The kitchen of the future will know our personal nutritional needs and recommend recipes that will be displayed in hologram form. The kitchen will be a place to grow as well as cook food. Dominick Worsley of Miele says they are already working on this 2063 kitchen.
If you’re thinking about upgrading your home and taking on a kitchen remodel project, you may not be ready for hologram recipes. You can still refresh and re-think your kitchen. Read on to learn the true cost of a total kitchen remodel project.
How Much Should You Spend on a Kitchen Remodel?
The National Kitchen and Bath Association (NKBA) advises that your investment in your kitchen should relate to the market value of your property. Calculate 15% of that value. That’s your limit.
If you intend to sell your home at some time, you’ll want to get a reasonable return on your kitchen investment. If you spend much more than 15% you are likely to be giving away much of that investment when you sell the house. If you intend to live in the house for a very long time and a kitchen is super important to you, you might ignore the advice.
Questions about how much it costs to remodel a kitchen are a bit like this. It depends what is important to you and on your priorities. The key is to think through these issues before the first dollar is spent.
The NKBA suggests that you spend up to twelve months planning and designing. There is a lot to research and many decisions to make. The kitchen is an important room in your home so getting it right is important.
How Much Do People Spend on a Kitchen Remodel?
A midrange major kitchen remodeling project costs $63,829 according to the 2018 Costs Vs Value Report. Even a minor midrange kitchen remodeling project costs $21,198. The better return on investment comes from the minor upgrade.
The major remodel recoups only 59% of the cost on the sale of the property. The minor upgrade achieves over 80% of the investment. This means it’s only really costing you 20% of the investment.
Estimating Your Kitchen Remodeling Costs
Start with working out what’s important to you. What do you want the kitchen to give you? Is it just a place to cook or do you want it as a place for people to eat, meet and live.
The size of the kitchen is a major limiting factor but even a small kitchen can be multi-functional. Sometimes the biggest limitation is your own imagination and ambition. Think through your needs and wants.
Once you have a vision for the kitchen you need to make some decisions about the big cost areas. Hardware and cabinets are typically the major cost at just under a third of the total cost. Appliances are next at about 14% and countertops at 10%.
These big items are where the tough decisions need to be made. Do they need replacing? Can the upgrade be delayed until you have more cash available?
If you make savings here you are also going to save on installation costs. These choices will make a major impact on the total project cost. This is why a small kitchen remodel can vary between $5,000 and $15,000.
A Small Kitchen
The restricted space in a small kitchen reducing the options you have but it does mean you don’t have a huge cost. Doing some of the work yourself can further reduce the cost. There are space saving and budget reducing options that you can consider.
Storage is at a premium in a small kitchen but needn’t be a strain on the budget. Lazy susans in the cabinets, pull-out shelves and trays can all increase the storage in a small space. A pull-out countertop can give you more working surface when you need it and disappear when you don’t.
Consider small appliances if you don’t need to have a family size refrigerator, stove or dishwasher. The savings in cost may help you have the kitchen you want and also reduce your energy bills. On the subject of running costs consider green lighting options that make your small kitchen seem bigger and reduce costs.
Spending a Little More
If you are willing to spend a little more and perhaps you’ve got a bigger kitchen you can consider a more substantial upgrade. A budget of $10,000 to $15,000 opens up the possibility of more features. A tiled splash back, upgraded appliances, and plumbing become viable.
If you have DIY skills you can extend the budget further. Painting ceilings and walls can make a big difference for little cost.
With a budget of $15,000 to $30,000, you can replace countertops with stone, metal or wood. These higher quality materials may be better installed by a professional. Custom cabinets and less conventional designs become more viable.
An island and high-end appliances are in your range of options. A new floor can be considered. Smart lighting can add to the fresh look.
Granite countertops, a high-end sink, and faucet and flooring materials such as hardwood push the budget up to over $30,000. There is really no limit to the money you can spend by adding more items and higher specifications. A bigger budget and research will enable you to discover more kitchen remodeling options.
What to Consider?
When planning your kitchen give some thought to how long you want the kitchen to last. If you intend to move house soon then high quality and long life are less important. If you hope to enjoy the kitchen for many years then you may benefit from a little more budget and better design.
For countertops, Formica is cheap and cheerful but wood or granite are attractive and expensive. Stock cabinets are cheap but custom cabinets can be more creative but expensive. The range of appliances available includes budget brands to high-end energy efficient custom-built ones.
What Now?
Be clear about your aims. Do your research. Take your time.
Carpenters learn early in their training to measure twice and cut once. The same principle applies when planning a kitchen remodel. Take your time with the planning and budgeting and you will reap rewards when the hammers start swinging.
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