Planning for a kitchen remodel? How much does it cost? How much should it cost? What is a good return on investment? If you're thinking any of these thoughts, you're in luck! I've done a little research that will go a long way in helping you plan for and determine a realistic budget combined with my years of working with homeowners.
The National Kitchen and Bath Association recommends budgeting 15-20% of the value of your home on a kitchen remodel for a good rate of return. Within that budget, they then advise to include a 25% cushion for unexpected expenses or upgrades. Based on NKBA numbers, a few examples are, if your home is worth $250,000, budget from $37,500-$50,000 and if your home is worth $500,000 budget anywhere from $75,000-$100,000.
So now you know about how much you can spend to stay in line with your property value, here's a breakdown of what those budgets include with each level of investment.
BASIC KITCHEN REMODEL $5,500 - $20,000
Repaint existing cabinets and update hardware $800-$5000
Replace countertops with wood or stone like granite or quartz $3,500-$5,000
Repaint walls, ceiling and trim $350-$1500
Replace sink and faucet $250-$1500
Replace light fixtures and add undercabinet LEDs $250-$500
Install basic laminate flooring or refinish existing wood floors $500-$1500
AVERAGE KITCHEN REMODEL $25,000-$50,000
Install new stock cabinets $6,000-$15,000
Install new stone countertops $3,500-$5,500
Install upgraded appliances $2,800-$7,500
Install new lighting & undercabinet LEDs $1,000-$2,500
Install new sink and faucet $1,000-$2,000
Paint walls, ceiling and trim $350-$1500
Install new flooring tile or wood $2,000-$3,500
Install tile backsplash $500-$1000
DELUXE KITCHEN REMODEL $50,000-$100,000
Remove walls, reconfigure kitchen layout $TBD
Install new semi-custom or custom cabinetry $20,000-$30,000
Install new high-end stone countertops $7,500-$10,000
Install new high-end appliances $7,500-$15,000
Install new high-end lighting & undercabinet LEDs $3,000-$5,000
Install new main sink & faucet, prep sink & faucet, pantry sink & faucet $3,000-$5,000
Paint walls, ceiling and trim $1,500-$2,000
Install new crown molding, upgrade electrical, charging stations $1,000-$2,500
Install new higher-end flooring tile or wood $2,500-$5,000
Install architectural details like wooden beams and custom molding details $TBD
According to the experts at This Old House, the exciting news is that the average return on a kitchen remodel is around 85%. If you're planning on staying in your home for at least another 5 years, now is the time to design a functional kitchen that you and your family can enjoy for years to come!
If you haven't already, join my new Facebook group Kitchens, Baths & Mudrooms by Design to share your design journey with other busy moms must like you. Hope to see you there!