Kitchen Renovation Costs Forecast for 2025 and Frugal Tips
Remodeling Your Kitchen: A Guide to Costs, ROI, and Choices
When it comes to home improvement projects, remodeling your kitchen can be a significant investment. However, focusing on updates that improve the home's resale value is crucial. Here's a guide to help you navigate the costs, returns, and choices involved in a kitchen remodel.
The Cost of a Kitchen Remodel
According to Hanley Wood Market Intelligence, a minor kitchen remodel, which includes refinished cabinets, new flooring and countertops, and a couple of updated appliances, costs approximately $27,492 in 2024. A major, midrange kitchen remodel, including custom cabinets and all new appliances, costs around $79,982, while an upscale kitchen remodel can set you back approximately $158,530.
HomeAdvisor also estimates the average kitchen remodel cost to be around $27,000, with a typical range between $14,597 and $41,501.
Return on Investment (ROI)
A minor kitchen remodel can recoup about 96% of the cost, according to Hanley Wood Market Intelligence. On the other hand, a major midrange kitchen remodel sees about 49.5% returned in a higher home value.
Saving Costs
Retaining the same layout can help save costs by avoiding the need to move existing plumbing or electric or gas ranges. Doing parts of a kitchen remodel yourself, such as removing old cabinets, countertops, or appliances, can also trim the cost.
Choosing ready-to-assemble or stock cabinets instead of custom options can make a kitchen remodel more affordable. Resist fancy add-ons like cabinet and drawer dividers, vertical spice racks, and countertop garages when on a budget.
Finding the Right Contractor
Doing a little research, such as reading credible reviews of products, materials, and professionals, getting estimates from multiple contractors, and contacting previous customers, is necessary to find the right contractor and materials. Sharing DIY aspirations with potential contractors can help find out if they're comfortable leaving some parts of the job to the homeowner.
Location and Costs
Location plays a significant role in the costs of remodeling. Labor and materials are more expensive in bigger cities due to higher wages and transportation costs. The city with the highest costs for a kitchen renovation in 2024 in Germany is likely Munich, as it consistently ranks as the most expensive city for real estate and related construction costs.
Financing Options
HELOC & Home Equity Loans are available from FourLeaf Federal Credit Union, Achieve, and Figure for financing kitchen remodels.
Planning Your Remodel
Determining the goal of the kitchen remodel by asking what activities are most frequently performed in the kitchen and considering timeless design choices is recommended. Creating a budget by listing must-haves and want-to-haves, pricing them with a professional, and prioritizing the replacement of inefficient appliances and dated-looking elements is suggested.
Sticking to the plan and avoiding adding extra features during the remodel to prevent the project from becoming larger than intended is advised.
