Imposing Price Tag Kitchen renovations are notoriously expensive. Remodeling magazine's Cost vs. Value Report 2013 says the cost to renovate a 200-square-foot kitchen with wood cabinets, an island, laminate countertops and a standard sink and faucet is about $54,000. That price also includes new appliances, lighting and flooring.
A gourmet kitchen with granite countertops, custom cabinets and a tile backsplash, along with built-in and commercial-grade appliances can nearly double that price tag to $107,000. Low-Cost Alternatives to Renovating If your budget isn't quite that generous or you're just looking to refresh the look of your kitchen, consider these ideas: - Paint or refinish your kitchen cabinets for a low budget and big impact.
- A new tile backsplash only costs a few hundred dollars in materials and is a potential do-it-yourself project.
- If your appliances are still in good shape but the colors are dated, get them painted at a local body shop.
- Vinyl flooring has come a long way. You can find styles that mimic wood or slate for a modern look.
Pays Off When It's Time to Sell When you're ready to sell your home, your updated kitchen will boost your home's value. Remodeling magazine estimates you'll recover 60–70% of the cost of your kitchen remodel.
A new kitchen will also grab potential buyers' attention. Not only are homebuyers willing to pay more for a home with new appliances, granite countertops and a kitchen island, but 51% of men and 62% of women said they would fall in love with a home that has a gourmet kitchen. Stick to the Budget The budget is essential to a successful kitchen remodel. Here are three budgeting tips to help keep you on track. - Commit to spending the bulk of your money on things you don't want to replace often—such as appliances and cabinetry.
- Make sure you're not over-improving your kitchen. You won't be able to recover the costs of your updates, no matter how nice they are, if they make your home the most expensive on the block.
- Set aside 10–15% of your budget for unexpected expenses. Renovations never cost less than expected.
| An experienced real estate agent can help you determine how much to spend on your kitchen renovation without overdoing it. And, when it's time to sell your home, your agent will also make the most of your home's standout feature to attract buyers and get a great price.
You can find a trustworthy agent who is an expert in your area through Dave's nationwide network of Real Estate Endorsed Local Providers.
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