A kitchen remodel may cost a few thousand dollars, or it may cost enough that the only way to finance it is to apply for a home equity loan or home equity line of credit.
Most kitchen remodeling projects fall somewhere in between "cheap" and "outrageously expensive," but you don't necessarily need to pay top-end prices for a terrific kitchen.
First, it may help to get an idea of the likely cost of your kitchen remodel by examining the average costs of kitchen remodeling projects around the United States.
Home Advisor reveals:
"On average, a kitchen remodel costs $22,928 or $150 per square foot. Most homeowners spend between $12,547 and $34,219 or $75 to $250 per square foot. The total expense varies depending on the size of the space, the quality of materials, and whether you change the layout of the room."
Home Advisor goes on further to reveal that small projects may sit somewhere between $10,000 and $15,000, and significant projects may easily reach above $30,000. According to the website, the kitchen is the "heart and hearth" of the home, so it's important to get it "right" when it comes to remodeling, updates, and upgrades.
Create a Plan to Reduce Unexpected Costs
One of the pieces of advice that home improvement specialists, contractors, designers, and others involved in remodeling projects offer is to set aside a small amount of money over and above the expected cost of the project to cover unexpected problems.
The discovery of asbestos in the walls or that the plumbing needs a significant upgrade can increase the amount of money required to finish the project. While it's not possible to avoid every unknown, having a plan can help you figure out the likely budget and offer your contractor all the information he or she needs to create an estimate and a schedule.
The Washington Post reveals:
"Once you have a very good idea of what you want, sit down and write up a good detailed list of tasks that you want completed. You don’t have to be technical, and you don’t have to use construction terms but just state all the things you want a contractor to do and bid. It can be as simple as: remove all existing flooring and cabinets; install new flooring, cabinets, countertops, sink and appliances per the plan; paint; hook up sink plumbing; and install new light fixtures."
Giving your contractor as much information as possible about your "wants" on the project is the best way to end up with a wonderful kitchen where every piece within the space looks as though you went into a store yourself and chose the exact feature you wanted. Your contractor will probably appreciate knowing that you want a quartz countertop rather than a granite countertop before work gets underway and you mention this preference.
Go Deeper Into the Budgeting Process
If you work with a trusted home contractor, you can rest assured that the finished project will meet and exceed your expectations. However, there's no reason you need to undertake the process of planning a kitchen remodel without understanding why some things cost what they do.
For example, SF Gate offers an article on the cost of materials and labor in a kitchen remodel:
"Contractors may calculate the cost of a kitchen project by simply adding up material costs, then tacking on a percentage to cover labor. While there's no exact rule of thumb for this tactic, Old House Web estimates that labor generally represents about 15 to 30 percent of the cost of a kitchen remodel, with materials accounting for the other 70 to 85 percent."
These estimates aren't concrete and may vary between professionals. When you ask for estimates for your kitchen remodel, you can compare costs from multiple bids to identify an average cost for the project. You might find that you have enough money to complete the project, or you might find that you need a few years to save up enough money to get absolutely everything you want out of the kitchen remodel.
Start a Kitchen Remodel with Help from Hanaray Construction
Do you want to transform your kitchen into an amazing space? Hanaray Construction now offers Financing Options for our customers! Our family-owned and operated remodeling business can help you take your home renovation project from concept to completion. Contact us today to schedule a Free Consultation.