While you are thinking of a kitchen remodel, calculating the cost of it can easily be a bit tricky, as it varies from different factors. Most people define that the bulk of their money will go to kitchen appliances and furniture.
A few others assume that labor fees will cause an increase in their remodeling budget. Even though these are not overall incorrect assumptions, the truth is that if you break down the average kitchen remodel cost, you’ll find it as more extensive than merely parts and labor.
Here are the five key factors in turning your kitchen remodelling budget out
- Home Value
When thinking about creating a kitchen remodeling budget, a real rule of thumb is to refer to the total market value of your home. Most experts typically recommend spending up to 10% to 15% of that market value on your kitchen renovation. If you know the general number for once, then you can start dividing it into specifications and percentages. How much you allocate for different fields will depend on your preferences and your situation.
For example, you might have a friend who has a company, so he agrees to give you a labor discount. Or you might have managed to get a bulk discount on paints and flooring for a store promotion.
Because different people have different visions for their kitchen, so it is rarely preferable to get a set guideline for this, all you need to get industry suggestions and expert recommendations.
The location of your home you live in is also a factor that can influence your kitchen remodeling costs. Some states involve the higher cost of living than others and the same is true for countries, cities, and even neighbors.
You have typically many options to get an idea of your remodeling budget based on your location. For an extensive breakdown of prices, it is best to consult with construction or design-build specialists for more accurate depth.
If you opt for other alternatives, then you can search online for up-to-date cost calculators and price guides that are fairly accurate, instead of an art professional, which might be a pinch.
There are smaller to bigger kitchens and smaller ones usually include fewer options for remodeling, therefore, they require lower costs than others that are twice or thrice their size. For example, kitchens with an area of less than 100 square feet are generally considered small (despite small houses and apartments). Kitchens that range from 150 square feet to 250 square feet are defined in the average range anywhere.
If you plan for a kitchen with just 70 square feet of space, you might not require as much flooring as the homeowner who wants to cover 170 square feet. Besides, you don't need to install as many cabinets, countertops, appliances, and so on. So, even if you intend to renovate a whole including light fixtures, wall coverings, and many more, then your total cost probably won't be more than anyone with a bigger room.
The cost of renovating a kitchen is also determined by how you plan to incorporate individual segments to the kitchen including appliances, furniture, tiles or floorboards, decor, etc. There are several elements that generally cost more than others because of their function, their base material, and their size.
Some study indicates that for the kitchen remodeling budget, around 29% to 48% costs for homeowners goes to cabinetry and hardware. In this regard, flooring includes nearly 5% to 7% of the total budget.
Now take a look below and learn a fairly accurate breakdown of different kitchen elements and their different individual costs for a complete kitchen renovation in a percentage of the total budget.
● Cabinetry and Hardware-29%
● Appliances and Ventilation-14%
● Walls and Ceilings-5%
● Doors and Windows-4%
● Design Fees-4%
● Faucets and Plumbing-4%
Finally, it’s unwise not to think of your labor fees. They can take up about 22% of the total budget in special circumstances. And those are often separated from design fees that are generally 4% of your budget, and therefore your total remodeling budget increases and is about 26% to bring your dream kitchen. That's why hiring a design-build company will be helpful who cover both design and construction, and you can save a lot of money, time, and effort.
The cost of kitchen remodeling has a lot of variables, which means it can be tricky to reach the universal average. As long as you are cognizant of what you want to create the design, you should be capable of reaching a price that is more suitable to you as your home, situation, and self preference.