How to Budget for A Kitchen Remodel

When it’s finally time to redo your kitchen where do you begin?  Of course, the first step is to decide if you want to keep the layout and footprint of the current kitchen or plan to redesign the entire room or even expand into another part of the house.

Once you have made that decision, you must figure out how much money you want to spend on the remodeling project. Are you paying for this in full on your own? Are you planning on getting a home equity loan? Or perhaps you can finance it through the cabinet supplier who may offer a competitive finance option.

As a rule of thumb, according to the National Kitchen & Bath Association (NKBA) the value of a new kitchen should be approximately 15-20% of the value of your home. That said, a lot will depend on whether or not you plan to stay in your home for at least 5 or more years, the age of the home you live in, the neighborhood your home is in, and other variables that should be considered. (These figures are for a single-family home – a townhouse, condo, or apartment could be quite different.)

Typical Full Kitchen Remodel Items and costs:

As you would expect the most expensive item in a kitchen remodel is the cabinetry, followed by all new appliances, then countertops/backsplash, and flooring. Needless to say, these items could vary widely in price depending on the size of the kitchen, the choice of cabinetry, countertop and flooring materials, cost of labor, as well as type of appliances chosen, and where you live in the country. So be aware that these prices below are only estimates and should be used as a general guide for your kitchen. For a medium-sized kitchen, without expanding the size of the room or changing the footprint (construction), here are some prices to help you plan your budget. Of course this pricing is approximate and will depend on many factors such as choice of cabinet and hardware manufacturers, number of cabinets needed, if there is an island, etc:

  • Design, Cabinetry, Hardware: $12,000 – $20,000
  • Demolition & Installation: $7,500-$10,000
  • Appliances: $6,000-$12,000
  • Countertops: $4,000-$5,000
  • Backsplash: $1,500
  • Flooring: $4,500
  • Lighting: $1,000
  • Walls and Ceilings: $1,000
  • Faucets and Plumbing: $1,000
  • Miscellaneous: $1,000

Once your budget has been determined, consider adding about 10-15% additional money and set it aside so that it’s available in case you decide to upgrade some items or to use for any unforeseen contingencies.

A Few Things to Consider When Planning a Kitchen Remodel

Here are a few questions to ask yourself when you are getting ready to start the remodeling project which may help you determine your budget:

  • Do you plan to stay in your home long term or do you think you may be selling in five or less years? 
  • Is this a simple “refresh and update” or a complete remodel and renovation?
  • What things do you like best about your current kitchen?
  • What things about your current kitchen do you dislike?
  • Is your kitchen a room where everyone congregates and spends a lot of time? 
  • Do you have a family with young children, teens or are you a couple?
  • Do you entertain often? 
  • Are you planning to do this as a DIY project or bring in professionals?

A kitchen remodel is one of the most exciting projects a homeowner can undertake and can add beauty, functionality, and value to your home for years to come. However, there is a great deal to consider and that’s why we invite you to visit our showroom in Florham Park, NJ where one of our experienced designers will help guide you through the entire process.

At U S Kitchens & Baths, we offer a wide variety of kitchen cabinetry, countertops, and hardware for your unique kitchen needs. Contact us today and let one of our experts help you choose the ideal design within your budget to create your dream kitchen.