Virtually everyone who has ever contemplated remodeling or renovating their kitchen has the same question, “How much will this kitchen remodel cost?” Whether you live in New York City where a typical 950 square foot apartment condo can cost $1 million dollars, or Hershey, Pennsylvania where $1 million will be you a 5,000 square foot home on several acres, the question remains. “John, what’s this kitchen going to cost me!”
Money Magazine asked me that exact question for their Ask the Expert Column, What That Kitchen Remodeling Bid Will Really Cost You. I provided what I believe are good rules of thumb for any kitchen remodel.
First, according to the 2014 NKBA member survey, you can expect that approximately 30% of your budget will go to cabinetry. Remember, this will also likely include design fees.
Second, Appliances typically account for 14% of a kitchen renovation. Here’s a place you can save, if you’re concerned about the budget.
Third, countertops account for 10% of a typical budget and that takes into account the popularity of more pricey materials, such as granite.
Where does the remaining 45% go? The balance is largely for demolition, disposal and construction from the contractor, but also includes lighting, plumbing fixtures, paint and tile.
And as always, call, chat or write to me with your questions or comments!
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