How do you calculate the cost of kitchen remodeling? It can be a little bit tricky when you are doing it for the first time.
Every website that you visit will give you a different quote for your remodeling project. Often, you will get the wrong quotation that will force you to seek more money during the renovation.
So, what’s the best way to calculate the cost of kitchen remodeling? Well, in our experience, we recommend that you consider the following five factors because they influence the overall cost.
- Home value
Calculating the cost of your kitchen remodeling using your home’s value is one of the best ways that can give you a clear view of the expected budget.
You should allocate about 10% – 15% of your total home’s value to kitchen remodeling. Whether your intention is to install traditional white kitchen cabinets or modern kitchen elements, this rule of thumb will guide you well.
It means that you find your home’s value and spend a maximum of 15% to renovate the kitchen. Once you have the figure, you can break it down into individual kitchen components that you want to remodel.
- Location
Where you live is also a big factor of consideration that determines how much you will spend on your kitchen remodeling. Basic things like licensing, cost of transportation, and cost of living affect your kitchen remodeling.
To get a quote based on this factor, you will have to explore several options from construction professionals. However, you have to be specific about the kind of renovation that you want.
The cost of installing traditional white kitchen cabinets might be slightly different from other styles, thus, the importance of getting a quote with your style in mind.
- Project scale
How big or small is your renovation project? This is an important factor in determining the cost of remodeling. Of course, you will spend more if you intend to change various aspects of the kitchen and spend less if you are only targeting specific aspects.
For example, installing traditional white kitchen cabinets alone can be cheaper than when you want to change every item in your kitchen.
- Elements
The elements of the kitchen that you want to renovate also determine the final cost of your renovation. Therefore, you must be specific about the areas of the kitchen that you want to change to get a more defined quote.
- Labor
The scope of labor for your remodeling will determine the final cost. About 20% of your total budget always ends on labor-related costs.
These factors will help you plan for your next kitchen remodeling with an approximation of the budget.