3 Ways to Budget for a Kitchen Remodel
It’s common knowledge that your money is best spent on an updated kitchen, especially if you are planning to sell. Photos of the newest smart appliances and new cabinets can be motivating, and you may have even begun to look at prices. You can research online from the comfort of your home, for designers, contractors, and materials like granite slab prices Atlanta.
Budgeting According to National Averages and Trends
Houzz surveyed homeowners in 2019, and according to respondents, the national average for a modest kitchen remodel was $11,000, or $33,000 for a major kitchen upgrade. The report also states that more than half of remodelers stay in their home during construction. Remaining in your house can save on stress and money, but be sure to account for the cost of eating out.
Budgeting by the Percentage of Your Home’s Value
As a rule, you want to spend ten to twenty percent of your home’s fair market value on a new kitchen. So, for a $300,000 home, you would invest anywhere from $30,000 to $60,000. Here’s how those figures break down so you can see where you might save and where you might pay a little more.
- Cabinets- 30% or 9-18k.
- Appliances- 20% or 6-12k
- Labor- 20% or 6-12k
- Surprises- 20% or 6-12k
- Fixtures- 5% 1.5-3k
- Other- 5% or 1.5-3k
Budgeting per Square Foot
Another general guide to how much you will spend is by the square foot. An average kitchen remodel costs about $150 a square foot. A luxury kitchen upgrade could cost upwards of $300 per square foot. So if your kitchen is 200 square feet, you’ll be spending $30,000 to $60,000.
Remodeling your kitchen changes the feel of your house and considerably increases the value. Use these guidelines to budget for your new kitchen, and let the fun begin!