The first two questions we usually get from new clients looking to do a kitchen project or remodeling in Philadelphia is “How much is this going to cost?” and sometimes “How much should this cost?” At Teknika Kitchens and Baths we start with the second question. Why, because that is what determines if you will:
- Get money back for all your hard work.
- Enjoy your new kitchen.
So how do you figure how much a Philadelphia remodeling project will cost? There are three facts and 1 intangible to look at.
The first piece of advice that we give is what we hear from real estate experts, a kitchen remodeling project in Philadelphia should be between 10 and 20% of the value of the home. The old adage is that you do not want the most expensive home in your neighborhood for resale, but neither do you want potential buyers to be scared away by a needed remodeling project.
The second fact to look at when making your budget decisions is how much others in your area spend. The Remodeling 2017 Cost vs. Value Report, http://www.remodeling.hw.net/2013/costvsvalue/national.aspx,can help us with that information. This report that comes out yearly and has 35 possible remodeling options divided up between midrange and upscale projects.
For kitchens remodeling projects there is midrange Major and Minor Kitchen remodels as well as upscale major kitchen remodels. The definitions are all based on a 200 square foot kitchen with 30 linear feet of cabinetry and countertops. Here are the specifics about a Philadelphia kitchen remodeling project:
Midrange Major: semi-custom cabinets, laminate countertops, double stainless steel sink with single lever faucet, midrange energy efficient appliances and new vinyl flooring.
Upscale Major: custom cabinets with interior storage accessories, stone countertops, glass backsplash, high-end appliances, under mount sink, high-end faucet and filtration system, under cabinet lighting and new solid wood flooring.
So what are the average cost and resale values for kitchen remodeling in the Philadelphia area?
- Midrange Major – Cost $67,799, Resale Value $37,308, Cost Recouped 55.0%
- Upscale Major – Cost $130,625, Resale Value $72,211, Cost Recouped 54.5%
Another obvious question is how does this compare with other renovations you can do on your home? The highest cost recouped for the Philadelphia area was attic insulation At 121.1% followed by garage door replacement at 77.0%. The average was in the high 50%, low 60% range for cost recouped. This means that kitchen remodeling is an average value if you only look at the numbers.
The final fact is how long you plan to remain in your home. The cost recouped for your kitchen remodeling project is if you sold your home immediately. If you plan to stay in your house 5 years an upscale major remodel will cost you $11,683 per year. If you plan to stay in your house another 20 years it will only cost you $2,921 per year.
The final factor for the cost of kitchen remodeling in Philadelphia project, an intangible one that needs to be answered, is what you need to enjoy your kitchen to the max. Do you absolutely have to have the Subzero refrigerator with the Viking stove, the Miele dishwasher, and custom cabinets? If you are planning to stay in your home for 15 years it might be worth the cost. Think how many times in those 15 years you will walk in the kitchen and go WOW. So remember, when planning your remodeling in Philadelphia calculate the 3 facts of Philadelphia kitchen remodeling costs but spend time on the intangible factors as well.
Any questions let us know. You can contact us by phone at 215.922.4414 or by emailing me at firstname.lastname@example.org. If you want to know more about Teknika Kitchens and Baths please go to www.teknikakitchensandbaths.com.