When we start talking to a new client about a kitchen remodeling project, one of the first questions is, “How much will this cost?” As a homeowner, confirming that your budget will suit the kitchen you're after during the planning process is important.
This blog will break down examples of three different types of kitchen remodels: minor, major, and upscale. These examples are a great reference point for your budget and planning. Make sure you take into account that each kitchen is unique and you won't know the exact cost of your project until your contractor knows the details of your project.
Average Cost: $39,599
Average Resale: $18,927
Average ROI: 47.8%
A minor kitchen remodel costs the least because it does not require the same level of redesign. This project is ideal for homeowners who have a kitchen they like, that suits them well but looks a little dated. If you completed your last kitchen upgrade about 10 years ago and you are happy with the layout, a minor remodel may be a good project to consider.
Given the lower cost, remodeling at this level is mostly confined to the surface. Instead of replacing the cabinetry, the project involves new cabinet doors and pulls in a current style and color. As part of the project, you will get a new sink and faucet, new appliances in a moderate price range, and new resilient flooring. This price point allows for new laminate countertops, but nothing higher-end. If you want a stone or concrete countertop, you can expect to pay more.
Average Cost: $77,726
Average Resale: $43,364
Average ROI: 55.8%
For a major kitchen remodel, the phrase you might be looking for is “clean slate.” Most homeowners find that they need to consider a major upgrade every 15 to 25 years, depending on the quality of the kitchen you had in the first place. If you would like a functional, modern kitchen with durable but modestly-priced materials, this price range gives you a close target.
In the middle of the range for this project, you get a fairly significant redesign of the layout, and everything but the walls are new. The goal is a complete refresh, but the choice of materials remains moderate. You can expect a new island, with cabinetry that is semi-custom and comes in a current design. New, built-in appliances give a seamless look to the kitchen. Laminate countertops and vinyl flooring complete the package.
Average Cost: $124,990
Average Resale: $80,284
Average ROI: 64.2%
For some homeowners, remodeling the kitchen is an investment in life and activity. If you spend a lot of time in the kitchen, the material choices matter significantly. Sometimes, your regular kitchen upgrade involves changing the dimensions of the room to suit your modern life. You might choose this project if your kitchen is hopelessly small and outdated, or simply does not meet your needs anymore.
An upscale remodel involves a complete renovation of the space but opts for high-end materials whenever possible. Within this price range, you get stone countertops, tile flooring and a commercial-quality range with a custom vent hood. Even the cabinetry is top of the line and offers convenient features like built-in shelves and drawers.
The average return on investment you can expect for any home improvement project varies, just like the cost. ROI depends on a variety of factors, such as:
These figures can change significantly from one year to the next. If you have an older home that is surrounded by houses that are much more current, your ROI on a major project might be better than you anticipate. As such, average ROI can be a useful piece of information in helping you make a choice, but it should not be the only one.
It can be too easy to let costs overwhelm you, particularly if you know you need to make a big change in your kitchen. As a homeowner, you are not just making an investment in your home’s future resale value. You are putting money into your home so that it will help you achieve your goals:
Make sure you talk about these goals with your contractor before you remodel. Few people finish unhappy when they get the kitchen of their dreams. With the way a new kitchen dramatically improves their lives, many homeowners wish they had made the investment much sooner.
To get a kitchen that solves your problems and makes you happier, you need an expert in kitchen remodeling like Peacock & Company. If you are ready to learn more or talk to a professional about your kitchen remodeling project, schedule a free initial consultation today.
∗ (The figures and examples above are taken from the Remodeling 2021 Cost vs. Value Report [www.costvsvalue.com] from various cities in the East North Central region. © 2020 Hanley Wood Media Inc. The Peacock & Company team reviewed the numbers and descriptions to ensure they aligned with similar projects we've completed. You can download the complete data from the Remodeling 2021 Cost vs. Value Report free of charge at www.costvsvalue.com.)