The average cost to renovate a kitchen is roughly 28,00 Canadian dollars. The reason why it costs tens of thousands of dollars to renovate a kitchen is because kitchen renovations often require stone, marble, wood, steel, glass, and other expensive materials in addition to brand new appliances, labor, shipping, and other costs. So, kitchen renovations can be a significant renovation for many people.
Can you finance a kitchen renovation?
Yes, as long as your credit is decent and your income is high enough, you should be able to finance a kitchen renovation. Many banks offer personal loans for this type of thing. The advantages of personal loans are that they are often funded extremely quickly, lenders often let you choose the length of your loan, and they often have competitive interest rates. However, if you have a low credit score, then your interest rate will most likely be significantly higher.
If you do not want to go the personal loan route, there are other financing options available. You can try to get a home equity loan or a home equity line of credit. Sometimes, renovation companies even offer their own loans. So, this could be an option for you as well, depending on which renovation company you use.
How to save money on a renovation?
If you want to keep your costs down for your kitchen renovation, there are a number of excellent ways to reduce the costs for the project. For example, one way to save money on your renovation is to go with ready-to-assemble cabinets. The largest cost for kitchen renovation projects is often custom cabinets. So, if you use ready-to-assemble cabinets instead of custom cabinets for your new kitchen, you could save a few hundred or even a few thousand dollars.
Another great way to save money on your kitchen remodeling project is to use laminate instead of stone. Laminate is a material that is designed to look like stone, but to be much cheaper than stone. Granite is still a very popular material for countertops, but it costs about $50 to $100 per square foot. Laminate, on the other hand only costs, $8 to $20 per square foot. So, you could hypothetically save thousands of dollars by switching to laminate and not using granite for your countertops. The best part about this is that laminate looks so much like granite that at times you may even forget it is not granite.
One final way to save money on your kitchen renovation is to do a cutout rather than completely removing a wall. Many people want to remove walls in their kitchens in order to connect their kitchens to other rooms, or to make them seem bigger. However, removing walls can be very expensive. Instead, you can save money by cutting out just a portion of the wall and making a window to the next room. This is a much cheaper option. It can save you a significant amount of time and money when you are doing your kitchen renovation.