The kitchen is arguably the most important room in any home. The kitchen is where families cook meals, eat together, and entertain company. Some families even utilize the kitchen table as a workspace for adults and children alike. If your kitchen is small, cramped, outdated, or otherwise dysfunctional, perhaps it is time to consider a kitchen remodel. Renovations improve functionality, increase the house’s resale value, and provide an opportunity to make the kitchen more energy-efficient, stylish, and suited to your family’s needs. However, while a great investment, kitchen renovations can become expensive.
Let’s look at the differences between minor and major kitchen remodels. From there, you can decide which kind of kitchen remodel you can swing.
Minor Kitchen Remodels
A minor kitchen remodel can cost a fraction of the cost of a complete remodel. However, it does mean you are picking and choosing certain aspects of your kitchen to renovate and upgrade. If you want new all new kitchen cabinets, for example, they generally account for 40% to 50% of the total kitchen remodel cost. This means that, depending on how much you are willing to spend, a new set of kitchen cabinets and one other small upgrade would be the maximum changes you could make.
On the other hand, investing in new floors and appliances and leaving everything else the same is another option to consider. If the floor and the appliances are old and outdated, new hardwood floors and a new set of energy-efficient, stainless steel appliances would be a great investment. They would also be appealing to look at and more useful to your family in the long-run.
Major Kitchen Remodels
A major kitchen remodel means everything in the kitchen is updated. It could even mean expanding your kitchen and completely changing the layout. A full remodel includes new appliances, new floors, new countertops, new cabinets, a new island, and a new paint job and decorations.
When it comes to a major kitchen remodel, you must be aware of how much money it will cost. If your neighborhood doesn’t consist of homes with major remodels, you wouldn’t likely make a good profit when you go to sell your home in the future. Therefore, if you want a brand new kitchen, make sure it’s for personal reasons; don’t expect a great financial return.
Looking at the Numbers
On average, a minor kitchen remodel costs about $20,000. Minor kitchen remodels generally gain 80% of a return on the investment. On the other hand, major kitchen remodels can cost up to $100,000 or even more. Depending on the size of your home, whether you want to physically expand, how many professionals you would need to hire, and your taste, your budget would need to be very high and flexible to meet the necessary spending a major kitchen remodel would cost. Also, keep in mind that the return on investment averages only about 60% for major kitchen remodels, and oftentimes it’s even lower.
If you have young children but would like to remodel your kitchen, think about some important, but costly, things that your children may need either now or in the near future. For example, what if your children will need braces in the future? Of the 4 million people in the United States that are wearing braces, 75% of them are younger than 18. Your kid or kids could need them, too. Braces can range between $3,000 and $10,000. Would you rather save money for this potential cost now? If you’d like to purchase your teen a car, you may want to think about the money you would spend on that as well. With potential costs in mind, consider whether a minor remodel may be a better choice than a full-scale one.
How Often Is Your Kitchen Utilized?
Some families spend a lot of time in their kitchens. Some parents prepare all of their family’s meals from scratch. Sometimes one parent loves to cook as often as possible for their family. Some families use their kitchen as a workspace. Some families eat all meals together in their kitchen. Families like these would personally benefit from a major kitchen remodel.
However, some families simply don’t use their kitchens as much, perhaps only for cooking and preparing meals and nothing else. Perhaps your family consists of busy workers who aren’t home much to cook or spend time in the kitchen. For example, firefighters and front-line healthcare workers may work odd hours. Employment of healthcare occupations is projected to grow 14% from 2018 to 2028, much faster than the average for all occupations, adding about 1.9 million new jobs. This goes to show how many people are taking jobs in the healthcare field, which may mean spending more time working in a hospital than at home. Individuals that don’t spend a ton of time at home likely don’t want to spend the money on fully remodeling their kitchen. Therefore, a minor kitchen remodel would be a great way to upgrade the kitchen without breaking the bank.
When it comes to deciding between a minor and a major kitchen remodel, you must think about how much you’re willing to spend and how often your kitchen is utilized. Perhaps you’d like to invest in a major kitchen remodel so you do spend more time in the kitchen. Maybe a minor kitchen remodel fits perfectly in your family’s budget right now. Whatever your case may be, think and invest wisely.