How Much Should I REALLY Spend on a Kitchen Remodel?
One of the questions we often hear is “How much will my kitchen renovation cost?” Never fear; The experienced designers at McCabinet are here to help you understand the costs associated with your project and ensure your budget stays on track.
Calculating Kitchen Renovation Cost
While every kitchen is different, and everyone’s choices for finishes will certainly vary, there is a suggested remodeling price range that can help you begin to determine if it is the right time to renovate your space. You want to have a space that’s functional and practical but also has beautiful indoor decor so that you feel comfortable when cooking, dining or playing host.
To begin, when considering a kitchen remodel, it is imperative to be realistic about your current financial situation and determine what total investment you feel comfortable with. It is also important to be honest with yourself and your designer about your end goals.
When estimating your total cost to ensure project feasibility, the suggested amount to spend on a kitchen remodel for your personal use is typically between eight to 16 percent of the total home value.
What to Include in Your Kitchen Remodeling
An investment on the lower end, closer to eight percent of your home’s total value, usually preserves the kitchen’s existing footprint while improving its appearance and functionality. Kitchen renovation cost may include:
- New cabinets
- New countertops
- Fresh paint
- New flooring
- New appliances, sink and faucet
An investment on the higher end, closer to 16 percent of your home’s total value, is typically more extensive and can include a complete redesign of your space. You may be removing walls, moving water lines and rewiring or adding electric. A substantial remodel like this may also include:
- New, top-of-the-line cabinetry
- New, potentially imported or specialty countertops
- Fresh paint
- New flooring
- New top-of-the-line, energy-efficient appliances
It is important to understand that an investment above or below the recommended percentage can lead to a lower return on your investment. It might also be an idea to thoroughly research your new kitchen parts to ensure that they’re of good quality and will last. Investing in poor materials will result in you having to replace certain parts of the kitchen prematurely. The same applies to kitchen appliances too. It can be a good idea to check out appliance reviews on Appliance Hunter as well as other independent review sites to make sure you know exactly what you’re getting why buying new appliances.
Kitchen Remodeling to Sell Your Home
With that said, however, when remodeling a kitchen in an effort to sell the home, McCabinet often advises spending a little less, between three and six percent of your home’s value. The goals of a kitchen remodel when investing to sell should be different than your goals when remodeling for personal use. When remodeling to sell, you should consider updating cabinetry and countertops to a finish that is appealing to the market in your area, versus selecting something that suits your personal taste, being extra considerate when looking at wall decoration. Primetime Paint & Paper offer contemporary yet subtle designs and colours which would suit almost any remodel. You may be able to select trendier finishes as well, as a kitchen remodeled for resale should look up-to-date and on-trend, whereas a kitchen remodeled for your personal use should be remodeled to your personal taste and stand the test of time.
No matter if you’re redesigning for yourself, for a flip, or for a quick sell, we often recommend looking at your kitchen remodeling budget in thirds. This will help you avoid overspending in any one area. Approximately one third of your budget will go toward cabinetry, one third will go toward updating finishes including countertops, backsplashes, appliances, flooring, etc, and one third will go toward labor.
At McCabinet, our designers will walk you through budgeting and will help you select finishes to meet your design goals while staying within your budget. When you’re ready to take the next step, give us a call for a free consultation and see what we can do for you!