Remodeling a kitchen involves expensive, labor-intensive components like cabinets and countertops; theres also an array of expensive appliances to replace, and services from a variety of contractors. You may also qualify for a tax deduction on the interest, since the loans being used to improve your homes value. But experts agree you need to first check with your city government. Your best options include: Personal loans, aka home improvement loans, let you borrow a lump sum with a fixed interest rate for a specified term. There are plenty of ways to make a kitchen remodel more affordable. Basic renovations typically include: Sink upgrades, countertop replacement (using materials such as vinyl or laminate), the addition of a backsplash, stock cabinet installation, painting, upgraded appliances, etc. If you want a few higher-end features, focus on potential cost-saving strategies. The average cost to renovate a kitchen depends on the size of your project, with the national average coming in between $14,000 and $22,000, with most homeowners spending around $16,000. If you bundle your services through them, they can offer up to 20% in discounts for you. Being your own general contractor could save you up to 30 percent on your entire remodeling project. Youll have a fixed monthly payment as a result, making it easier to budget the expense. Takeaway: If youre not sure exactly how much you need for your kitchen remodel, this could be a good choice for you. The average cost of a kitchen in the U.S. is $25,000, but you will find the typical spending range is anywhere from $13,700- $50,000. The store will not work correctly in the case when cookies are disabled. Design fees can account for anywhere between three and even ten percent of your budget. Be honest with yourself about what youre willing to do yourself vs. letting a professional do it. And a fresh paint job can do wonders to refresh a kitchen. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The average cost to gut a kitchen ranges from $300 to $700 but could go as high as $3,000 depending on the size and space that needs demolishing. We also share budget benchmarks, breakdowns about kitchen remodeling costs and tips on how to save on renovation costs. What Is the Average Cost to Remodel a Kitchen? Alternatively, you can achieve great results by either refinishing or refacing pre-existing cabinets. Kitchen installation costs for cabinets and other materials vary depending on location and over kitchen remodel budget. JavaScript seems to be disabled in your browser. This is particularly important if you plan to knock out walls. To qualify, youll need a strong credit score, low debt-to-income ratio and at least 15 percent equity in your home. Home equity line of credit (HELOC) calculator. Make sure all construction debris and dust have been cleaned up by the contractor. Experts advise careful planning and sticking to a budget as ways to ensure your kitchen remodel is completed on time. Bankrate.com does not include all companies or all available products. A home equity loan also comes with a fixed interest rate, a fixed repayment timeline and a fixed monthly payment. High-range countertops include marble countertops, which can cost up to $9,650. For example, rip out old carpeting yourself, but always hire a professional for electrical or plumbing jobs. Those that are dated or damaged can leave future buyers underwhelmed, even if the kitchen has immense potential. By simply refacing or refinishing them, you can achieve a whole new look for a fraction of the cost. You have money questions. Make sure all cleanup work is included in the quote. Should you accept an early retirement offer? Designers often offer free consultations so they can give you a more accurate estimate of the end cost. In this case, extensive work is done, including the addition of built-in appliances, a double oven, a seating island, recycling station, and more. Do You Need a Permit to Remodel a Kitchen? Using particleboard instead of plywood where it wont be seen, doing the demolition of the kitchen yourself and other money-savers can help you get the kitchen of your dreams but without going into debt to do it. Depending on the number and type of appliances and ventilation upgrades you plan on doing during your kitchen remodel, you could be looking at spending anywhere from $1,000 to $10,000 on custom built-in appliances, or $200 to $1,000 for economy freestanding units. Youll probably also need new outlets at an average price of $150. It shapes whats possible with your kitchen, from the materials you choose to the professional help you hire. Our experts have been helping you master your money for over four decades. By not fixating on status-oriented appliances by Sub-Zero, for instance, but instead using mid-range appliances, you can save a bundle on your remodel. Depending on the size and space of your kitchen, as well as the features you desire, hiring a kitchen remodeling contractor can help you get the most out of your budget. If