Estimating Your Kitchen Remodeling Budget

One of the most important decisions in preparing for the design process is to establish a reasonable budget. Many homeowners hesitate to share their budget requirements with their designer, however your design professional is your partner who will recommend products and design options that fulfill your budget and your product desires.

Your personal designer will help you visualize the overall scope of your renovation, select products to be used in your project, and determine the viability of your budgetary expectations.

The designers at Kitchen Masters use three general methods to establish initial project cost estimates. These initial estimates help your designer determine the possible product options that can be considered, as well as how extensive the scope of the project may be.

1. Cost Per Foot Estimation

Modest kitchen remodels using budget conscious products, such as laminate countertops, entry-level, semi-custom cabinetry, and standard sized fixtures, and maintaining a limited scope of work in the project can often be achieved for $150 per square foot or even less in some cases.

You can expect most kitchen renovations to require an investment of $250 to $300 per square foot for high quality cabinetry and fixtures, slab granite or stone countertops, minor wall relocations and removals, improved appliance placement, increased workspace efficiency, flooring installation, and upgrades in lighting and mechanical systems.

Luxury projects featuring extensive use of intricately carved wood features, rare stone and tile, extensive construction, and fully customized, hand-finished cabinetry will quickly exceed $300 and can easily reach $1,000 per square foot. The luxury level will include unique materials put together in unusual ways, exquisitely carved and beautifully finished wood accents, imported door glass to display fine kitchen pieces, the latest and most efficient fixtures and appliances, and attention to every minute detail in the design and workmanship.

2. Percent of Home Value Estimate

Many reputable publications, such as Remodeler, Women’s Day, Money, and Denver Post, advise investing between 10% and 15% of your home’s current appraised value in your total kitchen remodel including appliances. For example: a $500,000 home could support a kitchen remodel budget of $50,000 up to $75,000. In many luxury renovations this formula will not be a factor.

3. Comparable Project Estimation

Your designer will be able to provide a sense of investment requirements with a little research on recent projects that are somewhat similar to the project scope, size, and product requirements of your project.

The actual project budget requirements will depend on your personal taste, choice of products, and the size and scope of work you want incorporated into the renovation. Remember that these estimates are only guidelines; however, when you and your designer carefully analyze the results, the estimated investment can be easily established and can be used with confidence.