The kitchen is the most expensive room in the house to remodel because it involves large appliances, water, electrical, and sometimes gas. It is difficult to receive an estimate on a kitchen remodeling job because are there so many factors involved. These factors may be internal, such as your lifestyle, your family size, your entertainment preferences, or external, such as prices of materials, seasons, etc. Not only are there many complicated factors involved but they can change quickly, and sometimes without warning. From that point of view, it’s no wonder that contractors like to keep estimates fluid.
On the other hand, you have a budget you have to maintain, and the last thing anyone wants is for you to run out of money for your kitchen remodel when it’s only halfway done. You need a general idea of what your kitchen will cost to remodel, a solid foundation that’s still flexible enough to adapt to the changing circumstances.
Estimating by the Square Foot
This method takes into consideration the level of kitchen remodeling you want to undertake. If you want a high-end remodel that involves gutting the kitchen completely and starting over from scratch, that can cost at least $300 a square foot. A mid-range remodel involving some major changes and high-end products can cost $200 to $250 per square foot. A low-range remodel that brightens the kitchen up without making any major changes can cost approximately $100 to $125 per square foot.
Estimating by Home Value
It’s a good idea to get your home appraised before using this method so that you’re working from the most accurate figures possible. At baseline, you should budget about 15 percent of the value of your home for your kitchen remodeling project. However, given the variable factors involved, you want to budget a little more than that to provide some cushion. Your estimated renovation cost is 15 percent of your home value; now add on 20 percent of that figure as a cushion to take care of any unforeseen circumstances that may arise.
A solid renovation estimate, along with meticulous research and careful planning, can help you to keep costs down.