you dont have the cash (or even if you do), you may want to consider financing the project. Designers can help you select the best materials and colors, based on your unique vision and space. Adding extras or more features can quickly inflate your budget and lead to a domino effect of increased cost. Kitchen remodels continue growing in popularity. $10/sq. Here is an example budget breakdown: In order to prepare for unexpected expenses, we recommend setting aside 10-20% of your total budget. Let your designer know that cost is a priority. Looking to cut costs? Consider narrower cabinets, because most people dont use the space at the back of cabinets, you can get cabinets that arent as deep but are better designed for full accesswith pull-out baskets, spice drawers, sectioned drawers, corner cabinet carousels, etc. HELOCs come with closing fees and variable interest rates, though, so read the fine print to figure out what your monthly payments are, and how they could change. Any changes to the initial plan will cost you more down the road. Its hard to get an exact cost for a complete kitchen remodel, because each project has its own unique needs, features, quirks, and fixes. National Kitchen & Bath Association (NKBA). Designers and contractors are usually willing to work with any remodeling project, so its best to know your budget up front and fit as much as you can into that amount. For example, why replace cabinets that are in good condition? Looking for off-the shelf products instead of special orders can save a lot of money as well as looking for clearance items at brick and mortar stores. The average cost of cabinetry and hardware hovers around $6,670, and depends on the actual stock, and refacing and refinishing costs. On average, a kitchen remodel costs $100 to $250 per square foot. See how your favorite celebrity hosts from shows like HGTV's Kitchen Cousins and Property Brothers transformed 20 small kitchens into gorgeous and functional spaces. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. If you're not in a hurry, complete your renovation in stages. For one reason, they often give a huge boost to home resale value. You can also replace certain things in stages, addressing your top priorities first. Whether you plan on increasing storage or upgrading appliances, before you do any significant work yourself, be sure to consult with a kitchen remodeler. Get all the info you need on galley kitchen remodeling, and prepare to add an efficient and functional design to your kitchen space. That number doesnt tell the whole story though. Get an estimate of what your new kitchen cabinets will cost. One of the best ways to stay on budget is learning from other remodelers. Free shipping on samples, hoods, countertops as well as cabinets over $3500, What Does it Cost to Remodel a Kitchen? Expect nearly a third of your budget to go for cabinets and hardware. While wood floors are popular, most remodelers dont recommend having them in your kitchen because they are so susceptible to moisture. Each of these services are billed individually unless you work out a project cost with your plumber. Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything from upkeep and maintenance to building equity and enhancing value. So, no surprise that when it comes to remodeling projects, few are as popular as a kitchen re-do. Typical kitchen remodels range from $12,500 to $33,000. Permits are required if you move walls, or if you install new electrical wiring, plumbing, or mechanical systems. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access The more set in stone your plans are, the less chance there will be of additional charges later. What type of materials will you select? Based on your initial space or current design, is the layout ideal? If you have no choice but to stay, talk to the contractor about isolating the work area and controlling the airflow. After all, cabinets significantly impact the kitchen's overall first impression. Refurbished or used? On the low end, paper composite countertops can be anywhere from $2,500 to $6,000. 20 Small Kitchen Makeovers You Won't Believe. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Redoing the average-sized kitchen costs between $25,000 and $40,000, according to Angi. