So, how much is it really going to cost to remodel a kitchen in the Seattle / Bellevue area? Many King County homeowners dream about remodeling their kitchen. This dream can feel daunting because it’s hard to image what it will really cost. Kitchens are the most used room in a home and updates will provide the homeowner with a wide range of benefits. These benefits may include:
- An increased property value,
- Improved functionality,
- A more attractive style and more.
However, before you proceed with your home’s remodeling project, you need to know the cost of a kitchen remodel. After all, you need to ensure that you can afford to complete this project, and you need to properly budget for all stages of the process.
Cost to Remodel a Kitchen – Average Price Range
As you might imagine, there are many factors that affect remodeling costs. For example, the appliances that you select for your kitchen may alter the price of your project by thousands of dollars. The size of your kitchen also plays a major role in a kitchen remodeling project. In fact, the cost of a this type of remodeling project varies and can range from less than $5,000 to more than $80,000. However, for a mid-sized project, the average cost is approximately $20,000 to $22,000. Does this sound high for your neck of the woods? If so, you may want to use this general rule of thumb.
According to Time Magazine, for a reasonable kitchen remodel in a mid-range home, a good starting point is to plan to spend 10 – 15% of your home’s current value.
Main Cost Drivers when Remodeling a Kitchen
For cost-conscious homeowners, keeping remodeling expenses to a minimum without sacrificing style and functionality is a top concern.
There are several main cost drivers at play and focusing your attention on these factors could help you to manage expenses.
- The design you want for your kitchen will directly influence the cost. The more luxurious or opulent designs can some times seem to cost a small fortune.
- Project features that you select for your space are critical. For example, laminate is much more affordable than granite, but man-made products like Corian counter tops can be even more expensive.
- The grade of material you chose is important. Even if you choose granite or other higher-end materials, remember that there are different grades of these materials available at various price points.
- Refinishing existing materials, such as cabinets, is more affordable than replacing these features.
The Average Return on a Kitchen Remodeling Project
Before you invest up to or more than $20,000 remodeling your kitchen take a step back. It makes sense to learn about how much of this cost may be recouped through an increase in property value. In a typical home with a remodeled kitchen, homeowners may recoup between 80 to 85 percent of the project cost through increased property value. The style and appeal of the features selected is critical in this calculation. In addition, a more recent remodeling project typically yields a higher return for the property owner. For example, if you renovated your kitchen 12 or 15 years ago, it is not reasonable to expect to recoup the full project cost from a kitchen remodel.
Setting a Budget
Every project needs a budget and you need to personally set this budget. Determine how much you want and can realistically invest in your new kitchen and how you plan to pay for it. To get started in the right direction, you have to do your homework.
Things to think about:
- Consider your wish list vs. necessity;
- Compared your wants to your budget and to the current value of your home;
- Consider your ROI (return on investment), so you can maximize your return;
- Perform a quick analysis of your neighborhood market to set a realistic limit. This is important as you should not increase the value of your home to far beyond what the market will accept for your area.
The Importance of Working With a Skilled Contractor
Well it is true that HGTV makes this look easy, but DIY on anything other than the smallest of kitchen remodels might not make sense.
Some homeowners believe the cost to remodel a kitchen is best kept at a minimum, so they try to build the project themselves. Do you think it would be worth the headache, frustration, and added stress?
Hiring the right contractor can make things run smoothly and can actually benefit you in different ways. As an example, a good contractor will work hard to complete all stages of the project within your budget. This is what we do here at HTP Builders. As home and kitchen remodeling specialists, we have the experience to guide you along the way while identifying areas to save you money. We offer ongoing advice regarding finishes, design features, selections, and more to assist you with the on time and on budget completion of your project.
After learning about the cost to remodel a kitchen, you can prepare a thoughtful budget and design plan for your project. Hiring a qualified and experienced contractor is another great step to take to ensure that your project is completed successfully. While the remodeling process can be lengthy, the end result is well worth the effort.
Now is a great time to start bringing your wish of a beautifully remodeled kitchen to life. Get started by learning more about how HTP Builders can help you GET your dream kitchen and the updated space you’ve always wanted.