Calculating kitchen remodeling costs can be a tricky affair for many homeowners. While many assume that kitchen cabinetry and appliances account for a large portion of their renovation budget, others believe it’s the labor fees that greatly influence the costs of a remodeling project. According to a recent survey by Houzz the average cost of a small kitchen remodel (200+ sq. ft.) would be around $13,700 while a major kitchen remodeling can set you back by a whopping $42,000.
From budget to raw materials to labor costs, there are several factors that determine the costs of your kitchen remodeling project. Let’s take a look at the factors influencing kitchen remodel costs.
Kitchen Remodeling Budget
The budget is the most important component that influences your kitchen remodel costs. Homeowners should determine their kitchen renovation budget upfront. Without a fixed budget, it’s difficult to control the costs. However, you should always have a contingency budget in order to meet the sudden changes in plans.
Price to Hire a Pro
Most mid-to-high range kitchen remodels are often too complicated for DYIers. It’s not surprising that the Houzz survey found nearly 85% of the home renovators hire professional help for their project. As a matter of fact, 25% of your total remodeling budget will go towards labor costs.
Cost of Materials for Kitchen Remodeling
Even as you save the labor costs by not hiring a pro (going the DIY route), you still need to spend on the materials such as countertops, cabinets, flooring, backsplash, sinks and lighting. The costs of the materials depend on your budget and style. For example, the estimated cost of engineered quartz counters is nearly $38 per square foot while it’s $38 per square foot for laminate counters.
ROI on Kitchen Remodeling
Unless you plan to live in your house for at least 20 years, you should factor in ROI on your kitchen remodeling. Unfortunately, kitchen remodeling is not of those home renovations that help recoup 100% of your investments. According to Remodeling Magazine, you’re less likely to recover your investment in a major kitchen remodeling than you are to recoup on basic home maintenance such as new siding. If you’re doing a minor kitchen remodel ($15,000), the resale will return about 93% of the investments.
Nevertheless, you’re likely to enjoy the benefits of the upgrades of your remodeled kitchen if you plan to live at least ten years in the house.
Longevity of Your Kitchen Renovation
If you’re planning to stay in your current house for a lifetime, it makes sense to splurge on your kitchen upgrades. Since the kitchen is one of the most trafficked rooms in your entire home, you’re likely to enjoy the benefits. However, if you’re planning for a resale after, say, 3 years after the kitchen renovation, you should spend judiciously. According to HomeAdvisor, if you’re planning to sell your house in near future, then consider spending between 5-15% of your home’s total value on kitchen upgrades. This way, you’re likely to recover the remodeling investments during the resale.
Your personal tastes also affect the kitchen remodel costs to a great extent. For example, if you opt for quartz counters instead of say, laminate counters, your remodeling costs will definitely go higher. Moreover, if you wish to modernize your kitchen appliances, it will add to the costs as well. Traditional kitchens tend to cost less than a kitchen with modern designs.
Kitchen Remodeling Trends
Current kitchen trends can affect your kitchen remodel costs. Needless to say, popular kitchen trends such as hardwood flooring, sleek appliances and quartz countertops come with a higher price tag. However, they also help you get a decent ROI on your investments when you sell your home in the future.
Since these kitchen remodel factors vary from project to project, it’s rather difficult to determine a universal average of your kitchen renovation project. However, based on the above variables, you should have a pretty good idea on the approximate budget of a kitchen renovation based on your preferences.