If you are considering renovating your kitchen, one of the first steps to consider, of course, is to be able to estimate the cost of the project.
This can vary depending on a number of factors, including the size of your kitchen, the materials, the amount of hardware you choose to include in your new kitchen, such as the number of drawers, a recycling center, a corner system, under-cabinet lighting, choice of countertops, etc.
Most importantly, it depends of the extent of the renovation
Will we have to:
- knock down walls
- move existing plumbing
- Move hood ventilation
- Add overhead lighting
- etc…
To get an estimate of the cost of your kitchen renovation, start by measuring your kitchen and making a detailed list of the work you want done. Once you have this information, you can start researching the cost of materials and labor in your area.
It is actually highly recommended that you reach out to several contractors to get a few quotes.
With careful planning and research, you can create a stunning new kitchen without breaking the bank. Here are a few suggestions of the steps needed to help you achieve this wonderful project.
What is the cross-value rule?
One of the first steps to consider would be to apply the cross-value rule. This is a guideline that says you should spend 10-13% of your home’s value on kitchen remodeling. This rule is meant to help you budget your remodeling projects so that you don’t overspend and end up with a home that is worth less than your total investments.
The value of a kitchen remodel should be spent on the following:
- 5 to 6 percent for the purchase of the cabinets and countertops
- 3.5 to 5% for the renovation of floors, walls, plumbing and electricity
- 1.5 to 2% for appliances
Renovate, an added value?
If you are considering selling your home in the near future, it is important to be aware of current renovation trends. One trend that is becoming increasingly popular in recent years is renovating your home to add value.
Renovations can be a great way to increase the value of your home, but it’s important to know how much value you can expect to add before you begin the project. As a general rule of thumb, it is estimated that the value of the home can be increased by about 75-100% of the cost of your kitchen renovation. So, if you are planning a $50,000 renovation, you can expect to add about $35,000 to $50,000 to the value of your home.
Of course, there are a number of factors that affect the final value of your renovation, including the quality of workmanship, materials used and the location of your home. However, if you are planning to sell your home in the near future, it is definitely worth considering renovations to increase its value.
Variations depending on the quality of the materials.
When it comes to choosing materials for a kitchen renovation, it’s important to consider both the initial cost and the long-term cost.
While higher quality materials may cost more up front, they often save money in the long run because they last longer and require less maintenance.
For example, using a higher quality paint may cost more up front, but it won’t need to be repainted as often as a lesser quality paint.
Similarly, using higher quality flooring may cost more, but it will not need to be replaced as often as lower quality flooring.
Remodeling vs. renovation, choosing wisely to save money
When it comes to revamping your kitchen, you have two options:
- renovation
- remodeling
Renovation consists of making changes to the structure of your kitchen, for example, by improving the layout of your kitchen components to increase ergonomics or by changing the floor covering. Remodeling is changing the finishes of your kitchen, for example by changing only the doors of your existing cabinets and drawers.
If you are trying to save money, remodeling is usually the best option. This is because completely renovating your kitchen usually requires more work and materials than just changing the finishes. That said, in some situations, renovating can save you money in the long run. For example, if you opt for a remodel, this is a temporary fix and you will not have the choice in the medium term but to undo everything and invest in a complete renovation of your kitchen. This last solution gives real value to your home. Ultimately, the decision to renovate or remodel depends on a number of factors, including your budget, your timeline, and the goals you’ve set for your home. If you’re not sure which option is best for you, I recommend you speak with a designer or contractor who can help you make the best decision for your situation.
Margin of error and contingencies
The margin of error is the amount you are willing to spend over and above the estimated cost of the renovation. It is usually 10-20%.
Contingencies are unforeseen costs that may arise during the renovation. These can include structural problems, electrical problems or plumbing problems.
It is important to allow for a margin of error and contingencies so that you don’t go over budget and end up with a half-finished renovation. If you don’t have a margin for error or contingencies, you may have to take out a loan to complete the renovation, which can put you into debt. Having a margin for error and contingencies will also give you peace of mind knowing that you have a cushion in case something goes wrong during the renovation.
Conclusion
Kitchen renovations can be costly, but they can add considerable value to your home.
There are many variables that come into play when determining the cost of your kitchen renovation. Knowing the scope of work and finding the right professionals are the steps to take when planning your kitchen remodeling goals. Budget is also a factor to consider, unforeseen expenses may arise during the project that require additional research and changes to the plan.
It’s important to stay organized when researching and budgeting for kitchen renovations so you don’t end up in a situation where things don’t come together properly or your budget isn’t met. Have fun with the design process, do a lot of research on materials and labor costs, and lastly, don’t hesitate to contact us if you have any questions along the way, we will gladly give you a detailed quote for your cabinets, countertops, ceramics, sink, faucet, etc.
Good luck with your kitchen renovation!
