Q: You can expect about 75-100% ROI depending on your renovation.
Of course, due to its complexity, kitchen renovations can be among the most expensive. Learn how much you can expect to pay for your kitchen renovation. Remember that a kitchen renovation is one of the greatest home improvement projects you can do in terms of return on investment (ROI). According to a widely quoted assessment by the Appraisal Institute of Canada (AIC), a kitchen renovation will boost your home value and give you an ROI between 75 and 100 per cent of what you spend. Keep this fact in mind as you go about setting your budget.
Q: How much should I budget for a new kitchen?
Before you can start planning your kitchen renovation, you need to have a clear budget in place. Having a budget will help to determine how much you can accomplish, the materials you can afford, how much professional help you will need and what the final product will look like. Moving ahead without a budget could result in your project being left half finished or you are going into debt to finish it.
Depending on the scale of your renovation, you can expect to roughly spend the following:
• Minor: $13,000 to $19,000
• Mid-range: $20,000 to $39,000
• Major: $40,000+
You should also set aside 15% to 20% of your total budget for any unexpected problems. This could include issues such as plumbing, electrical, structural, and/or pest or toxic material problems.