You don’t need to be an expert in home renovations to know that there are two rooms that every potential buyer looks for when buying a new house: bathrooms and kitchens. Naturally, they also happen to be the most expensive places to gut or modify. However, when the numbers are truly crunched, you may be surprised to see how cost-efficient these kinds of large-scale renovations can be when done right.
In this article, we will go through how much an average kitchen renovation costs, so that you know what to expect whether you are buying a fixer-upper or wishing to change up the appearance of your current kitchen area.
What Goes Into a Kitchen Renovation?
It’s easy to think of the big things that go into a kitchen reno, as the majority of us use them on an everyday basis. These are, of course, things like cupboards, major appliances, countertops, and general layout. However, there are other smaller details that add up to create the overall appearance of your kitchen, things like doorknobs and drawer handles, backsplashes, and kitchen furniture.
The big-ticket items, in general, will be the cabinets. While cabinets can vary in price according to the kitchen layout and their materials and quality, it’s not unusual for cabinets to cost $15,000 or more. Equally as expensive, of course, is the cost of new appliances, which can start at $10,000 especially if you are opting for the latest and greatest models.
Your costs will increase, of course, if you also choose to redo your entire kitchen floors. What’s more, is that many homeowners will enlist the help of an interior designer if they do not feel confident in their abilities to plan a kitchen’s look. Many homeowners find this to be an important step as they are concerned with getting as much of a return on their investment as possible by making their kitchen desirable to the average buyer.
What is the Average Cost of a Kitchen Renovation?
We hinted at it already, but it’s probably for the best if we come out and tell you some real numbers. Though it can vary widely, the average kitchen renovation will cost anywhere from $55,000 to $85,000.
This may seem daunting, but there is good news: kitchen remodels can add so much value to a house that it isn’t unusual to earn back upwards of 75% of your entire remodel costs when you sell your house. The reason for this is because a desirable kitchen is much more likely to entice a homebuyer than a kitchen that is outdated or in rough shape. Potential buyers simply see these kitchens as money pits, as well as a lot of work.
Can I Save Money By Doing Kitchen Renovations Myself?
Even though there is the possibility of a return on your investment, the estimated kitchen reno costs are still staggering for many. As a result, it may be tempting to try to save a few dollars by attempting a kitchen renovation yourself. Unfortunately, this is almost never a good idea.
The best way to have a high-quality kitchen remodel is to enlist the help of a specialized kitchen renovation contractor. These are trained and experienced professionals whose life work is to make your kitchen dreams a reality.
How to Save Money on Your Kitchen Renovation?
You may be wondering: “how much does a kitchen renovation cost?” and you’re not alone. In fact, we get asked this question all the time and the answer depends on several factors. While we don’t recommend DIYing your way through a kitchen renovation, we do want to help you cut costs where you can. So, here are 5 ways you can control your spending and invest your money in all the right areas of your kitchen renovation:
1. Make and Maintain a Budget
It’s important to align your needs with your budget to give you a clear plan of action. You can spend a lot less by making a list of absolute must-haves (i.e., countertop conversions, updated cabinets, etc.) and budgeting for those first. Are you keeping the layout of your current kitchen or upheaving it completely? A thorough, well thought out budget goes a long way when evaluating final spending costs. Don’t skimp on this step! In fact, it’s a good idea to budget an extra 10% for unforeseen costs along the way. This will give you a great cushion should unexpected roadblocks arise.
2. Determine Your Long-Term Plans
Is this a quick fixer upper or are you planning on passing this home down through the generations? While the former can include some quick, cheaper changes, the latter should be handled with much more care and intention. Why? Because it will cost a lot more to continuously renovate your kitchen vs. getting it done right the first time. It’s also worthwhile considering a slower, ‘one issue at a time’ approach to your kitchen updates. It’s true, the answer to “how much does a small kitchen renovation cost?” is a lot less than “how much does a full kitchen renovation cost?”. Therefore, if you’re concerned about investing too much too quickly, gradual changes can be done when you adopt a long-term mindset for your kitchen renovations.
3. Where Are You Staying During the Kitchen Renovations?
Some home renovations are more extensive than others. If you plan to live somewhere else during the construction phase, factor this in when determining ‘how much does a kitchen renovation cost?’. If it’s going to be a lengthy, expensive hiatus, consider staying with family or friends, with the allure of inviting them to your newly renovated kitchen for a thank you meal.
4. Evaluate Your Finances
Being smart with your kitchen renovations requires more than budgeting. Yes, it’s important to ask yourself: “how much does a kitchen renovation cost?” but it’s equally vital you determine how much you really want to spend. And this calls for you to closely evaluate your finances. See how much cash you have on hand to contribute, and then consider your loan options. From home equity loans to refinancing, taking out a personal loan or borrowing against your RRSP, there are a variety of options to choose from. However, it’s important to pick one that works best for you and your financial health.
5. Sell Your Scraps
While you may be tired of your old cabinets, a buyer on Facebook Marketplace or Craigslist could pay good money to take them off your hands. Take pre-renovation photos and see if you can get some extra cash for your scraps. Fridges, ovens, countertops, flooring, and other fixtures could contribute a fair amount to your kitchen renovations.
What Does a Contractor Do?
A contractor, also sometimes called a general contractor, will overview an entire construction site, whether that is a home being built from scratch or the renovation of a single room. When you hire a kitchen renovation contractor, your only job is to tell them what you are looking for in your kitchen, as well as your budget. Your kitchen contractor will do the rest — it’s really that simple.
Renovation Contractors in Kamloops
Interior Elite Contracting proudly provides kitchen renovation services in the Kamloops area. With more than 10 years of experience in the industry, our team is well-equipped to handle a kitchen renovation of any size with the highest degree of professionalism and care. We also offer maintenance services, which ensures that any investment you make in your kitchen’s appearance will be a long-lasting one.
