Let’s talk budget

Plano-7

LET’S TALK BUDGET

Three things to keep in mind when deciding how much to spend on a kitchen remodel:

  1. Your purpose for owning the home.
  2. The length of time you intend to live in the home.
  3. The maximum investment you’re willing to make.

 

Your purpose for owning the home:

If you bought this home as a short-term (0-3 years) investment or temporary housing, we recommend proper maintenance and doing little to nothing to improve it. If you bought this home for a longer-term (4 or more years) investment, see next section!

 

*Figures below are averages taken from personal and professional data in the DFW area over the last 30-years. Figures are based on moderate costs for materials and labor; you can certainly spend less or more depending on personal preference.

 

The length of time you intend to live in the home:

  • We recommend one of the following for 3-6 years:
    • Minor Refresh $5,250 (small kitchen) – $10,500 (large kitchen)
    • Minor Reface only $6,300 (small kitchen) – $12,600 (large kitchen)
    • Total Reface only $7,500 (small kitchen) – $15,000 (large kitchen)
    • Major Refresh $8,850 (small kitchen) – $17,700 (large kitchen)
  • We recommend one of the following for 6-9 years:
    • Total Reface & Refresh $20,000 (small kitchen) – $27,500 (large kitchen)
    • Remove & Replace $24,000 (small kitchen) – $39,000 (large kitchen)
    • Complete Update $47,000 (small kitchen) – $70,000 (large kitchen)
  • We recommend one of the following for 10 or more years:
    • Remove & Replace $24,000 (small kitchen) – $39,000 (large kitchen)
    • Complete Update $47,000 (small kitchen) – $70,000 (large kitchen)
    • Total Gut & Remodel $65,000 (small kitchen) – $110,000 (large kitchen)

*See definitions at end of page.

 

The maximum investment you’re willing to make:

You will recover a certain amount of what you spend when you sell the home. This is your return on investment or ROI. The expected ROI changes from year to year depending on the neighborhood, real estate market and economy, and is affected by the quality of the remodel. Historically, DFW has enjoyed one of the highest ROIs in the nation (currently at 85 to 90% from kitchen improvement projects).

 

What if what I want costs more than my ROI? How much more than my ROI is okay to spend? This is what we call “Limit over the Limit” and if you spend more than your targeted ROI, it is a good idea to limit that amount to what you might spend on a car, and pay for over a 5-year period. It is a limit that may make sense in order to provide you some comfort about your decision to spend for the pure joy of it.

 

The “Joy Factor” is one of the most rewarding parts of the job. It happens when we respect what you want and how much is right for you to spend to achieve it. We know we did it right when you say, “This kitchen is worth every penny!”

 

Minor Refresh: Replace countertops, backsplashes, sink, faucet and disposal.

Minor Reface only: Replace cabinet doors and drawers with matching finish to existing cabinets.

Total Reface only: Recover cabinet boxes and replace doors and drawers with all new finish.

Major Refresh: Replace countertops, backsplashes, sink, faucet and disposal, and refinish or repaint cabinets, walls and ceilings.

Total Reface & Refresh: Recover cabinet boxes, replace doors and drawers with all new finish, replace countertops, backsplashes, sink, faucet and disposal, and repaint walls and ceilings.

Remove & Replace: Remove all countertops, backsplashes, sink, faucet, disposal and cabinetry, and replace with all new in same locations and repaint walls and ceilings.

Complete Upgrade: Remove and replace all components of the kitchen including countertops, backsplashes, sink, faucet, disposal, cabinetry, appliances, flooring and wall coverings, and reconfigure within the limits of current walls and centerlines of current appliance locations. Mechanical changes (electric, plumbing and HVAC) are included.

Total Gut & Remodel: Remove and replace all components of the kitchen including countertops, backsplashes, sink, faucet, disposal, cabinetry, appliances, flooring and wall coverings, and reconfigure in any way of your choosing within the limits of local codes and your budget. Structural, mechanical (electric, plumbing and HVAC) and all décor changes are included.