A consistent question I am asked by consumers is “What does a kitchen cost?”. A colleague recently responded “What does a bag of groceries cost?”. While a bit snippy, the comment has a lot of merit because the basic concept is that it just depends on what you put in it!
While it’s difficult to answer the question without treading into hazardous territory, one has to start with something that is based in reality. For a number of years, I’ve been using the publication, Remodeling from Hanley-Wood, whose research article is titled “Cost vs. Value”. It is the most insightful and detailed industry report I have found and includes almost every home remodeling project. While I am acutely aware that some professionals take issue with the numbers included, I find them to be reasonably accurate for the descriptions provided. Regional differences are noted and the national average is included.
Without delving into how the numbers are determined (I’m glad to do so if needed) let’s use them as valid for this discussion. All numbers are the national average. In a “Midrange” project, a “Minor Kitchen Remodel” cost $18,856 and returns about 83% in increased value to the home. A “Major Kitchen Remodel” cost $54,909 and returns about 74%. Another category is “Upscale Project”. One can’t really do “Minor Remodel” in upscale so the same size project but with more specialized products for a “Major Kitchen Remodel” cost $109,935 and usually returns about 64% in increased value. Without going into depth about the “hows and whys”, we will accept these numbers as valid to at least start a conversation based on sound information. I certainly have found them of huge value in my business for years.
Your project may be higher or lower depending on your needs and tastes. Feel free to let me know any questions or clarifications you need to get more specific for your needs.