Remodeling a kitchen is an excellent upgrade to your home and will bring you a healthy return on your investment in the range of 80-100% if done correctly. This is important to note because no other room in your home (except maybe the bathroom) will net you that kind of return. Homeowners sitting the fence about whether to move forward with their renovation project should use this fact as a motivator. With that being said, you should also spend some time researching projects that are similar to yours and take a good, hard look at your finances before beginning the demolition. Kitchen renovations tend to run between $25,000-60,000, which is a large margin, so your research and financial planning is paramount to make sure you have the budget complete your dream kitchen. Below is a general overview of what steps to take in the renovation process and any contractor you select should be able to provide a corresponding estimate and timeline for completion.
- Plan your work, work your plan – This basically means the outline of the project will give you a great idea as to how to move methodically through each step in your renovation and it will let you know what to expect in the way of expenses.
- List your “wants” – Once you have an outline and diagrams of the new kitchen layout, it is time to consider what furnishings you want to add to your renovation. These items will include lighting, islands or peninsulas, appliances, countertops and cabinetry to name a few.
- Enlist a pro – Home design professionals can take your ideas and make them into beautiful realities that you only dreamed of having. They can also tell you if all of your wants can be incorporated into your planned layout. Sometimes your plan may simply not work when it comes to functionality and this is where a professional can really be worth their salt because they can usually find appealing workarounds that complete your goals without too many changes to your plan.
- Review the budget – This can be a sobering step for some homeowners, as inevitably many will have created a kitchen on paper that has exceeded their budgets. However there is hope in the form of equity you may have built into your home depending on how long you’ve been in the house. It really doesn’t take long, thanks to low interest home loans and the rise of property values nearly across the board. Should you find that you’ve gone over your budget, you may consider an additional home loan against that equity, or you can discuss with your contractor what changes can be made to bring you as close to your plan as possible.
- Get started – At this point, you should be ready to enter into a written contract with your design team professional or installation contractor – they may be one and the same. Make sure to entertain at least 3 different bids and trust your instincts to help you choose the contractor you are the most comfortable with in your home and on the project.
These ideas create a general guideline for the kitchen renovation process and following them (or some variation) will help to keep you on task and motivated. Whether it is a beautiful island or hidden walk-in pantry, your contractor should be able to make your kitchen renovation dreams a reality.