Renovating the main areas of your home is a great way to increase its overall value and make it more uniquely you. However, it can be easy to go over budget on a kitchen remodel job and spend more money than it is worth to upgrade. So how much should you be spending on a kitchen renovation – relative to the value of your home?
Let’s start with the obvious: A kitchen remodel can be expensive. Many materials, components, and appliances are involved, and the costs add up quickly. On average, you should expect to spend about $150/sqft when renovating and upgrading your kitchen. A prudent way to set your budget is to make it relative to your property’s value – the recommended standard is to budget about 10% of the home’s value for your kitchen remodel. For a house valued at $300,000, it would be appropriate for a kitchen renovation budget to be approximately $30,000.
Granted, you may not be able to budget that much money for the upgrades. The best strategy when figuring out your budget is to make a list of your priorities for your new kitchen. By replacing select portions of the kitchen – such as replacing countertops but keeping the counters – you will find that you can save a significant amount of money versus splurging on a complete overhaul.
- Appliances: Replacing all of your kitchen appliances will likely amount to about 15% of your budget, though it can easily take up more if you select models that are smart devices or top-of-the-line quality.
- Cabinets: Cabinetry can be expensive, and removing the old ones to be replaced with newer ones can take up nearly 30% of your kitchen remodel budget. While you may be able to keep your cabinets and refinish them (adding a touch of snazzy hardware), you can also work with a kitchen design firm that specializes in cabinetry. They can provide you with options to fit your budget and still look beautiful.
- Countertops: Depending on what material you want for your countertops, the percentage of the remodel budget they take up varies widely. Marble, granite, and quartz will cost a great deal (and come with associated maintenance costs over time), while materials like ceramic tile, stainless steel, butcher’s block wood, and laminate cost less. Aim to spend about 10% of your budget on your counters and backsplash.
- Flooring: Installing new flooring in your kitchen can use a wide range of the budget. Smaller kitchens or choosing less expensive flooring will likely be able to keep it at less than 10% of your budget, but more expensive floors like hardwood may cost upwards of 15 to 20% of the remodel budget.
- Lighting: Lighting also is not expensive compared to other kitchen remodeling projects. It will cost about 5% of your budget but can have a great impact on changing the way your kitchen looks. Upgrading to stylish new light fixtures or having some new ones installed is a great way to improve your kitchen.
A kitchen remodel is a great way to get a good return on investment, provided that you stick to a budget that is appropriate for your home’s current value. Another excellent way to get the most for your money is to hire the right kitchen design firm. West Coast Design Build Florida are expert at designing and installing beautiful kitchens – no matter your budget or price range. Call today for a design consultation and to learn more about what your kitchen remodel will realistically cost.
