Are you thinking about a kitchen remodeling project? You may have your sights set on your dream design with custom cabinetry, high end appliances, and top quality materials, but do you have any idea how much this will cost? Do you know how much you are willing to spend or how you will fund your project?
In addition to deciding the perfect color scheme and cabinet style for your new kitchen, it is critical that you consider your budget and how you will fund your project. Here is our guide to the expenses involved in a kitchen renovation.
Kitchen remodeling expenses roughly fit into several main categories:
Appliance choices will depend in large part on the specific model selected, along with applicable taxes, delivery, and installation fees
Cabinets, countertops, other materials, and fixtures vary widely according to the quality. By consulting a design professional you can find the best solution to fit your requirements within your budget.
Choice of contractor depends on if you work with a designer/project manager who acts as general contractor or hire and supervise each individual subcontractor yourself.
Actual costs vary widely, but from our experience the overall costs can be approximately broken down as follows:
Cabinets and appliances: 40%
Other materials and fixtures such as countertops, sinks, lighting, and windows: 35%
Unexpected costs/contingency: be prepared for up to 20% on top of your budget
It should come as no surprise that surprises happen when remodeling, especially in an older home. You must be prepared for this by allowing contingency in your budget. Big culprits are problems with electrical wiring or plumbing/leaks that can only be discovered once you look underneath the surface.
Your particular requirements will greatly influence your renovation budget, but in general budgets fit into several categories including upscale, mid-range and a partial remodel.
On average an upscale kitchen remodel in the Detroit area is about $120k, which includes a complete layout change, deluxe details and architectural elements, top quality materials and accessories, custom and furniture-like cabinetry complete with storage accessories, professional stove and hood, and built-in or paneled appliances.
A mid-range kitchen remodel is around $64k, and includes some changes to the layout, higher end built in appliances, custom cabinetry with specialized storage, and better quality materials such as stone countertops and wood or stone floors.
A partial remodel can cost $20-30k, and includes replacing countertops, cabinets, and some minor design details.
You may want to completely change your kitchen and therefore think an upscale remodel is the only way to go for you. Before you begin, it is important to consider several more factors.
1. How much can you afford to spend?
Set your budget and stick to it by limiting the scope or selecting materials that fit your budget. Spend money on top priorities, but look at where you can save on costs. You might accomplish this by selecting semi-custom or stock cabinets, or change the “best appliances” out for “better appliances”.
2. How long do you plan to stay in your house?
If you plan to sell within five years, then view your renovation as an investment and only spend what you plan to get back when you sell. If you plan to stay in the home longer, then do a remodel that will fit your family life and will grow with your family over the years to come.
3. Stick to your plan and stay on budget!
With so many unique design features available it can be difficult not to stray from your original plan. Last minute changes have the biggest influence on breaking your design budget, so make sure you set your priorities and focus your budget on those items. Here are a few more things to consider when trying to stay on budget:
Avoid last minute decisions to change out items for higher end alternatives.
Understand permit fees charged by local building authority.
Debris removal is part of overall budget if working with a design/build firm, but is an extra cost you must be aware of when doing your own work.
You may not have access to your kitchen for a period of time, so add on extra costs to eat out or live somewhere else during the remodeling process.
Design/build firms are experts at identifying and managing the extra costs that can pop up during a renovation, but if you are taking a DIY approach you must be prepared to handle unforeseen costs.
Finally, think about how you will pay for the remodeling project and find out when you will get money if taking out a loan. Plan in advance to pay deposits and for materials up front.
Working with a kitchen design professional can make all the difference in helping you achieve your dream design while also staying within your budget. Research the kitchen renovation features you want to include, consider your priorities, and then stick to your plan to stay on budget!