How Does Kitchen Remodelling Affect the Value of Your Home?

Remodelled kitchen with islandIf you would like to spice things up a bit and provide your home with a stylish showpiece, then the hottest place is the kitchen. It isn’t surprising that the kitchen is one of the more important rooms to prospective home buyers. So if you have the budget for it, why not enjoy some upgrades to your house now?

How Much Does It Cost to Remodel a Kitchen?

Kitchen remodelling costs can add up quickly, particularly if you are dreaming of having spacious islands, classic quartz stone and custom cabinetry.

The 2018 Cost vs. Value Report from Remodeling Magazine states that the average cost for renovating a 200-square-foot kitchen with a standard faucet and sink, laminate countertops, an island and wood cabinets comes in at just under £48,000. Also included in this price are new flooring, lighting, and appliances.

However, it is also possible to spend either much less or much more. For example, it can cost nearly £96,000 for a gourmet kitchen with custom cabinets, granite countertops, a tile backsplash and commercial-grade built-in appliances.

How to Budget for Kitchen Renovations

The critical first step in a successful kitchen remodel is to set your budget.

How much money are you planning to spend on cabinets? Are you going to need to have new light fixtures? What about brand new hardware? You need to have a solid plan that details which projects you want to take on and how much money you are willing to spend. This can help you stay on track throughout your remodelling project.

Three Remodelling Budget Tips:

Tip 1: Commit to spending most of your money on items that you do not want to have to replace frequently – like cabinetry and appliances.

Tip 2: Do not over-improve your kitchen. You will not recover the costs on your upgrades – no matter how great they are – if they turn your house into the most expensive one on the street. Speak to a real estate agent if you are unsure what is typical for your specific neighbourhood.

Tip 3: Reserve 10–15% of your budget for any unexpected expenses. Renovation projects never cost less than what you expect.

Once you have a firm budget, you will be able to confidently make smart remodelling decisions for your kitchen.

How Can I Save Money on My Kitchen Remodelling Project?

Begin by making a plan. You don’t want to end up installing beautiful new kitchen counters and realise they have to be removed in order to install your farmhouse sink. Spacing out your projects is fine, particularly if you will be doing some yourself. Just make sure to do your research. It costs more when you need to go back and re-do what you have done already.

It doesn’t need to cost a fortune to update your kitchen If you want to make a major impact without a high price tag, here are some tips to help you save money:

Refinish or Paint Your Kitchen Cabinets: Instead of buying new cabinets, consider refinishing or painting your current ones to give your kitchen a fresh new look. If the cabinet faces are outdated you can consider refacing the cabinets. That costs more than painting but is less expensive than buying new ones.

Upgrade Your Backsplash: Installing a brand new tile backsplash can really help bring the colour palette of your kitchen together Usually, it only costs a couple of hundred dollars to purchase the materials. It also isn’t too expensive to pay for labour, but will cost even less if you do the work yourself.

Paint Your Kitchen Appliances: If the colours are outdated but the appliances themselves are still in good shape, you can have a local body shop paint them. One of the best ways to save money is to use your current appliances rather than purchasing brand new ones.

Consider The Various Flooring Options That Are Available: There have been many advances in vinyl flooring and it is much less expensive than installing slate or hardwood floors. There are low-cost styles available that mimic high-end finishes to give you a modern look.