Of all the rooms of your home that you might choose to remodel, the kitchen is the room that delivers the highest ROI and the best overall value. Everyone loves a newly remodeled kitchen, from home buyers to homeowners. Why? Because cooking becomes a joy again when working with new energy efficient appliances. Spending time with family before meals is even better in beautiful surroundings.
The cost spent remodeling and improving your kitchen can improve your home's value and your quality of life.
But what is the cost? Before you can begin planning your remodel, you'll have to make a budget. Knowing how much you can expect to spend can help you decide whether now is the right time to remodel your kitchen, and if so, what kind of changes you can afford to make. Here's what you need to know.
Kitchens are complicated - so complicated that even small changes like cabinet refinishing and appliance upgrades can be costly. Gut renovations or layout changes are even more so.
To help distinguish between minor and major changes in the kitchen, contractors divide kitchen remodels into categories: minor kitchen remodel, major kitchen remodel and kitchen addition. When we discuss the cost of a kitchen remodel, it's helpful to know what kind of remodel and how dramatic the changes are.
Minor kitchen remodels change the appearance of the kitchen and improve functionality, without changing the layout or size of the kitchen. Minor kitchen remodels deliver great value because they're lower cost than major kitchen remodels, but they still make a big difference in the way that the kitchen functions. If you're performing a minor kitchen remodel, you can expect to make changes like:
So, how much does this cost? A minor kitchen remodel in Knoxville TN costs about $20,100, with a 75% ROI. So if you're planning to sell your home sometime soon, your new kitchen could significantly increase the cost of your house and make your home more attractive to buyers.
Changes made during a major kitchen remodel are more than surface-level. During this kind of home upgrade, the very arrangement and size of the kitchen is altered. Major kitchen remodels are far more costly but also make a big difference in the way you use your kitchen. If your kitchen is too small or just doesn't live up to the expectations that you have for your home, a major kitchen remodel is appropriate.
Changes made during this kind of remodel:
How much does this a kitchen remodel cost? Approximately $64,000, delivering 53% ROI. If you choose to install all high-end materials and luxury appliances, the costs go up from there. An upscale major kitchen remodel can cost as much as $128,000, with an ROI of about 49%.
You might have noticed that the ROI for a major kitchen remodel is a lot less than the ROI for a minor kitchen remodel, and as the price goes up, the return on investment goes down. That's because most home buyers will only pay so much for high-end, major changes.
While a kitchen remodel can improve your home's value, the return on investment diminishes quickly as cost rises. You can get the best return on investment by controlling costs, budgeting carefully and working with a contractor who delivers high-value at a fair price.
So, what is the cost to increase the size of your kitchen by building an addition onto your home? The estimated costs to add 200 square feet of space onto your kitchen can range between $48,000 and $95,000.
Factors that affect cost:
If you're hoping to increase the size of your kitchen, a home addition may be the more expensive way to accomplish your goals. If budget is your concern, sometimes removing a wall can be less costly. Talk to your contractor to find out if your kitchen has non-load bearing walls that can be removed easily and inexpensively.
There are lots of ways that you can control costs during a kitchen remodel. Start by hiring a skilled contractor with transparent billing practices. The cheapest contractor is unlikely to be the most effective contractor, so be wary of low-end bids. A contractor that uses low-quality materials and unskilled labor could do more harm than good.