The kitchen is often the center of a home. It’s where we prepare food, eat, gather and relax. It comes as no surprise, then, that kitchen remodels top the list of most popular home projects. And they’re typically where homeowners see the highest return on their investment, too.
If you’re doing some financial planning for your own kitchen renovation, you might want to consider average costs to which you can compare your own expenditures. Of course, your project is all about your goals and budget, so research of this nature is best used as a general guide, rather than a hard-and-fast rule.
Kitchens.com reports that in 2010-11, the national average price of a mid-range minor kitchen remodel is $21,695, with an average return of 72.8 percent. According to Remodeling, a minor kitchen remodel is “a 200-square-foot kitchen with 30 linear feet of cabinetry and countertops.” Specific project components include a refacing of the cabinet doors, drawers and hardware; replaced and updated laminate countertops and vinyl flooring; and a new energy-efficient wall oven and cooktop, a mid-priced sink and faucet, wall coverings and newly painted trim.
From there, prices escalate. A major kitchen remodel at a mid-range price point averages $58,367, with an average return of 68.7 percent. A major kitchen remodel at upscale prices will average a whopping $113,464, with an average return of 59.7 percent.
Lesson learned? Luxury is great, but you likely won’t see the same return as you would if you opt for materials and fixtures in a more moderate price range.
What do you think about the average costs? Are they higher or lower than you expected?