Average Kitchen Remodel Costs & ROI
Your kitchen can change the entire look of your house and help you feel at home. If you are thinking of selling soon, then how your kitchen looks may be even more important. According to our survey, 7 out of 10 buyers said they would buy a home with a gorgeous kitchen.1
While an updated and modern kitchen may be on everyone’s wish list, making it a reality can be a challenge. If your kitchen is far from desirable, then a remodel may be the next step, but is the kitchen remodeling cost too much to bear? What is the return on a kitchen remodel when you go to sell? Should you take this leap?
What is Included in a Remodel?
A remodel is a major update to a space that may involve pulling permits or changing the layout of a room. These projects tend to be labor-intensive work and as a result, can be costly. A remodel is different from a home refresh because it includes work beyond just cosmetic updates.
For a kitchen, some potential remodel projects may include:
- Building or removing an island
- Changing the layout of the cabinets or appliances
- Adding or removing windows or doors
- Replacing cabinets
- Updating the flooring
- Replacing the kitchen countertops
- Updating the backsplash
- Installing new appliances
- Updating fixtures
How Much Does a Kitchen Remodel Cost?
In general, the average kitchen remodel cost can range anywhere from about $40,000 to almost $200,000.2 The average cost of a kitchen remodel will depend largely on the type of kitchen as well as the location, the size of the room, the scope of the work, the materials, and the general contractor.
Midrange Kitchen Remodel Costs
$80,809
Most projects will fall under the umbrella of a midrange kitchen remodel. In the United States, the average kitchen remodel cost for a midrange kitchen in 2022 was $80,809.1 A midrange kitchen remodel may not always use top-notch materials or high-end supplies, but it can still drastically improve the look of the space and can be quite involved.
Upscale Kitchen Remodel Costs
$158,015
An upscale kitchen is even more involved than a traditional kitchen remodel and typically costs more. The average upscale kitchen remodel cost in the United States in 2022 was $158,015.1 The cost of an upscale kitchen remodel is often increased because of the use of high-end appliances, top-of-the-line materials, and specialty or custom features that turn it into a luxury kitchen. An upscale kitchen may also be more likely to include layout changes such as enlarging the space, updating the floor plan, or removing walls or windows.
What is the ROI of a Kitchen Remodel?
While the cost of a kitchen remodel can be high, the return on investment or the ROI of a kitchen remodel can also be significant. Using our data from various markets in the United States, we calculated ROI for different projects and found that the average kitchen remodel ROI is 220%.1 For homeowners, this high return means they could get a significant amount of money back when they go to sell.
How to Afford a Kitchen Remodel
Because of the high kitchen remodel costs, updating this room may seem out of reach. Some people can struggle to budget for a kitchen update, but there are various ways to cut back and make this project more affordable. One way to save money on a kitchen remodel is to use less expensive materials. LVT flooring, for example, looks like hardwood flooring or stone, but it can be significantly cheaper. Along with choosing more budget-friendly materials, you can also shop around for different quotes to try to get the best deal. Be wary though; you get what you pay for.
Instead of doing a full remodel before selling, you could also look into doing a refresh instead. A refresh will involve cosmetic updates to uplift the look of the space but without the heavy price tag. This type of work may involve painting cabinets instead or replacing them as well as updating the lighting instead of rewiring the electricity.
If you are worried about finding the money to fund these updates but still want to get that nice ROI, we want to assist you. At Curbio, we help homeowners make kitchen updates before selling without having to worry about the costs upfront. Instead, homeowners who work with us can defer payment until closing. Not only can we help you fund your remodel, but also we offer advice on which projects will help you make the most profit. In the end, you can sell your home for more money and boost your ROI.
Ready to get started? Talk to your real estate agent about partnering with us and try our mobile app. If you do not have a real estate agent, contact us and we may be able to connect you with one.
Sources:
- Curbio (2022). Preparing to Sell: 2022 Home Improvement Report
- remodeling by JLC (2022). 2022 Cost vs. Value Report
