Kitchen spaces are most prone to renovations because owners come to a point where they can’t stand the same look for long. While some can afford the upgrade, most just feel they can’t stand up to the financial costs. Such a price tag can be detrimental at first glance, but one can manage a beautiful kitchen renovation at cost-effective budgeting with the right mindset and math.
It’s all about asking yourself the smart questions.
How Much Can a Renovation Cost?
Depending on vibrant designs, a kitchen remodel can get quite hefty. Wood cabinets, laminated floors, designer faucets & sinks, appliances, lighting; all can eat a significant 5-figure chunk out of your bank balance. The trick is to balance between economy and ostentation. That calls to attention how much your budget is and how tastefully your choice of remodeling is. Please don’t go for a 6-figure sum unless you can budget it.
How Should One Budget for Such a Project?
We have three essential tips on budgeting that might help you with a successful kitchen renovation/remodel:
- Allot priority budget to kitchen appliances & cabinetry – these items won’t call for periodic replacement.
- Don’t over-improve, or you will lose out on the cost for updates. Consult the estate agent in your area to get a tread of what is value-enhancing in your neighborhood.
- Always keep a contingent budget aside for unexpected expenses. A 10-15% of funding set aside is an ideal value.
Can Money Be Saved in the Renovation?
Yes, it can! Just consider some tips that might seem frugal but valuable if executed right:
- You can refresh your cabinetry with a new coat of paint or varnish instead of tearing perfectly good cabinetry down.
- If you are good at DIY kitchen tiling, you can save on labor costs, plus have a dashing new color palate to stimulate your senses.
- Paint over appliances that are functional but otherwise a bit dated on color.
- Opt for vinyl flooring with mimic options to give a high-end hardwood look but be just as durable in a low-cost plan.
How Will the Renovation Affect Your Home’s Value?
A renovated kitchen helps your house stand out among prospective buyers, which will help in a faster cash cycle and higher returns. If you’re renovating to sell immediately, please curb your haste and give it a little time before listing your property. A little patience goes a long way! But keep in mind that you might not always be able to recoup sufficient profit even with the market going up.
Estimating The Average ROI Of a Kitchen Renovation?
There is no universal fit for a kitchen remodel/renovation ROI. Factors like HOA, neighborhood, economy, residence state, urban or suburban locale, and shopping areas all appeal to the property. It would help if you always stayed in touch with a trusty real estate agent to get the proper estimate.
And Lastly, Is It All Worth It?
At Wilderness Construction, we say, ‘If you have goals to enjoy the renovated kitchen yourself or to sell for value? Why not?!’ We have complete confidence in your kitchen renovation plans in Ann Arbor, and implore you to start planning ahead. For consultation on free quotes, you are always welcome to drop in. You may also browse our portfolio and services and have us join you on a fantastic kitchen renovation trip soon!