The kitchen is probably the most important room in your home. This is where you and your family sit down together, discuss your day, and enjoy each other’s company. However, a kitchen isn’t just good place to spend time with your loved ones. A nice kitchen can also have several positive effects on both your financial and spiritual well-being.
One of the most common reasons people update their kitchen is to increase the overall value of the property. By raising the value of your home, you’ll more than likely be able to sell it for more than you bought it for, that is if you ever decide to put your home on the market. However, before you decide to take the plunge, you’ll want to take into consideration the amount you’re going to need to invest. So, how much does it cost to remodel a typical kitchen?
Remodeling Magazine, a magazine that focuses on all kinds of remodeling work, featured their 2018 Cost vs. Value report in one of their past issues. This report stated that a kitchen measuring out to 200-square feet and fully equipped with wood cabinets, basic flooring, laminate countertops, moderate lighting, new appliances, an average sink and facet, and an island will typically cost around $64,000.
Once you start incorporating more expensive materials like granite, marble, and quartz, you can expect the overall cost to go up by quite a bit. On the other end of the spectrum, this report also revealed that you can lower the overall cost to around $21,000 by only replacing the cabinet fronts, choosing more affordable flooring, and going with laminate or another affordable material for all your countertops.
A third important piece of information the 2018 Cost vs. Value report revealed was that more than 70% of people who remodeled their kitchen in 2017 had a budget of $5,000 to $50,000. In fact, only 1 out of 10 people had a budget of over$100,000. What does that tell you? You don’t need to be rich to remodel your kitchen. Create a budget that’s right for you and stick to it.
Establishing your budget is the first thing you’ll want to do. When doing this, plan to spend the majority of your money on items that don’t need to be replaced very often. This includes the cabinetry, the floors, and even the appliances. Items like these usually last for several years.
Another tip that many professionals advise is to take 10-15% of your budget and put it to the side. Why? Unexpected expenses are common, and if you don’t plan for them, you could go way over your established budget.
Lastly, don’t go overboard and stay within your means. Although the temptation to upgrade your old laminate countertop to a pretty marble may seem like a great decision, if your budget doesn’t allow it, you could end up being in a bad financial situation.
After you have established your budget, the next step is to create a feasible plan. For instance, you don’t want to start installing an island and then realize that there’s not going to be enough room for your kitchen table. Once you have a plan that you know works, then you can then start to look for areas you can cut costs.
One of the first ways you can try cutting costs is to paint or refinish your current cabinets instead of simply getting rid of them. You have a choice from a wide variety of colors, and it’s much less expensive than buying new ones. Another option is to reface your cabinets. Although this option is a little more expensive than painting or refinishing, it’s still less of an expense than investing in brand new cabinets.
Painting your appliances is another way you can save. There’s no sense buying brand new appliances when your old ones are still in great working condition. By simply adding a coat of paint, you can really give your appliances a whole new look.
A third way you can keep your budget down is to explore every possible flooring option and find the material that’s right for both your budget and the overall design of your kitchen. There are several flooring options that are both stylish and easy on the wallet. Examples include vinyl, laminate, and tile. These materials are available in a wide array of colors, designs, and patterns. Consider all your choices. You won’t be sorry.
If selling your home is the main reason you’re updating your kitchen, then it’s good to have an idea on how much your renovation project will increase the value of your property. Consider the following statistics found in the 2018 Cost vs. Value report:
The return of investment (ROI) on your home will depend a lot on what you put in it. For instance, a luxurious kitchen with upscale materials and appliances will raise in value on average over 50%. Small kitchen renovation projects have an average ROI of over 80%. These figures are based on national averages.
Did you know that 33% of all homeowners said that their newly renovated kitchens helped them live healthier lifestyles? In addition to this, 50% of all home owners felt their new kitchens helped allowed their families to spend more time together, and 40% said they now cooked at home more instead of going out for dinner. Now, how great is that?
Beside the benefits listed above, a newly renovated kitchen will also have certain psychological effects on your subconscious, your emotions, and your overall mood. For instance, specific colors will each have a different effect on you, your family, and your guests. This same can be said about the type of appliances you choose to invest in.
To add to this idea, your newly designed kitchen will also affect the way others perceive you too. For example, if your kitchen features an island with bar stools and a built-in television set, you’ll send the message that you enjoy casual dinners with your friends and family. On the other hand, a kitchen with a formal dinner table and elegant silverware to go with it gives the impression that you take your dinner time a little more seriously.
Like mentioned above, the colors that you choose for your remodeling project will have an effect on your moods and emotions. When choosing the colors for your kitchen, consider the overall tone, or another words, the kind of energy you want your kitchen to give off. Listed below are a few examples:
Many professionals suggest choosing three different colors for your interior instead of just one. For walls and the flooring, go with a neutral color. When it comes to your furniture, try choosing a calmer color, and use a sharp color to highlight all of the decorations and accessories in your kitchen.
Perception of space is the idea of making your home look larger than it really is with proper placement. You can do this to your kitchen by taking advantage of the following tips:
By utilizing these tips, you can give your kitchen the perception that it’s larger than it really is while also giving the room its own unique look.