With $10,000 and $15,000, you'll need to do some work yourself and hire a professional for the specialty work. If possible, purchase some of the materials before calling in the professionals. While contractors can get some materials for wholesale prices, it’s customary for them to charge extra for the purchase and labor. Save time and money by getting materials in advance and then paying for installation.
Flooring installation costs $1,500 to $4,500, depending on various factors. The largest factors include the square footage and material you choose. Vinyl and linoleum flooring tend to be the most affordable but add little or nothing to the value of your house. Tile, granite and wood are more expensive and will help to increase value. The more expensive flooring sometimes proves to be the more difficult ones to maintain.
Once you get beyond $20,000, your wish list is almost endless (without going crazy). After replacing all counters and refacing or installing new cabinets, focus on the flooring, backsplash and island. If you don’t have a kitchen island, go out and find a kitchen pro to add one right away. They are becoming a staple in kitchens across the country. They not only add a new and improved design feature, but also improves your storage and expands your seating.
Therefore, if you’re planning a large kitchen remodeling project, prepare to eat out or even move out. It may sound scary and expensive to move out of your home, but believe it or not, you could end up saving money and reducing the overall completion time. You’re giving the contractor more freedom and space to complete the project faster. It eliminates a lot of cleaning they would have to do if you were occupying the home.
The homeowners replaced the awkward upper cabinets with shelving that makes the most of the kitchen's pitched ceiling. They also ditched the lower cabinets for freestanding components, including a stainless steel rolling island and a mango-wood Crate & Barrel console fitted with a marble top. A red Aga gas stove offers a serious upgrade over the old electric model.
While home equity loans and HELOCs can come with low interest rates and fair terms, it’s important to understand that not everyone qualifies. According to the FTC, you can typically borrow only up to 85 percent of your home’s value with a first mortgage and second loan, for example. This makes home equity products a poor option for anyone who has been a homeowner for a short time and doesn’t have a lot of equity built up.
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:
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.