11 Ways to Save Money on a Kitchen Renovation
- By Jeremy Thompson
- 01 Oct, 2016
An August 2016 Realtor.com article explains the realities of the cost of a kitchen renovation. It’s not cheap… the average price of a minor kitchen remodel is $20,122 with a major renovation averaging $60,000. Cabinetry is the bulk of the cost – 29% – while appliances (14%) and countertops (10%) account for much of the cost as […]
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The general recommendation is to spend 5-15% of your home’s value
on a kitchen remodel, but many homeowners spend much more. And while you will get some of that money back – minor remodels return about 83% back when the home sells and major renovations return 65% – consider that you won’t see a full return of the money you invest.
But can you make decisions so you’ll spend as little as possible but still have the kitchen you desire? We think so! Here’s what (and what not) to do:
Make a budget:Yes, we know, this sounds simple. But it’s surprising the amount of homeowners who approach a kitchen remodel with little idea of what they will or can spend. It’s also wise to add at least 10% onto your budget, because most homeowners go over budget, often because of unforeseen expenses.
Choose your contractor wisely:A kitchen remodel is a large investment. It makes sense to partner with a contractor who you can trust, and who understands your vision. Don’t choose the first option you find, but instead ask for recommendations from trusted family and friends, and select someone who has experience with kitchen remodels.
Plan well, and then plan some more:You should spend at least 6 months, if not more, planning and researching your kitchen remodel. Otherwise you may choose materials or a layout you don’t end up liking. Instead research thoroughly any material choices and the pros and cons of your different layout options.
Utilitze technology:Instead of relying on rough sketches homeowners today have access to 3D drawings and other tools that ensure you can visualize the space before the project even starts. This will help you to plan, and prevent you from making choices you’ll regret later.
Choose basic appliances:Yes, we know, those high-end professional appliances are enticing. With that six-burner stove, you’ll be able to host a lavish Thanksgiving dinner this year. But most people don’t need such fancy appliances on a daily basis. Go basic, and you’ll save quite a bit of money.
Skip high-end materials:In general, it’s best to skip high-end materials altogether if you are working to maintain a budget. Quartz is a less expensive, lower-maintenance material than marble, and if you need to go even cheaper laminate is much cheaper and newer styles look strikingly similar to stone countertops. Also keep in mind that if you choose higher end materials, you won’t necessarily get a higher return on your investment, particularly if the homes around you don’t have such high-end materials.
Don’t follow trends:If you follow the trends, it’s likely your design will look dated sooner. If you stick with classic elements, your remodel won’t affect the home’s resale value for many years.
Don’t move the location of the sink or appliances:Moving plumbing and gas lines costs a significant amount of money. But if you keep the layout the same, you’ll save quite a bit of money, often thousands of dollars.
Don’t remove walls:Often homeowners want to open up the space. While open floor plans feel more spacious, removing walls is quite the process, particularly if it’s a load bearing wall or has pipes or wires running through it. A cheaper alternative is a cutout.
Opt for track lighting over recessed lighting:Recessed lights require holes to be cut in the ceiling, electrical wiring must be run, and the ceiling has to be repaired. But track lighting requires much less in terms of installation.
Remodel in stages:If you’re budget is on the lower side, spread out the cost by doing some of the work later. Backsplashes can be installed later, and so can hardware.