The kitchen is the heart of the home, so after saving up enough money to finally renovate it the way you want is exciting! Researching kitchen trends and reno ideas can be a fun experience, but also overwhelming because there is so much to choose from! A kitchen renovation can also add more value you to your home, and a real estate agent can help guide you which renovations will give you the most bang for your buck.
The kitchen is often viewed as the center point of your home, and many buyers will look at this space first when deciding whether or not to purchase your property. Kitchen renovations can be expensive and depending on the type of materials you use you can spend anywhere from $16,000 to over $45,000.
Smaller projects like updating the tile backsplash, refacing your cabinets, or upgrading the kitchen sink can be more reasonable. However, these updates may still cost you up to $20,000 if you select the more expensive features!
A mid-range renovation that includes updating appliances, countertops, or flooring, can be more expensive and cost you anywhere from $20,000 to $39,000. If you opt for a major project that involves completely gutting your kitchen and installing a brand new one, expect to spend over $40,000.
Regardless of the size of your kitchen remodel project, put aside 15 to 20% just in case any problems are found with the plumbing or electrical. This can prevent you from getting started with a project only to end up with significant cost overruns that you cannot afford.
Does Renovating a Kitchen Increase Resale Value?
Real estate experts recommend limiting the amount you spend on your kitchen renovation to a max of 15% of the value of your home. This will ensure that you recover the majority of the costs when you sell your home. For example, if your home is worth $500,000, the total cost of renovating your kitchen should not exceed $75,000. After the renovations are complete, you can expect to recover about 75% of those costs when you sell your home.
It is important to note that if your kitchen is already in relatively good shape, you will get back a lower percentage when you sell your than you would otherwise. If this is the case in your home, consider doing smaller projects that will make a major impact, like painting or resurfacing the cabinets.
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Modern Kitchen Renovation Tips And Trends
1. Kitchen Colours
There are lots of different ways to incorporate one, or all of the following:
Paint the top cupboards a different colour than the bottom or paint the island black and the rest of your cabinets white. Bring bright accent colours in with vases, towels, and lighting.
2. New Cabinets
Also change your cabinet colour and add more cabinet space with dividers and Lazy Susans. Open shelving is becoming popular too, so add a mixture of both.
3. Go Green
Upgrade your fridge and dishwasher to energy efficient ones. Gas and convection ovens save more energy too and last a long time.
Opening up your main floor so your kitchen, dining room and living room are connected will add a lot of value to your home. The most common feature homebuyers look for is an open-concept floor plan – it makes the space seem larger, it is great for being able to watch kids, and it is great when you are entertaining and have guests over.
Having benches at the kitchen table instead of chairs is a cool and modern design. They can make your space seem larger than it is, since you do not have separate chairs, and benches can easily be tucked away when not in use. They can also be turned into an extra storage space!
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6. Barn Doors
Barn doors have become very popular in the last few years because they give your room a modern, sleek, farmhouse style design. They can be used for any room of the house, but if you are short on space, you could have a smaller barn door for your kitchen pantry. Whether you go with a distressed wood look, or decide to paint it to match your cabinets, it will look great!
7. Add A Backsplash
Backsplashes bring your kitchen design together and is very appealing to the eye. Choosing the right tiling can be tricky (especially with so many design options) but it can also be fun and they are easy to clean too. Homebuyers love seeing a beautiful backsplash that is also easy to maintain.
8. Hire Professionals
Trying to do everything yourself may help you save money, but if it is not being done right, it could easily set you back more money than you thought. Having professionals install cabinets for you, do the flooring, or laying tile, could potentially save you money in the long run and save you the hassle of finding time to do it!
There are a lot of great modern kitchen design ideas nowadays, especially with barn doors and creating an open-concept floor plan becoming popular. Everyone has their own sense of style, but if you are selling your home you may want to ask your real estate agent what renovation trends will give you the biggest bang for your buck.
Additional Considerations for Kitchen Remodels
If your kitchen is still functional and does not need a major overhaul, consider focusing on less expensive upgrades. These projects will still increase the value of your home without breaking the bank! For example, cabinets can take up the majority of your total renovation budget, so try sticking with stock products when possible because custom options will only increase the cost.
You can also take your time with your kitchen renovation and focus on one stage at a time. Perhaps you can start by updating the appliances now and renovating the tile or backsplash later down the road. Start with the upgrades that are most needed. When those are completed, you can focus on the upgrades that are simply things you want.
Tip to Save Money on Kitchen Renovations:
There lots of ways to improve your kitchen setting without having to tear everything up. Granite countertops are popular, but they are also expensive. Marble, quartz or tile are other alternatives and still look just as amazing.
Re-paint and stain your cabinet cupboards yourself instead of having all new ones put in. Even something as simple as updating all the knobs on the cupboards will make a huge difference.