Are Kitchen Renovations Really Worth It?
Updated: Jan 9, 2019
If you’re like most homeowners, you’ve probably spent hours scrolling through photos of luxurious marble islands, but just can’t bring yourself to add up the cost of a renovation.
When done right, an updated kitchen can have a huge impact on your daily quality of life. It can be a space that invites more family time, and helps you relax even when dinner's late and the kids are starving. But you'll need to plan ahead to make sure your time, energy and money will be well spent.
It may seem overwhelming, but it doesn't have to be. That’s why we’re offering up some tips on how to navigate the planning of your kitchen remodel.
How do I find a kitchen remodeling contractor near me?
Check their credentials. This is an easy initial check. Most experienced contractors will have a professional affiliation, such as being a member of the National Kitchen and Bath Association or Natural Stone Institute. If they don’t publicize this information on their website, make that your first question when you make contact.
Whenever possible, partner with a company you already know and trust. Chances are, someone has helped you with smaller home improvement projects in the past. If you’ve already worked with a local company, even if it’s for something specific like flooring or countertop fabrication, get in touch and find out if they can recommend a general contractor. If it’s a well-established company, they’ve probably already worked with most of the people you’ll consider hiring. Their honest opinion could end up saving you thousands of dollars (and headaches).
How should I put together a kitchen remodeling budget?
1. Prioritize your projects.
Choose one or two larger aspects of your kitchen remodel (such as flooring, countertops or cabinets) that matter most to you. Everyone has different opinions on this, so think about the changes that will have the biggest effect on your daily life, from aesthetics to functionality.
Start choosing your materials and researching installation professionals early in the process. This way, you can compromise on pricing for smaller projects later, and still rest assured that you’re investing in the items that are most important to you and your family.
2. Partner with your stone fabricator early on.
Almost every kitchen remodel involves new countertops, a new kitchen island, or both. It’s pretty easy to start a Pinterest board and choose your favorite colors, but there are a range of factors that will affect the look and cost of your countertops (including material type, slab size, and entrance sizes).
So find a stone fabricator you trust before you even start renovating. Talk to them about your plans, and invite them to check out the space so they can identify any challenges you might run into later on.
3. Track your expenses in a spreadsheet.
Once you know pricing for the high dollar items, materials, and installation costs, you can start planning your overall budget. List it all out in a spreadsheet to help you plan, and allow for an extra 5% so you’re prepared for any unexpected issues that might arise.
What are the benefits of renovating my kitchen?
Higher resale value on your home.
It’s common knowledge that a modern kitchen is one of the first things prospective homeowners consider when purchasing. The good news is, according to HGTV, even relatively small kitchen renovations ($15,000 and under) can increase the purchase price of your home.
You may recoup over half the cost of your kitchen renovation.
After spending an average $20,000 on a kitchen update, you may be able to recoup up to 80% of your renovation cost once you sell your home. So even if you don’t plan on selling your house right away, you can enjoy years of service in your new kitchen, and still be compensated for a portion of the renovation cost when you do decide to sell. (Of course, this depends upon the housing market at the time, among plenty of other factors).
Better quality of life.
The monetary cost is important, but consider the benefits of a renovation that don’t come with a dollar value. Think about how much time you spend getting dinner ready, pouring a few glasses of wine with the neighbors, or having an after-school snack with the kids.
If you and your family feel more content walking into a space with sturdy new cabinets and countertops, then that in itself makes a renovation a worthy investment.
Once you set your budget and choose your key partners, the whole project will become much more manageable. And hopefully, we've inspired you to get started on your own kitchen.