So you’ve finally decided to take the plunge and renovate your kitchen. You start looking things over and making mental notes; countertops, floors, ventilation hood, appliances… After a while you start to wonder if it’s actually feasible, you ask, “how much is this going to cost?”.
Any remodeling or renovation job can present certain financial challenges depending on the scale, end goals of the project and a myriad of other factors. All of the things that you have to consider can become quite overwhelming.
We at AGS Stone understand this better than anyone, in addition to being an industry leader in the field of kitchen and bathroom remodeling, we’re also homeowners ourselves! In this post we’re going to walk you through the remodeling process and answer what is most likely one of the biggest, if not the biggest question that’s on your mind – how much is this going to cost?
Laying the Groundwork
It all starts with planning. Much like other large purchases or home improvement jobs, it is essential that you plan. In these next paragraphs we will introduce a few key questions, coming up with realistic answers to these are vital to the success of your kitchen renovation and ending up with a finished product that makes you happy and won’t cost you an arm and a leg.
The first thing that you need to consider in any renovation job is what exactly you’re trying to accomplish, setting clearly defined goals will help you to create a roadmap for your spending. For example, if you want to put in new countertops, but determine that the floors or ventilation system isn’t a priority right now, then your total costs will be different.
After you decide what exactly you want to do in your project, you have to establish your priorities. Where are you willing to spend top dollar on something versus purchasing something more mid-tier? Keep in mind, these aren’t hard numbers yet, right now you’re simply asking yourself what your “must haves” are.
Other Considerations: Making the Value Play
Aside from gaining satisfaction and increased utility from your kitchen renovation, your project should also aim to increase the value of your home. Whether you’re in your dream home already, working towards it, or plan on moving on to a different living space in a few years, your remodel should make your home more valuable in the end.
NerdWallet offers five ideas to increase the value of your home, all of which you should consider applying in your kitchen or bathroom renovation project. You can discuss how to work these in when you begin working with your team.
- Make it more attractive
- Make it low maintenance
- Make it more efficient
- Make it bigger
- Make it smarter
Budgeting Your Kitchen Renovation Cost
Once you’ve determined the scope of work and know exactly what you want and don’t want, you’ve set your goals, it’s time to come up with the hard numbers. How much will each piece of your renovation cost? Depending on what you’re trying to accomplish it varies. Our general rule of thumb to remember is that a kitchen remodel will range between 10 and 15 percent of the value of your home. Remodeling your master bathroom will cost approximately 10 percent and guest baths around five percent. Spending more may mean that you may not recoup the full value of your investment.
Essentially the value of your home is a large determiner of how much things can cost. Take a quick look at the chart below for examples:
|Home Value||10% of Home Value||15% of Home Value|
|AAV of home in Tampa* ($245,600)||$24,560||$36,840|
*Average annual value of homes in Florida was provided by Zillow.com
You can find a full listing of projects with associated costs here.
Working with your Team
Building your team and budgeting really go hand and hand. In most cases it is your team that will help you in the budgeting process. Your team will break down the cost of goods/materials as well as labor and ensure that you understand the differences and can navigate your needs/wants to work within your home value budget.
Your team will also communicate well with you through every step of the process. They should be open and honest regarding any unexpected challenges that may arise during the project. It is important to understand that sometimes even the best laid plans can run up against snags, your team will help you navigate these and any ensuing costs from them if and when they occur.
Remember the importance of patience here, Rome wasn’t built in a day and neither will your kitchen be.
Unfortunately, the answer to the “how much does it cost to renovate a kitchen” question isn’t an exact number. It can vary based on a number of factors. However, this guide should help you figure it out:
- Use your home’s value as a guide (10 and 15 percent of the value of your home)
- Work with your team to understand generally how your budget should be allocated
- Understand the breakdown between the costs of goods and the costs of labor
- Know that sometimes unexpected additional costs may be incurred (though not typical, remodeling is not always wrinkle-free. Your timeline and budget should allow for this)
At the conclusion of your kitchen remodel, you will hopefully be excited to begin living in your newly remodeled space. Properly planned, you should not be surprised by the result.
We’re a family owned and operated business and have been helping people build their dream kitchens and bathrooms for nearly 10 years.
If you’re interested in kitchen remodeling or bathroom remodeling, we can help you with your questions. Our high-quality products and services are designed with your kitchen or bathroom in mind. Contact us today at (813) 626-3636.