Estimating Your Kitchen Remodeling Costs
“remodeling costs” “kitchen plans”
The first question most people ask is: How much is it going to cost?
What you end up paying depends on three things that you can choose and one that you can’t.
First, the material you select for your kitchen plans will have the biggest impact on the price; it’s also where you have the most choices.
Then there is the cost of installing the materials you have selected. For this you can take the lowest bid.
Finally, how much you pay will vary with where you live. You can’t do much about this! Construction costs vary widely throughout the country so the geographic location you are in will pretty much dictate the going rates.
When doing a remodeling project figuring out how much to spend can be the big question.
Some things to consider would be:
What condition is the house in and what era does the current style suggest and what would you like it to be?
What is the current market value of your house before remodeling and what is the average market value of comparable sized homes in the neighborhood? How long do you actually plan to stay in the home? Is it a flip? Are you planning to live there for 2-4 years? 10 years? Forever?
Whatever amount you feel comfortable spending…or that your budget will allow…you should keep in mind that your home is still an investment…possibly your biggest investment…and you want to have the highest return possible on your investment, especially if your turn around time is sooner rather than later.
You don’t want to remodel all of your equity away. Some projects add value to the home and others just eat away your equity with no return at all. Fortunately a kitchen remodel is something that recaptures nearly 100% return if you stay within the maximum 15% of the home’s current market value.
It’s always a good thing to check out other homes in your neighborhood and see what the competition is with comparable homes so you can stay in the game and even have an edge when it comes time to sell. You want to make sure yours compares best to others in the same price range, however, your net profit is still the end game.
But on the other hand, if this is the home you plan to be in for many years to come, the pleasure you would receive from having your perfect dream kitchen, experiencing delight and appreciation on a daily basis, should never be underestimated either.
I personally believe we should all do things that bring us pleasure and joy into our lives on a daily basis….but it’s all a balancing act so the purpose of your remodel needs to be taken into definite consideration.
The 5% to 15% Rule is a handy tool to help determine how much you spend on your kitchen project.
kitchen cabinets remodeling
Remodeling Costs * Kitchen Cabinets
Planning a kitchen remodel?
Add Me as a Friend on Facebook CLICK HERE!
Tags
Custom Remodeling, Discount Kitchen Cabinets, Do it Yourself Home Improvements, Home Design, Home Designs, Home Improvement & Maintenance, Home Improvement DIY, Homes Renovations, House Remodeling, Ideas for Kitchens, Kitchen Cabinets, Kitchen Designs, Kitchen Plans, Kitchen Remodel, Remodeling, Remodeling Costs, Remodeling Houses, Remodeling and Construction
I appreciate the fact that you mentioned that remodeling does increase the value of the house. This is what i always say myself when advising people on kitchen remodeling. It’s good to know you can still get some good advise online
Thanks
Remodeling the kitchen does raise home value. I can attest to this. I put about 10% of the value of the home into a remodel. Two years later, I sold the house for about 15% more than the value it was two years before (before the remodel). No I can’t say I got exactly 10% of that 15% from the remodel, but it had a major impact–the buyer listed the new kitchen as a major reason for the purchase.
Remodeling gets really, really expensive. These tips are great and this book looks great as well. My parents are in the middle of remodeleing so maybe Ill get it for them for a Christmas present
What are your thoughts on being your own GC. I think if you know what needs to be done and you have a decent knowledge of the process you can source your own labor.
I find that posting your jobs on craigslist will get a good response.
A GC can increase your price easily by 10-30%. Keep in mind that when you pay a GC they handle all the nitty gritty.
Good information, consumers need to consider the above factors.
I want to be my own contractor to redue my kitchen, but I need a good set of plans with some style. I prefer to have an online designer. Anyone heard of RDC Architects? I believe they do online work
This is excellent advice surrounding a kitchen remodel. As a Realtor I especially like your comments surrounding looking at the return on investment. Like you mention if you are only going to be in home for a few years it may not make sense.
i know that remodeling a kitchen can be expensive, and its hard to guess how much so sometimes, but i think it is worth it in the long run, especially if you are thinking of moving, it can really boost the appeal of your home.
Make sure that you think about where you want the keypads for your home alarm system — once you put it up, it is difficult to change. The kitchen is a popular place for these.
In my experience, every time I do a project I end up over budget. always seems like I get into things I didn’t expect. MY suggestion is, Whatever you figure out your cost will be, add 50% to that so you will be covered.
Now is a good time to do it since labor is cheaper due to a sluggish economy.
-Jack
I have always found that redoing the kitchen as well as the bathrooms increase the value of a home, so doing the kitchen is very well worth the money that you spend, rather have some thing that is user friendly even to yourself if you going to still be in that home for a couple of years, even though the kitchen and bathrooms usually cost the most when it comes to remolding, but at the end of the day its worth every cent that you do spend.
Like the article said the first question usually is how much will it cost? You have to be willing to spend. Quality work requires equal pay. You pay for what you get. If your planning on not staying in the home long you may not want to spend the cost to remodel your kithcen though.
I agreed with Jessy.. sometime remodeling any part in the house can make the value of the house high..
well, the 5-15% rule is interesting. i hadn’t thought of it that way. in any case, it’s not doubt that remodeling the kitchen will add value to the home. it also seems to be the heart of the home. and as such, you need to be happy with the results yourself first. and i also second the comments about adding like a 10% fudge factor on the budget. there are some things you can’t foresee. good post.
Sometimes it can be cheaper to update things like doors and handles on kitchen units and a the worktop. especially in this recession.