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Tools & Resources
:
Kitchen
FAQs :
Budget
Budget
We've provided the
answers to some frequently asked questions about setting and sticking to
budget for a kitchen remodel. If you can't find the information you need
here, try posting your question on our
Message Boards.
How much does a new or remodeled kitchen cost?
Room size, floor plan, product choices and amount of labor required all
affect the costs. If you're starting from scratch, the project obviously
will cost more than if you just replace a few items. However, a
remodeled kitchen can cost more than a new one if it involves major
structural change or unpleasant surprises such as asbestos.
Like a car or clothing, kitchens can cost $5,000, $50,000 or $150,000.
You can keep the price down by making affordable product choices—vinyl
flooring instead of tile, laminate counters instead of granite—or by
doing work yourself. Our
Kitchen Costs and
Kitchens by Budget
sections have more details.
How much do kitchen designers charge?
The designer may charge a fee of $50 to $150 per hour or a retainer of
$300 to $5,000 per job. Often the designer’s payment will be taken off
the total cost of the job if you end up buying your new kitchen from him
or her.
[More]
Why do some designers and contractors want me to pay for design or even
an estimate, while some provide this service for free?
A free estimate cannot be more than a ballpark figure. Room size, floor
plan, material choices and feature options all affect costs, and until
you have made your product selections, it is impossible to give a
definite price. So if you choose someone who provides a free estimate,
be aware that the final price tag typically is higher than the initial
estimate.
Someone who offers free design may not be providing as much assistance
as someone who charges for design. For a simple kitchen where the floor
plan is not changing, a sketch with measurements and suggestions for
door styles and counter colors may be sufficient. If you want a unique
kitchen with custom elements such as an intricate tile backsplash, if
the project involves an additions or structural work, or if you're
trying to create a specific period look, you're asking the designer to
invest a lot of time and effort to create floor plans, elevations and
other drawings. They'll want to be compensated accordingly.
How can I finance my project?
Your finance options include cash; a personal or bank loan; a loan from
your credit union or insurance company; a loan from a savings and loan
institution; refinancing your mortgage; a second mortgage; a home equity
loan; a home equity line of credit; and a Federal Housing Administration
loan. Your designer, builder or financial planner should be able to
refer you to reputable brokers.
[More]
What will I get for my money on a kitchen remodel? What return on
investment can I expect from my kitchen remodel?
Less than you could a year ago, unfortunately, and that goes for both
questions. Forget the quick flip—you're not likely to get a 100 percent
or more return on a kitchen unless you hang on to the home for at least
a year afterward.
Both costs and return on investment vary depending on where and how you
spend your dollars and the strength of the local housing market.
However, the annual Cost vs. Value Report—a joint study done by the
National Association of Realtors—provides some national averages.
Minor Kitchen Remodel, Mid-Range
The 2006 report puts the national average price of a mid-range minor
kitchen remodel at $17,928, averaging a return of 85.2 percent a year
later. The 200-square-foot kitchen includes: refacing 30 linear feet of
cabinetry with new wood doors, drawers and hardware; new laminate
counters; new resilient flooring; an energy-efficient wall oven and
cooktop; a new mid-priced sink and faucet; wall covering; and new paint
on trim.
Major Kitchen Remodel, Mid-Range
A major kitchen remodel at a mid-range price will run an average of
$54,421, according to the report. A year later, you can expect to recoup
80.4 percent of that. The 200-square-foot kitchen includes: a new
3-by-5-foot island; 30 linear feet of semi-custom wood cabinets and
laminate countertops; a double-bowl stainless-steel sink with
single-lever faucet, an energy-efficient wall oven, cooktop, ventilation
system, built-in microwave, dishwasher and garbage disposal; custom
lighting; new resilient flooring; and new paint job for the walls, trim
and ceiling.
Major Kitchen Remodel, Upscale
Price tag: $107,973, according to the report, with an ROI of 75.9
percent. The 200-square-foot kitchen includes: 30 linear feet of custom
cherry cabinets with interior accessories; natural stone counters; a
tile backsplash; a built-in refrigerator, cooktop, 36-inch range and
hood, warming drawer, trash compactor and microwave/convection oven; an
undermount sink; designer faucets; water filtration system; custom
lighting; cork flooring; and cherry trim.
What affects my costs?
[Answer]
How can I keep my costs down?
[Answer]
How should I set my budget?
[Answer]
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