Remodel Costs?
Now that you have a better idea of how much your kitchen remodel project will cost, you can consider your financing options. There are many loans available for this type of project, including personal loans, home equity loans, lines of credit and more, each with their own advantages and disadvantages.
Home equity loans and home equity lines of credit (HELOCs) both rely on the existing equity in your home for collateral. These serve as second mortgages, or secondary loans and can come with variable rates or interest and deliver a lump sum payment. The reason some people don’t opt for these loans is because they are impacted by the current market and what you owe on your home.
Credit cards definitely come in handy for emergencies, but can be costly for a large scale project. Variable, and often high interest rates will add additional fees to your overall project and could derail your budget.
Personal loans are the preferred method to fund a home improvement project like a kitchen remodel, because they are easier to obtain and aren’t reliant on the equity of your home. AmeriFirst Finance offers home improvement loans with competitive rates, flexible terms and in amounts from $5,000 to $80,000 to cover the entirety of your project. Beyond the great terms, the application process is as simple as answering a few questions online. When you’re taking on a large scale project like a kitchen remodel, why shouldn’t obtaining financing be easy?