When planning for this project, ask yourself how long you plan to live in your house from the time of the remodel. If you plan to sell shortly after, you shouldn't spend too much money on it. The rule of thumb is that you should spend between 5 and 15 percent of your property's total value. This is the optimum range for homeowners to spend and expect to recoup.
In its annual Cost vs. Value report for 2019, Remodeling Magazine puts the national average for a midrange major kitchen remodel at $66,196 and an upscale major kitchen remodel at $131,510. In the Pacific region (Alaska, California, Washington and Oregon), according to Remodeling Magazine, that same midrange major kitchen remodel jumps to $72,513 and an upscale major kitchen remodel jumps up $11,823 from the national average, to $143,333. Compare those costs to the South Atlantic Region (Maryland, South Carolina, Florida, North Carolina, Georgia, Virginia and Washington, D.C.) where a midrange major kitchen remodel prices out at $63,387 and an upscale major kitchen remodel is $126,307. The addition of luxury stone or marble countertops, high-end faucets and flooring, a commercial-grade range and luxury faucets can all significantly increase the cost of a renovation.
The rate to update a small kitchen is between $5,000 and $20,000, depending on what you install, repair or upgrade. For this room, small is defined as 70 square feet or smaller. You'll have limited options for a project of this size. It's important to set your budget and plan for some DIY work to save time and money. Here are some recommendations for keeping expenses low:
Remodeling your kitchen is the perfect opportunity to create a design that’s based on your individual needs. Focus on who will be using the kitchen most and how many people will be working in the space at one time. You’ll want to ensure you have room to work and move around as needed, so consider the work triangle in your new layout. You’ll also want to think about a dining area, how often you entertain, and what a kitchen with guests would look like. Our team of kitchen designers can develop a variety of options to ensure your new kitchen perfectly fits your lifestyle.
Hardware Updates: Hardware is often referred to as the jewelry of the cabinetry. Luckily, certain styles and types of hardware are cheap, but can still transform the look and feel of any kitchen. Just know that a typical kitchen can have anywhere between 20-40 knobs and pulls. Remember, the cheaper items will not last as long as the more expensive purchases.
I had it a little bit easier than most people starting on a kitchen remodel. I’ve had this pin on my pin board for years and that’s exactly how I wanted my kitchen. White marble counters, white cabinets, and a beautiful sea foam/tealish backsplash. I knew I couldn’t afford marble (and I’d totally wreck it) so we decided to go with quartz. I found one that looked like marble, DuPont Zodiac Coarse Carrara to match the custom white cabinetry (the white cabinet shows the color, but it won’t have the arch).
A great way to update your kitchen doesn’t have to involve hefty tools or paint brushes. Sometimes, all a kitchen may need is a thorough deep clean to look like new. Think beyond the dirty dishes. Are there areas of your kitchen that you tend to neglect? It’s a good idea to give your kitchen a deep clean at least twice a year. Here are some areas you may want to consider:
Sadly, most home remodeling projects do not return 100% of your investment. In fact, according to Remodeling’s 2017 Cost Vs. Value report, only one project will return a positive investment (attic insulation). Nonetheless, that doesn’t mean you should skip all remodeling projects. After all, if you plan to live in your house for another 10 years, you will enjoy those long overdue upgrades. You’ll get a higher sale price down the line and a higher quality of life living with a remodeled kitchen.
A huge part of a kitchen remodel expense involves appliances. Can you keep any of your current appliances? Doing so will save you thousands of dollars, no joke. I’m sticking with stainless appliances, a new stainless sink, and my Delta faucet (which I love, and it’s fun to watch guests try and figure out how to turn on). All of my appliances work perfectly fine, but we are getting a new refrigerator and stove. Because of my job we really need two refrigerators and I splurged on a double oven range since I couldn’t fit double ovens anywhere without sacrificing cabinets.
Once you have an idea of your kitchen remodel budget, play around with a loan calculator to figure out your next move. Determine how much your monthly payment may be considering your credit score, how much you borrow and how long you are willing to pay your loan. Also consider how your new monthly payment will affect your monthly cash flow and personal finances overall.