According to the popular saying, the kitchen is the heart of the home. This section houses meal preparation and celebration. It serves as a place where people enjoy good food to stay strong and healthy. For this reason, it holds a top spot on several homeowners’ renovation lists. In terms of returns on investment (ROI), the kitchen holds a top spot, generating between 75% to 100% in resale value.
Kitchen renovations tend to be expensive. A homeowner intending to start this project must have enough financial resources available. On the brighter side, it increases home value, making it possible for property owners to sell their apartments at high prices.
Several factors determine the potential amount to be spent on kitchen renovation in Canada. These include the type and quality of materials, the dimension of the kitchen, and other specifications. Taking into account this amount, a homeowner is likely to spend about $30,944. That means that for each square foot, the individual spends $195. According to reports from homeowners, the average cost ranges from $16,402 to $45,618. In other words, they spend $97 to $326 per square foot.
For small-scale kitchen renovation, expenses may vary from $13,049 to $19,574. Within this budget, the homeowner may undertake the following tasks:
Large scale projects may set a homeowner back by $40,000. For this renovation size, the individual may install hardwood floors, custom cabinets, high-end tech gadgets or appliances or granite counters. When undertaking such projects, ensure that the cost does not exceed 15% of the home’s value.
What amount is enough to embark on a kitchen renovation project? Having this question in mind, a homeowner can set an ideal budget. The figure encapsulates other subtasks, including the material to purchase, the professional services to hire, and the projected outcome of the kitchen. Having an incomplete budget will only take the project halfway or lead to debts. It is worth noting that this financial projection depends on the kitchen renovation scale.
In planning the budget, a homeowner has to reserve about 15% to 20% of this projection for unforeseen circumstances. For example, if the individual intends to spend $35,000 on renovating the kitchen, the emergency fund may range from $5,250 to $7,000. This money may cater to electrical, plumbing or structural problems.
When planning a budget, the homeowner needs to split it into parts to have a well-detailed idea of what to expect. Here are the segmented costs for an average kitchen renovation of $30,008, based on reports from the National Kitchen & Bath Association.
Renovating the kitchen may require specific professional services with different costs.
One of the professional services a homeowner will need when renovating the kitchen is plumbing. Individuals offering this service charge anywhere between $71 and $84 per hour, excluding the cost of materials.
In renovating the kitchen, a homeowner may decide to change its layout; this is where remodelling comes into play. Hence, hiring an architect will be a call in the right direction. Like plumbers, architects have an hourly-based rate, ranging from $130 to $163. In some cases, they may charge a percentage of the total budget if they are in charge of the kitchen renovation.
In addition to hiring an architect, there may be the need to get a kitchen designer on board as well. This professional can create design plans to create the desired result – a stunning and functional kitchen. Often, they charge a one-time consultation fee ($326). However, they could also charge a percentage of the total cost, ranging from 10% to 20%.
Kitchen renovations may require changing the electrical layout or incorporating more electrical systems. For this reason, the homeowner needs to hire a professional electrician. Rates are on an hourly basis, sitting anywhere between $84 and $110, materials included.
Kitchen renovation may require some amount of woodwork, including the installation of new cabinets. A professional carpenter can undertake the project. The rates are by the hour. So, expect to pay about $90.
The kitchen’s dimension influences the total renovation cost. Renovating a kitchen size less than 70 square feet may set a homeowner back by $6,500 to $26,000 on average. A medium-sized kitchen (100 to 150 square feet) may cost anywhere between $19,500 and $52,000. Large-sized kitchens (200 square feet or more) come with a budget size of $40,000 to $78,000.
Kitchen is a significant project every homeowner should take seriously. As discussed before, this makeover is capital intensive but comes with huge financial returns. However, it is essential to save cost as well, especially for individuals with tight budgets. For one, cut back on heavy use of custom designs and parts. For example, custom cabinets can cost about 30% of the entire renovation cost. In this case, opting for the standard option will be the right call.
Breakdown the renovation project into smaller parts to enable smooth transitioning from one task to the next. It also ensures prioritization. Not all parts of the project are to happen immediately. In some cases, all a homeowner needs is a quick fix.