How Much is a Kitchen Remodel Going to Cost Me in 2023?
When considering a kitchen remodel, one of the first questions that comes to mind is “how much will this cost me?” Obtaining an approximate cost for a home remodel can be challenging and unreliable. We’re here today to answer some frequently asked questions. What is the average cost of a kitchen renovation? What is included in those prices, and how much value would upgrading your kitchen add to your home?
How Much is an Average Kitchen Remodel?
Remodeling costs vary depending on the size of the room, the quality of the materials chosen, the intended usage, and the desired layout because no two kitchens are alike. Every year, Remodeling Magazine compiles a Cost vs. Value Report. These are the reported national figures that should give you a better idea of what to expect for your project. Here are some of the report’s highlights:
The national average cost for a kitchen remodel, according to Remodeling Magazine, is between $26,790 and $77,939 (with midrange products). This predicted range takes into account factors such as labor, materials, lighting, and plumbing fixtures. The price of your kitchen remodel is, of course, affected by the finish and material choices you make as well as the size of your space.
What Expenses to Expect with Your Kitchen Remodel
With the price range of a kitchen remodel being from $26,790-77,939, you might be wondering what exactly that money is going towards. Home Advisor breaks all of this down and more in a great resource annually as well—find that here. Here is a visual breakdown they put together:
How Much Value Does a Remodel Add to Your Home
In general, every year, the ROI on a minor kitchen remodel is greater than the ROI on a major one. This was especially the case in late 2022 when this data was collected because the housing market was in such a weird spot. Buyers were focused on maintaining every bit of extra cash, so they wanted to buy homes with workable kitchens and functional spaces. The idea of buying a ‘fixer upper’ was less appealing to most homebuyers at the time. Additionally, a light touch on your kitchen including upgrading appliances and other minor aesthetic pieces is easier to make universally appealing. A major kitchen renovation allows the current homeowner to create their dream kitchen, but that will almost never be your buyer’s dream kitchen as well. As a rule of thumb, major kitchen renovations should be seen as a personal project; not a project to get your home ready for the market.
Finally, the region you live in can affect the ROI of different home projects. The real estate market changes as your make your way across country and that of course affects the remodeling industry as well. Here is a breakdown of ROI of certain home improvements by region according to Remodeling Magazine:
This can all seem overwhelming if you’re not familiar with the industry and trends. That’s exactly why your local Kitchen Solvers team is here. We are IN the industry and would love to help you dream up the perfect kitchen remodel for your life and home. We’ll help you decide if a minor or major upgrade is the best option for you and we look forward to hearing from you soon!Back