As investors, we need to find a balance between creating the next Taj Mahal and falling under the "your neighborhood slum lord" category. While no one would turn down the Taj Mahal, most people won't purchase your circa 1968 kitchen with it's top of the line, lime green appliances and matching counter-tops. The trick is finding a balance.
Whether you're planning on completing your first renovation or updating your kitchen, you can do it for less than you think.
How much do you think this kitchen cost? $15,000? $25,000? $35,000?
Let's find out.
First thing that jumps out to most people are the appliances. Depending on your market or personal preference, this cost can vary within the thousands. This set however ran about $2,000 for everything. Yup... Just 2,000 for the fridge, oven, microwave and dish washer. Big box stores always have "contractor appliance packages". Google it!
For the sake of these next figures, we're going based off of a 10x10 L shaped kitchen like you see above.
Granite counter-tops are almost expected now a days in updated homes. We purchased this granite from Home Depot for $51 a sq ft. They came out, installed it, and gave us a free fancy under-mount sink. Total cost above was about $2,200 including the kitchen island. The faucet was $120 and together they create a very modern look.
Cabinets are by far the most expensive ticket item depending on what level you want to go with. We shopped 5 different stores for these all wood, soft close, "shaker" style cabinets. Price including the island was around $2,500. We easily could have spent 3 times that amount!
These gorgeous engineered hardwood floors ran $2 a sq/ft. Installation on average will run $1.5 a sq ft so overall this kitchen floor was about $500. These prices compare to most standard tile flooring as well.
This kitchen was about $7,000 for materials. Labor to install cabinets and appliances shouldn't run you more that $1,500. Generally on an average kitchen, $10,000-$12,000 should do it.
Now you know! Get out there and re-model a kitchen!
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