Kitchen Renovation: Budget

Continuing on with our Kitchen Renovation series.....

You have decided the style direction you want to go with in your to decide what you can afford to spend.  Of course, there is a wide range of budgets when it comes to kitchens. It all depends on the ultimate goal of the renovation.  There are a few factors to take into account.  Is this your forever home or will you be moving in the next few years.  Will you get the money out of the renovation?  If you plan to sell shortly after the renovation, the rule of thumb it that you should spend between 5-15% of your home's total value.

The average cost of a full kitchen remodel varies between $15,000 - $60,000...and of course can go much higher if you so desire.  It always helps to sit down with a designer or contractor and go through the costs of the renovation, develop a plan and payment schedule.

These are some guidelines to follow when estimating costs:

  • Design fees: 4%
  • Installation: 17%
  • Appliances and ventilation: 14%
  • Cabinetry and hardware: 29%
  • Countertops: 10%
  • Lighting: 5%
  • Flooring: 7%
  • Doors and windows: 4%
  • Walls and ceilings: 5%
  • Faucets and plumbing: 4%
  • Other: 1%
You may not need to replace all of these areas of the kitchen.....and you may decide to save money in certain areas and splurge in others. This is where the expertise of a designer is valuable.  You can also search for Renovation Cost Calculators on the web to give you a more accurate breakdown of your project.

Next up......Working with a designer on your kitchen renovation.