How much do kitchen renovations cost?
Kitchen remodeling is a fantastic way to spruce up the appeal of your home and add value to its price. But an essential aspect of kitchen renovations is the price, what you can afford, and how much it will cost you. So if you’re wondering how much it costs to renovate a kitchen, we have gathered some information that can help you. Here are some factors that affect the overall price of renovating a kitchen.
Location is everything
Where you live tends to make a significant difference when comparing kitchen renovation costs in Canada. Whether you live in a metropolitan or rural area or a core hub such as the Greater Toronto Area and Vancouver, the amount it costs to renovate a kitchen will vary. Your location also impacts other dependent factors such as material cost, average pay, and demand for kitchen renovation services.
Scale of renovation
Whether you’re simply looking to spruce up a kitchenette or expand a room into a fully-equipped kitchen and dining area, the costs to renovate a space are also impacted by the scale of work. Minor to mid-size renovations require less work and materials and can be more affordable. Complete renovations to replace the countertops, cabinets, flooring, and appliances need more material and labour. You can expect to pay 25-50% more for a large-scale project than a smaller one.
Breakdown of cost by features
An excellent approach to determine how much a kitchen renovation costs is to figure out what aspects of your kitchen will be changing. The main areas of renovation are cabinets, countertops, and flooring. The estimated average cost of each is as follows:
- Cabinets and countertops: Approximately $7,500
- Flooring (ceramic): Approximately $2,350
- Cabinet refinishing or refacing: Approximately $3,800
Also, using different materials will drive up the cost of a kitchen renovation. For example, upgrading from ceramic to wood flooring will increase its price to approximately $6,400, and using natural or engineered stone countertops might cost around $3,800. Choosing specific aesthetics can increase the cost of the renovation.
Save money through wise spending
Upgrades, ornamental accessories, and other vanity-based additions to your renovation don’t just increase the material cost; their installation is also significantly more complicated. These accessories can drive up your installation costs. A neat, natural look can often make a bold statement. Also, evaluate which aspect of your renovation can receive less of your budget based on your usage. For example, if you need your cabinets with extra space but don’t mind ceramic flooring, you can save thousands by choosing the lower-priced option with little to no impact on the appearance.
Expect unexpected costs
When researching how much it costs to renovate a kitchen, remember to account for any unexpected expenses that may come up along the way. Whether they’re due to mistakes, incorrect measurements, or underestimating the quantity of materials, your budget should be able to handle these extra costs to avoid complications. As a rule of thumb, you should estimate an excess of $5,000 to $6,500 in your budget for a kitchen renovation project. The costs to renovate a kitchen are flexible and dependent upon your predetermined budget and choices. While you do have the extra leeway due to the excess funds you’ve prepared, these are best left for emergencies. So unless you’re adding the finishing touches to your project and have little chance of any issues cropping up, resist the temptation to splurge; you’ll thank yourself down the line!
Consider funding your kitchen renovation with a home equity loan
A kitchen renovation can cost you tens of thousands of dollars. Instead of spending your hard-earned savings, you can apply for a home equity loan. A home equity loan from Alpine Credits is one of the best options for acquiring the capital needed to cover your renovation costs. Since you’re utilizing your home equity and putting it back in your home through upgrades, the loan is a wise investment that will payout in the long run by adding to the home’s value.
To learn more about how you can tap into your home’s equity to cover the cost of renovating a kitchen, get in touch with Alpine Credits today.