How to Determine Your Kitchen Remodeling Budget – Updated 10/25/22
If you’re considering a kitchen remodel in 2023, chances are you’ve spent hours looking at photos on Pinterest or Houzz to gather inspiration and create a vision of your dream kitchen. Do you know how to determine your kitchen remodeling budget for your fresh new kitchen? Like most of my clients, you probably just don’t know where to begin. First, we need to answer a few questions. Let’s dive in.
Kitchen Remodel or a Kitchen Update?
The term “kitchen remodel” falls into several categories:
- Major Upscale Kitchen Remodel
- Major Midrange Kitchen Remodel
- Minor Kitchen Remodel or “Kitchen Update”
Major Kitchen Remodel:
A major kitchen remodel includes replacing the flooring, cabinetry, countertops, backsplash, appliances, lighting and hardware. This kitchen is gutted and every piece of it will be replaced with new.
Oftentimes, the layout will change. A wall may be removed, and the plumbing and electrical will be re-worked.
Most Midrange kitchen remodels could include replacing countertops, backsplash, appliances and possibly refacing or refinishing the existing cabinets.
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Minor Kitchen Remodel / Kitchen Update
Think of it as a facelift and as simple as replacing or refinishing smaller ticket items such as cabinet hardware, decorative light fixtures and a fresh coat of paint on the walls is a low-cost way to achieve a fresh look.
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How much does it cost to remodel a kitchen?
Your personal finances are the first factor in how to determine your kitchen remodeling budget.
Other factors that should be taken into consideration:
- Size of your kitchen
- Length of time you plan to spend in the home to recoup your investment
- Your geographic area (city vs. suburb vs. rural)
- Neighborhood (avoid over-improving)
- The quality standard you desire
- Current industry costs
What is the average kitchen remodel cost 2022?
Take a look at Remodeling Magazine’s Cost vs. Value Report for my location in the Minneapolis suburbs:
Here you can see a wide range of cost to do a major remodel an average size kitchen in Minneapolis. Your location will determine your estimated costs, and it will vary widely from state to state. An upscale, major kitchen remodel here in Minneapolis will cost over $150,000. This number may seem reasonable to you, or it may seem astronomical.
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What is the most expensive part of a Kitchen Remodel?
Prices on products for your kitchen remodel vary widely based on quality, functionality and durability. Products are not created equal – you must compare ‘apples to apples.”
- Cabinets – this is typically the most expensive part of a kitchen remodel
- Low: Prefinished “boxed” cabinets from Ikea, or big box store
- Mid: Semi-custom prefinished “boxed cabinets”
- High: Custom cabinets built to your exact specifications
- Appliances – usually the second most expensive element in a kitchen remodel
- Low: Outlet stores that sell over stocks and slightly flawed appliances, or Costco package
- High: All the bells and whistles and latest features
- Countertops – often the third most expensive element in a kitchen remodel
- Low: Laminate (think Wilsonart or Formica)
- Mid: Common granite colors, manufactured quartz, quartzite
- High: Cambria quartz or more rare solid stone slabs
- Flooring – can be similar in cost to kitchen countertops
- Low: Sheet Vinyl
- Mid: LVF (Luxury Vinyl Tile or Plank), Porcelain Tile
- High: Engineered or Solid Hardwood and Natural Stone
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Lower Costs in a Kitchen Remodel:
- Backsplash tile
- Cabinet Hardware
- Decorative light fixtures (varies widely)
- Decorative accessories
- Shades or window treatments (varies widely)
Kitchen remodel on a tight budget? Many homeowners opt for doing it themselves (DIY) vs. hiring a contractor or builder. It’s important to note, contractors and builders have established trades that make their projects a priority. A DIY remodeling project will always take longer to complete. Remember, time = money, too.
What is the average size of a kitchen?
Important note: Estimates provided in the Cost vs. Value report are for an average size kitchen. According to the National Kitchen and Bath Association (NKBA), kitchen sizes range from a low of 103 square feet (on average) for houses under 1,500 square feet, to an average of 238 square feet for the biggest homes of 4,000 sq. ft. or more. The middle range being approximately 165 square feet.
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You Need a Plan
To have a clear picture of your kitchen remodeling cost, you must have a design and a plan in place. More detailed plans will result in a more accurate you can determination your budget.
Hiring a designer will help you determine your goals and priorities and guide you in the best way to allocate your budget.
Experienced designers provide valuable money saving services.
Designers who specialize in remodeling will create a floor plan, provide 3D renderings, select finish materials, and make sure your kitchen flows with the rest of your home. This saves you from making expensive mistakes and keeps your project flowing smoothly and on time.
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A kitchen remodel or renovation is one of the best decisions homeowners can make to increase the value of their home or simply wanting to make it a more enjoyable place to be. Planning ahead and deciding what level of an update you will do to determine your kitchen remodeling budget is the first step to a beautiful new kitchen!