Kitchen renovations are something that many people want to do, but some people hesitate to move forward with because they worry the costs are too high. However, if you have never taken the time to research the average cost of kitchen renovations, then you may be surprised at what the actual price is for kitchen renovations.
Here is a closer look at the average cost of kitchen renovations:
The average cost of a kitchen renovation is 16,000-45,560 Canadian dollars. So, a kitchen renovation can be a significant expense, but it is a lot more reasonable than many people think.
Where is the money spent?
On average, roughly 40 percent of a kitchen renovation budget is usually spent on the cabinets, 25 percent is spent on labor, 12 percent is spent on countertops, 8 percent is spent on appliances, 7 percent is spent on flooring, 4 percent is spent on lighting/electrical, 3 percent is spent on wall covering, and 1 percent is spent on miscellaneous expenses.
Of course, the details of your specific renovation will impact where exactly your money gets spent. However, this is just a rough outline of where money is typically spent on kitchen renovations.
Do kitchen renovations add value to your home?
Yes, kitchen renovations will generally increase the overall value of your home as long as the job is done correctly and as long as high-quality materials are used in the project. It is estimated that you will get about 80 percent of the money that you spend on a kitchen remodel back when you sell the home due to increasing the value of the property.
If you do spend money on a kitchen renovation, you will not only have a much nicer kitchen to enjoy, you will also recoup most of the funds that you spend on the remodeling.
Should you renovate your kitchen?
Whether or not you should spend the money to renovate your kitchen depends on several factors. The first is the current state of your kitchen. If your kitchen is truly outdated and if you are just sick of it, then it may be a good idea to renovate it.
The second most important factor to consider is whether or not you can afford it. Although financing is usually an option for kitchen renovations, you want to make sure that you can properly afford your renovation before you make the decision to go through with it. Knowing that it will most likely cost tens of thousands of dollars, you have to ask yourself whether or not this will be a major financial burden for you. If it’s not, then it could be a very good decision to go through with your kitchen renovation. If it is, then you should think twice about it.
A third factor that you should consider before moving forward with your renovation is whether or not you are planning to sell your home soon. If you are, then it may be smart to complete a kitchen renovation. This is especially true if your kitchen is in bad shape. Some buyers can be very turned off by an out-of-date kitchen. However, if you are not selling, then it might be wise to put off your kitchen renovation until you have properly saved for it.
If you do decide to move forward with a kitchen renovation project, feel free to call us at 780-997-0909. We can give you a free quote for your renovation!