How Much Does it Cost to Remodel a Kitchen?

Are kitchen remodel costs worth it? 

Everybody has a dream kitchen, but is the cost of yours worth it? This answer will be different for everyone, but whether you’re looking to make your “forever home” your own, or thinking about remodeling your kitchen before listing your home, it could be a worthwhile investment.

The Nation Association of Realtors report that a typical return on investment (ROI) on a kitchen remodel is around 60%. This can be more or less depending on the extent of  your build, the area you live in, and the current climate of the real estate market. For those who remodel their kitchen simply for themselves to enjoy long term, the same organization suggests that 95% of people who remodel their kitchen enjoy their homes significantly more after their changes.

Read on to learn how much it costs to remodel a kitchen, and how you can afford it.

How much does it cost to remodel a kitchen?

If you’re like most people, you probably don’t have the extra cash for a complete kitchen remodel out of pocket. Luckily, there are kitchen remodel financing options available – and Acorn can help you find the ones that work best for you. Though the cost of a kitchen remodel will vary greatly, it’s estimated that the  average kitchen remodel project in 2023 costs somewhere in the $14,549 – $40,425 range. A small kitchen with basic appliances, flooring and paint can cost as little as $10,000, while a lavish remodel of a large kitchen featuring top notch appliances, high quality countertops, custom cabinets, and possibly some rearranged walls can cost upwards of $130,000.

When does a kitchen remodel increase home value?

While you’re crunching the numbers, put some thought into why you’re remodeling. If you’re planning to stay in your home long term and simply want to enjoy your home that much more, then disregard this next portion as investing in the happiness and comfortability of your family is priceless.

If you’re looking to put your home on the market in the near future, you may be wondering just how fancy your remodel needs to be in order to increase your home value. The answer may surprise you.

While having all the newest bells and whistles in your kitchen is sure to increase the selling price of your home, you’ll see the biggest ROI on more of a kitchen facelift. As we’ve mentioned, the National average for a mid-range kitchen remodel ROI sits around 60%. When you opt for some minor kitchen upgrades versus a complete remodel, you can see ROIs upwards of 75%. Most buyers just want to see a clean, updated, energy efficient, functional kitchen – and walls don’t need to be rearranged for your kitchen to have that fresh feel.

What adds value to a kitchen remodel?

If you’re only interested in a minor kitchen facelift and want to get the biggest ROI/bang for your buck, you’re probably wondering what adds value to a kitchen remodel. Some common changes that don’t require months of planning and also won’t break the bank include painting, new hardware, adding an island, and replacing old appliances.

Is $10,000 enough for kitchen remodel? 

If you stick to the basics, and don’t bite off more than you can chew -keeping a kitchen remodel under $10,000 is totally possible. Shopping second hand, “oops” paints, and DIY’ing the parts you can handle comfortably are all great ways to save some cash.

What are the pros and cons of kitchen remodel costs?

Before embarking on your kitchen remodel journey, consider a few pros and cons of kitchen remodel costs. Going into things with a manageable budget and realistic expectations can make all the difference in how you feel about your kitchen by the time your remodel is complete.

Pros:

• Increased value on your home: When thoughtfully planned, the value of your home can increase significantly after even a few cosmetic improvements.
• Functionality: You’ll be glad when you can open the fridge and that one drawer that’s always in the way at the same time.

• Energy efficiency: This is a big one. Think of all the money you’ll save on monthly utility bills after upgrading to newer, more energy conscious appliances.

• Happiness: The personal satisfaction of walking into a kitchen that you designed is (almost) priceless.

Cons:

• Unforeseen issues: One thing that is almost always guaranteed in a remodel is a few hiccups. Whether these issues are large like wood-rot, mold, water damage or pests or something more minor, it’s important to keep in mind that the more you dig up, the more you’ll uncover.
• Disruption to your daily routine: Your kitchen may be less than functional throughout your remodeling process. If you need to stay outside the home during the remodel this can impact project costs.

By carefully considering the pros and cons of spending the money on a kitchen remodel, setting a realistic budget, and enlisting the help of experienced professionals, you can achieve your kitchen aesthetic goals.

What are the different parts of a kitchen to renovate and how much do they cost?

It’s not uncommon to underestimate the total costs for a kitchen renovation and knowing where your money will be going helps to finalize a realistic budget. Aside from removing or adding walls, there are three main kitchen remodel components that will eat the largest chunks of your budget.

• Cabinets: Although this is a very wide range of quality and price  points for cabinetry, you can expect to shell out around 20%-40% of your total budget for new cabinets. There are basically three options when shopping for new cabinets; in-stock cabinets, semi-custom cabinets that you can choose the finish or color for, and completely custom cabinets – these will typically  increase in price respectively.

 

• Countertops: Again, the options here are seemingly endless. Whether you opt for a basic laminate or gorgeous granite with matching backsplash, your counters will be a large part of your budget. You can safely estimate 10%-30% of your total budget will go to new countertops.

 

• Appliances: Most kitchen remodels nowadays will focus, at least in part, around energy efficient appliances. As we move forward into a new era of technology, many of us still have “dinosaur” appliances skyrocketing our energy bills. Upgrading to more energy conscious appliances will likely factor about 10%-20% of your budget.

While we hope we’ve helped you understand the costs associated with kitchen remodels, you can see how it can vary from kitchen-to-kitchen. We encourage you to work with a professional to define the scope of your remodel and estimate costs. Once you’ve defined the remodel costs you can turn to Acorn Finance to access personalized loan offers in 60 seconds or less with no credit impact. Our platform is designed to simplify the home improvement loan process thus allowing homeowners to spend more energy, time, and money on their next home improvement project.