If you’re considering remodeling your kitchen and wondering if it’s “worth it”…it is! Before you dive into your next kitchen remodel head first, let’s do a quick cost overview.
Many homeowners have impractical expectations of what a kitchen remodel will cost…believe it or not, HGTV isn’t actually the most realistic depiction of what it’s like to renovate your home (although we can admit we also love watching a 2-month house renovation magically happen overnight.. and for just $10,000!!)
Setting your budget with realistic expectations is important to your project’s success and your overall happiness throughout the project. Your budget ultimately depends on your financial circumstances and what you’re hoping to include in your kitchen remodel, but there are important factors to consider.
So, what questions should you be asking about setting a budget for your kitchen remodel? Here are a few key places to start:
The cost of every kitchen remodel is different, because no two projects are completely identical. Everything in a kitchen renovation has a price associated – from choosing what appliances and light fixtures you want, right down to choosing your cabinet hardware.
According to the 2022 Cost vs. Value Report (www.costvsvalue.com), the average cost of a kitchen remodel in Boston was $180,271 in 2022. This number will only grow as the industry continues to see price increases and supply chain shortages late into 2022.
When it comes to controlling costs in your kitchen remodel, there will be some things that you can control, and some costs that you can’t predict. Design choices are controllable costs – like choosing a backsplash that’s $5/square foot versus $25/square foot. That’s where you’re able to make smart decisions to maximize your budget!
Additional work that’s discovered once the project starts falls in the “uncontrollable costs” category. It’s not uncommon that older homes have additional work orders. From finding rotted wood in the framing of the original kitchen, to discovering old knob and tube electrical running through the walls of your entire house…you’d be surprised at the things we come across in some of these older New England homes.
While those discoveries aren’t always anticipated in the original budget, they are necessary updates that if found, need to be prioritized and remedied in order to bring your house up to current code. If you know your home is older, plan ahead for a few of these surprise costs if you’re trying to be realistic about your kitchen remodeling budget.
Whether you’re restructuring your kitchen to better fit your aging in place needs, or you’re just redesigning to have the kitchen of your dreams, remodeling your kitchen is a huge add value to any home. The cost of a kitchen remodel may seem high at first, but the investment is worth it in most cases because of the value it provides both immediately and over time if you ever sell your home.
The Cost vs. Value guide suggests that an upscale kitchen remodel in Greater Boston increases the value of your home by $113,399, on average. It is important to carefully weigh this added future value when you’re thinking about your budget and what you’re comfortable with.
The exact value-add of a kitchen remodel will depend on a variety of factors, including the extent of the remodel, the condition of the rest of the house (number of bedrooms, recent remodels in other parts of the house, etc.), and your home’s location. When you sell your home in the future, the value will largely depend on the housing market at that time.
Tip: If you’re looking for a quick-win kitchen update before you sell, have your cabinets painted and change out your backsplash! You can appeal to whatever the latest kitchen trends are, to increase interest and value in your home. It can make your kitchen look brand new for a fraction of the cost and time of a full-gut kitchen remodel.
The amount you spend on your kitchen remodel will influence how much your home grows in value over time. The ROI, or Return on Investment, generally indicates a percentage of the money invested in a remodel that you can expect to recover after selling the house in the future.
The average return on investment of an upscale kitchen remodel was 62.9% in 2022 per the Cost vs. Value report. Of course, the ROI will vary project to project, and depends largely on the same factors that impact the full cost of your kitchen remodel. For a mid-range kitchen remodel, the ROI is lower – around 56%. So, the more you spend on your kitchen, the higher the return on investment – an important factor to consider when it comes to your kitchen remodel.
Plus, don’t forget about the immeasurable returns… like being happy to cook and entertain in your beautiful, newly remodeled kitchen 🙂
In a kitchen remodel, there are two different types of costs: labor and materials. Labor will be a significant part of your budget because of the amount of specialty tradespeople involved in every kitchen remodel. When working with a general contractor like Tom Curren Companies, we’ll leverage our relationships with our trade partners to get you great labor rates on your project.
When it comes to materials, the most expensive part of any project is typically the cabinets. Even a minor kitchen renovation can cost up to $20,000 in cabinets alone. This is because cabinets are typically made-to-order, driving the price up. Although this is a significant sum, keep in mind that cabinetry plays an essential part in your kitchen’s aesthetics and storage capacity. Instead of fully replacing your cabinets, painting cabinets that are still in good shape is a great way to save a chunk of money when remodeling your kitchen.
While it is not the most expensive component of your kitchen remodel, picking a countertop is another design decision that will undoubtedly swing your budget. There are a lot of options to choose from at all price points, so you should feel confident that you’ll find something you love that matches your budget.
With supply chain issues continuing, lead times for standard products are regularly delayed, and price increases are occurring almost daily. If you’re considering remodeling your kitchen it’s smart to begin the process now, before average cost to renovate kitchen continues to rise, and products go out of stock. At our office in Newton, we have a large workshop designed to store all remodeling materials – so as soon as you decide what you want and finalize your designs with our team, we will order it and store it all at our shop until it’s time for your remodel to start. This helps ensure you’re getting the lowest prices and quickest lead times on all of your materials.
Tom Curren Companies is a design-scope-build contractor that provides complete kitchen remodeling services from the initial design to the finishing touches that make your kitchen uniquely yours. We’re here to help guide you throughout the entire process of your next kitchen remodel. To discuss your kitchen remodel with one of our project consultants, give us a call and we’ll schedule a thorough in-home kitchen consultation 617-969-4900.
©2022 Zonda Media, a Delaware corporation. Complete data from the 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
Learn about the cost, resale value, and ROI for Kitchen & Bathroom Remodeling Projects in the Greater Boston area.