The kitchen is one of the most “lived in” rooms in the home. With all the use the kitchen gets, a renovation can be a great investment.
Kitchen renovations are one of the best ways to increase the value of your home. Even better than that though is being able to design a space you truly love and will enjoy being in.
That being said, renovating a kitchen is no small feat. If you have done any research at all, you will have quickly discovered that the costs start to add up quick.
According to HomeAdvisor, the average kitchen renovation cost is about $23,000 these days. If you’re thinking about renovating your kitchen, keep reading to see a price breakdown and how to properly budget.
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Deciding On A Number
Making a budget and careful planning before you start is extremely helpful. Every home remodel has a few surprises, but planning ahead of time will help prepare you for them.
The first step is deciding how much you want to spend. To help you decide how much you will need, research the changes you want to make ahead of time. A great way to do this is to get quotes from different contractors.
If you think you will complete some of the work yourself, also take that into consideration. Look at the materials and fixtures you want to use, how extensive you want your remodel to be, and any new appliances or furniture you want to buy.
Having an idea of prices beforehand will allow you to create a reasonable budget for the changes you want to make. After deciding on a budget number, you can then divide your budget into categories.
Common categories include cabinetry and hardware, appliances, walls, flooring and ceilings, light fixtures, faucets and plumbing, countertops, doors and windows, and labor.
Some of these categories may not apply to your renovation, or you may need to account for more money in some categories. For example, if you are trying to move plumbing around you will need to have a higher budget for plumbing than average.
The best way to plan your budget for your kitchen renovation is by getting specific quotes.
Now, how should you breakdown your budget for each category?
Cabinets: 20-40 percent
This is usually the largest expense. Whether you are just painting them or replacing them completely, you want to plan accordingly.
Appliances: 10-20 percent
Walls, Flooring, and Ceilings: 10-20 percent
This includes everything from floor materials to moving walls around or even painting.
Lighting: 5-10 percent
This can include both electrical work and light fixtures.
Plumbing and Fixtures: 5-15 percent
Countertops: 10-20 percent
This category can include both countertops and backsplash.
Labor: 15-20 percent
This will also be one of your most expensive categories. If you plan to save some money by doing a portion of the work yourself, then plan accordingly.
Emergency: 5-10 percent
It’s always smart to save more than you need, just in case any surprises pop up. Consider how old your house is and other factors to determine how much you should set aside for this category.
Kitchen Renovation Cost
Kitchen renovation costs can be intimidating, but don’t let that deter you. Whether your budget is big or small, properly planning and budgeting beforehand will help you to make the most of your space.
For more kitchen renovation help, read 10 Inspirational Suggestions For the Heart of Your Home.