How much will a kitchen remodel cost?
So you have decided that you can no longer live with your cramped and outdated kitchen! You are ready to throw out the old, bring in the new, and live with the dust, the noise and strangers coming into your house. And of course you have realized that you will have to live without a kitchen for a few months! But even with all that a kitchen remodel can really be a good experience. If done right the kitchen can add value to your home and to your lives. In addition kitchens have a high rate of return on investment and in many cases it will almost pay for itself when you sell the home. The first big step though is figuring out how much will a kitchen remodel cost? Here is the information you need to know-
- Know the value of your remodel-While kitchen do have a high value and high rate of return design experts still caution not to think in terms of appreciating the value of your home. Homeowners should really be doing a kitchen remodel that will fit their needs. With that being said the following figures reflect the investment needed for a kitchen remodel: The average "upscale kitchen" remodel cost $81,552 and had a payback of 84.8 %. The average mid-range "major kitchen" remodel cost $43,862 and had a payback of 91%. The average "minor kitchen" remodel cost $14,913 and had a payback of 98.5%.
- Do your homework-You cannot do anything until you figure out how much you are able or willing to spend. This will mean doing your homework by reading magazines, visiting showrooms, talking to friends and neighbors who recently remodeled. It will take a lot of time to do all this but it's worth the investment. In addition there are a number of free online calculators that can help you decide what you want and how much it will cost, including one from Consumer Reports and one from an industry trade group.
- Know where the money goes-To often homeowners are unaware of the big ticket items in a kitchen remodel. They grossly underestimate the cost of remodel and are stunned when they see the real figures. For example-Cabinets will make a huge percentage of the budget for your kitchen remodel. Standard cabinets are just that "standard" any specialty finishing's or design will drive the price up quickly.
- Be realistic-Design experts' caution that no matter how well you plan, expect the project to "cost more and take longer than you think. The best way to deal with that is to simply embrace it and try not to freak out. This does not mean the contractor is trying to be underhanded. Things will just come up as the project proceeds. So plan ahead and set aside a little extra money (20% of the total cost is a reasonable amount) to cover the unexpected.
- Shop carefully for a contractor-Make sure to get bids from several contractors. It is important to remember that while price is important; choosing the company with the lowest price "is not always the best idea". Contractors may differ with the quality of the materials that is selected or it could be that he or she missed something. It is crucial to make sure the job specs are the same for each company. That means you need to be very specific about the products and materials you want used. Keep in mind that your idea and the contractor's idea of a high-end countertop (or anything else) may not be the same thing. Contractors report that it seems to be their biggest problem when people don't get what they thought they were getting quality-wise.
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