Frequently asked questions
What's My Budget?
Budgeting for a kitchen or a bath remodel can vary significantly. It depends first on your financial means and second on many other factors including the size, location and value of your home, the length of time you are staying in your home, your personal taste, and the extent of the change.
It is recommended to spend no more than 10% - 15% of the value of a home on a new kitchen, and no more than 5 - 10% of the value of the home on a new master bathroom. Cabinets in a kitchen redo consume close to 40% of your total budget, and they will set the tone for the rest of the room. Countertops will make up 10 - 15% of your budget and appliances will make up another 15 - 20% of the budget. The rest will be spent on flooring, lighting, plumbing, and decorating.
If you are going to stay in your home for more than 5 years then setting aside a budget for a new updated kitchen or bath is worth the money and the efforts. A well designed and executed remodel project will undoubtedly increase the value of your home.
Personal taste plays a big role in the cost. If you are on a tight budget choose carefully and splurge in one or two areas, but not everywhere. Any changes to the existing structure such as knocking down walls or putting an addition will increase the cost. Keeping the same footprint of your existing space could save you money since you are not doing extensive plumbing or electrical work, and you might be able to keep your existing floors if they are in a good shape.
You still need some concrete numbers? Check out the Cost Vs Value Report of Remodeling magazine in the greater Cleveland area. It gives you an idea of what others paid for a variety of projects in the mid-to-upscale range. If you click on the project name it will show you a brief description of what was included in that dollar figure.
And don't forget to budget a little more for taking the family out to dinner more often than usual for the duration of your kitchen remodel.