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. While we adhere to strict Our editorial team does not receive direct compensation from our advertisers. Typically less expensive than other bathroom remodels, a half bath remodel can also add real resale value to your home. Join the party! The kitchen is the heart of the home, its often said. Verify the contractor stop and start times, walk-through dates, vacation days, etc. For example, a medium-sized space is typically defined as an area that is between 75 and 100+ square feet, costing between $15,000 and $30,000. For potential buyers, the kitchen is the room that can make or break the sale, writes Kristen Hampshire at HGTV. Youll receive a lump sum to spend on your kitchen remodeling project. Your return on investment also depends on the neighborhood you live in, how much buyers are prepared to pay for a house in your area per square foot, and a mortgage companies willingness to go over their value assessmentsno matter how much you have spent on remodeling. How do you envision the space to look and what functional features are you considering? You will not be able to cook or eat in there for 38 weeks if the remodel is a big one. What Is the Average Cost to Remodel a Half Bathroom? By the same token, splurging on a quality faucet but not necessarily buying a super expensive sink can also make a big difference in your overall remodel budget. This compensation may impact how, where and in what order products appear. But knowing what it will cost will help you set reasonable expectations and stay on budget. Your contractor should take care of this for you, and all necessary permits should be filed and approved before any work begins. Enter your email address and enjoy exclusive access to special offers and news. The refrigerator alone can range from $1,000 to $15,000. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. 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Therefore, this compensation may impact how, where and in what order products appear within listing categories. They may also provide services such as 3D rendering and overall support, as you work with various suppliers and contractors. Typically, you can expect to spend 5% of your total budget on electrical work. The lower end of this spectrum covers smaller projects, such as refacing cabinets, installing a backsplash, painting, etc. And instead of spending money on custom features like pot or recycling organizers inside your cabinets, consider using customizable organizers purchased at retail stores to keep your cabinets neat at a lower cost. Bankrate.com is an independent, advertising-supported publisher and comparison service. Here are a few tips: You may not be sure if remodeling your kitchen is the right thing to do. Installing all the appliances and elements of your renovated kitchen such as the cabinetry, countertops, sinks, faucets and flooring make up 17 percent of the cost of the average kitchen remodel. Get insider access to our best financial tools and content. Most homeowners spend between $12,800 and $21,200 for the average kitchen renovation. Theyll know who has the best prices, quality, and service; and theyll be able to pull it all together faster. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. As you would expect, seamless materials, such as granite, are more durable and more costly. Receive quotes from multiple pros that meet your exact needs. Interior painting costs more for a kitchen than painting a regular room because of the need to cover cabinets, remove appliances, and remove outlet covers. For example, if you are willing to spend up to $15,000, you will be able to complete a more basic renovation. A smaller $22,000 remodel netted an average return of 80%. Since your project will be unique to you and your home, you should break down your budget based on the features and alterations you desire. While theres plenty to spend money on in a kitchen makeover, five key components comprise the biggest percentage of the budget. A backsplash can cost less if the same materials are installed elsewhere in the kitchen at the same time. A small kitchen remodel can cost as little as $4,000 and a lavish remodel can cost as much as $50,000+. The largest aspect of costs are materials. how we make money. This pricing chart from HomeAdvisor provides a breakdown of the various costs of installing the elements of a kitchen remodel. For the average, medium-sized kitchen remodel, $20,000 to $50,000 is a reasonable starting point for your budget. To save money, here are four essential tips: According to the Remodeling 2018 Cost vs. Value Report, youll recoup a 54% to 80% return rate in the real estate market and appeal to more home buyers. The average cost of a kitchen in the U.S. is $25,000, but you will find the typical spending range is anywhere from $13,700- $50,000. Which certificate of deposit account is best? Staying in your home for longer than five years? ft. installed, while stainless steel can cost approx. The final cost of your remodel will be lower when you dont change the overall design of the kitchen layout. Read on to find out how much you should expect to pay. Ultimately, your kitchen ismorethan an investment. We maintain a firewall between our advertisers and our editorial team. $25/sq. If youre ready to roll up your sleeves, heres what youll need to do for your kitchen re-do: Bankrate.com is an independent, advertising-supported publisher and comparison service. Plumbing services include sink and faucet installation costs, new piping, and often make up less than 5% of your expenses. Still, a kitchen makeover can be a good investment, recouping around 54 percent to 72 percent of its cost, according to Remodelings 2021 Cost vs Value Report.