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The Costs of Remodeling

Monday, August 18, 2014

When you start considering a remodeling project, it is easy to focus on cost because that is the aspect that is most easily understood. Your budget will determine the magnitude of many design options.

Several factors must be considered when preparing a budget for kitchen renovations. Many experts use 10-15 percent of the home’s value as the optimum kitchen remodeling budget range. Use a recent appraisal because home values tend to fluctuate over time. Also, consider the trend of neighborhood prices.

If you are considering an extensive project with walls being moved or adding floor space, the budget amount will have to be adjusted to account for the changed configuration and additional square footage. These decisions are a good place to start creating your own budget for your kitchen project.

When establishing your budget, consider the historical averages and the actual costs for completed projects in the past. According to an annual construction cost survey by Remodeling Magazine, winter 2007, the cost of the average kitchen remodel is $55,288 nationwide. This figure takes into account many modest versions in the $15,000 to $20,000 range up to the most opulent renovations in excess of $200,000. Most moderate to average kitchen projects fall into the low $30,000 to mid $50,000 cost range.

Remember that custom cabinetry in exotic woods and finishes, unusual stone countertops, imported tile, and commercial appliances and fixtures will quickly run the project above average costs. But, the results from such a unique and well thought out design are often worth the additional investment.

Modest remodel ………………………… $15,000 to $20,000

Moderate remodel ……………………… $20,000 to $45,000

Average remodel ………………………….. $45,000 to $65,000

High End remodel …………………………. $65,000 to $100,000

Premium remodel ………………………….. Over $100,000

Our designers at Kitchen Masters are well qualified to help you create the most efficient and beautiful kitchen achievable within your budgetary constraints. Our designers can show you the options for product quality and degrees of craftsmanship that your budget will provide. Each higher budget level allows more product and design options than the previous level. Our goal is to create the finest kitchen possible using our design knowledge and creativity.

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