Top 3 Financial Approaches for a Successful Kitchen Remodel

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Homeowners can choose from three financial approaches when it comes to remodeling their kitchen:

1. Spend the least amount of money to spruce up a kitchen
2. Invest a moderate amount to upgrade or replace cabinetry, countertops, flooring, and appliances, but without modifying the existing layout
3. Work with a qualified designer to develop a plan that creates the best kitchen design, often by replacing all cabinetry, countertops, flooring, and appliances, and modifying the existing layout.

Option 1: The Least Amount of Money

This option is ideal for homeowners who want to update their kitchen without spending too much money. A simple approach such as painting the cabinets and changing the room’s color can already make a big difference. Adding new hardware and changing the backsplash or a few appliances can also help make the kitchen more presentable, valuable, and even a good financial investment, especially if the budget does not exceed $5,000.

Option 2: The Moderate Amount of Money

This option is only sometimes the best investment. Homeowners who opt to upgrade or replace their countertops, flooring, and appliances without modifying the kitchen’s layout will likely not see a return on their investment when they sell their homes. This is because the kitchen’s outdated design is still the same, which will not appeal to new homebuyers. Professional kitchen designers often have to rip out these newly renovated kitchens to make changes that will appeal to new homebuyers. The budget for this type of remodel usually starts at $40,000 and may not result in real value for the home.

With a medium size kitchen, the budget for this kitchen remodel approach breaks out as follows:

Quartz countertops                               $  5,000

Flooring                                                       5,000

Backsplash, sink, faucet, handles           1,750

Lighting                                                           750

 

Appliances                                                10,000

 

Cabinet refacing                                      10,000

 

Contractor                                                12,000

 

                                                                $ 45,000

Option 3: The Most Amount of Money

This option is the most expensive but also provides the most value. This approach requires more construction work, such as moving sink and appliance locations, removing a wall between the kitchen and dining room, and removing soffits. This type of renovation also includes updating cabinetry, countertops, flooring, and appliances. The budget for a medium-sized kitchen starts at $50,000, but it can increase the value of a home far beyond the cost of the renovation. This is because the kitchen will now be an optimally designed space that will become the selling point for the home.

With a medium size kitchen, the budget breaks out as follows:

 Cabinets                                                   $ 15,000

 Quartz countertops                                    5,000

Appliances                                                    5,000

Flooring                                                         5,000

Backsplash, sink faucet, handles             1,500

Lighting                                                           500

Contractor                                                20,000(+)

                                                               $ 52,000

In conclusion, homeowners who opt for the third option, are more likely to achieve the kitchen of their dreams, increase the value of their home, and make a wise investment. A well-designed kitchen gives real value to a home, and seeking the help of an experienced kitchen designer makes sense.