If you want a successful kitchen makeover, you need to create a comprehensive plan. Without an accurate estimation of what you need, you might spend more money than you originally intended. However, this task can be challenging when you know next to nothing about kitchen remodeling.
After all, the specifics of a renovation are hardly something most landlords keep tabs on. Still, it’s crucial to get your numbers right before embarking on such a project.
If you’re struggling with planning your next home improvement project, stick around. This article discusses the nitty-gritty of estimating for a kitchen remodel. You’ll know how to budget like a pro by the end of this post.
Overview of Typical Remodeling Costs
Cabinets ($1200 – $8,500)
Although, property managers can help determine which upgrades offer the best ROI. Sprucing up your cabinetry can make your kitchen pop and increase the value of your home. On the lower end of the spectrum, you can spend less than $2000 if you make small changes.
A fresh coat of paint and modern fittings would undoubtedly brighten your space. However, if you’re entirely replacing old and worn-out cupboards, it’ll cost you more. Quality wood with aesthetic studs can cost as much as $8,500.
Flooring ($700 – $3,900)
Flooring costs are highly dependent on the type of floor and size of your kitchen. Hardwood is one of the most durable options, but it’s also one of the most expensive and can leave you nearly $4,000 short. Cheaper options like carpet and laminate might be sufficient in other parts of the house.
However, it’s best to avoid them in the kitchen with spills. Matte tiles and cork floors are more viable options that cost around $1000 – $2000 to install.
Countertops ($2000 – $8000)
Water and heat-resistant countertops are a plus in any kitchen. Granite and quartz tend to beat the rest when it comes to materials and consequently cost more. Depending on the type of granite, you could cough out between $50 – $250 per square foot. On the other hand, tile is often cheaper at $10 – $30 per square foot.
Appliances ($300 – $1500)
The cost for appliances often comes down to how many you want. Low-end dishwasher prices are around $400, sometimes even less. However, if you want something more upscale or family size, you’ll need to spend over $1000. The same goes for other appliances like coffee makers and fridges.
How Do Professionals Estimate Remodeling Costs
Different professionals have unique ways of arriving at remodeling estimates. However, most of them rely on the cost vs. value report system. It’s a highly reliable thought process that compares price against long-term returns. It does so by measuring cost against the project’s resale value. You can easily find the latest report on the internet if you’d like a copy.
However, that’s not to say it is flawless. The cost vs. value report does have its drawbacks. For instance, it isn’t specific to every city. In other words, the estimates for your property might be higher or lower than the state’s average. If you’re undergoing a serious renovation, that can skew your budget.
Hence, these professionals often supplement the report with low, middle, and high-range estimates. That gives you a broader picture of how much you have to spend.
Tips for Setting a Remodeling Budget
Figure out Your Top Projects
One of the most valuable tips you should use in creating a budget is figuring out your top projects. If you know which changes are your priorities, it can help you make better decisions. For instance, quality countertops have a high ROI making them an expensive yet durable option. On the other hand, you can cut costs on other changes like new appliances if yours are still functional.
Make a Financing Plan
Another tip is to make a plan for financing your project. Many landlords embark on a renovation with a tight cash budget but wind up taking an expensive loan when they’re short. That can make your remodeling more costly in the long run.
Thus, it would help to research the best and cheapest option available. Most experts recommend using a HELOC because it allows you to borrow money against your house at a low-interest rate.
Consult Others that have Done Similar Projects
Another way to set an accurate remodeling budget is to speak with people who have done similar projects. In your landlord or real estate professional circles, you might know a few people that made similar changes. Find out what the process was like, how much they spent, and if they think it was worth it.
The more recent the renovation, the better. This tip can help you find reliable contractors, steer clear of pitfalls, and make an accurate estimation.
We hope this article on estimating a kitchen remodel was helpful, and you feel confident enough to budget like a pro. Renovations are a great way to increase your home’s value, retain tenants, and attract high-paying renters. However, they can also be time and money-consuming. Thankfully, proper planning can help you avoid feeling overwhelmed.
It also helps if you have a real estate professional that can guide you through the process. An expert property management company can help you arrange the best deals with reliable contractors for a fantastic kitchen makeover.