• Tweet

• Tweet

With the first-time home buyer tax credit still going on, many new buyers are flooding the housing market.  And while this is a great time to buy a home due to the tax credit, low property values, and low mortgage rates, it’s still hard to buy a home that’s completely perfect the first time around.  Chances are, there will some minor repairs and renovations you’ll want to do, to make  your first home more your taste.

Among the best renovations to make for your home, your kitchen gets you one of the highest return on investments.  Most families also use their kitchen more frequently than other rooms, making this also the most useful renovation for many people.  The problem is, renovating your kitchen can be very costly, as it’s the only room other than the bathroom that comes with cabinetry, and something beyond painted drywall and trim.

To help with the pricing and costs of remodeling your kitchen, here are 3 ways you could do it, depending on how much money you want to spend, or how much improvement your current kitchen needs.

Plan 1: $200-$800

This is if you only want to change a few shallow things about your kitchen, and if your kitchen is structurally sound.  If your appliances are old and you don’t want to replace them, consider wallpapering them to cover the outdated look.  If the cabinets are outdated, consider giving them a fresh coat of paint.  Adding new handles and fixtures on the cabinets will also make a big difference for under $100 generally.

Depending on how much you want to change, you could also replace the backsplash with something newer, going along with the new colors of the cabinets.  Lastly, light fixtures should also match.  You could replace the existing lights to match whatever finish you have chosen for the kitchen, as it’s these little attentions to detail that add up to make a big difference.

Plan 2: $800-$4,000

This plan is great if you really want to go deep with renovations, but don’t want to spend tens of thousands of dollars on everything.  For outdated cabinets, instead of repainting them, you could replace them.  If there aren’t enough cabinets, adding new ones doesn’t take much extra time either if you already have the room.

To save on labor costs, look into doing most of this work on your own or with a friend or two.  If you have never done any type of home improvement before, be sure to research your specific situation thoroughly, as it can get complicated with sink installations and dishwasher hookups.

If you want to go with cheaper cabinets, look into unfinished ones.  These cabinets require staining, but the cost of stain is much cheaper than buying pre-stained/finished ones.

In terms of countertops, the general rule of thumb is that laminate is the cheapest, butcher’s block is double that of laminate, and granite is double the cost of butcher’s block.  Keep in mind prices will vary depending on where you get it from, and how much the market has changed from the time of this article.  Granite has dropped in pricing to compete with a newer material – quartz, thus making it more affordable than it was previously.

Lastly, rather than covering the appliances, you could get new ones.  Look for deals on appliances, some stores even have occasional sales where stainless steel is half-off.  Generally speaking, the same appliance will be anywhere from $100-$300 more expensive if it was stainless steel rather than a color like white or black.

Plan 3: $4,000+

For a kitchen truly done well, with expensive cabinetry, stainless steel appliances, granite or quartz countertops, it could cost easily around $20,000 or more.  Regardless of what you choose for your kitchen, keep in mind that when you do renovate – you would probably get the highest returns if your home matched the condition and pricing of other similar homes in the neighborhood.  For example, potential buyers in your neighborhood are looking for a specific price range, if your kitchen was far beyond the average price of kitchens in your neighborhood – buyers may not be able to afford it, thus lowering your return.

 Printer Friendly Version