Could your kitchen use a facelift? According to Remodeling magazine's latest Cost vs. Value Report, the average minor kitchen remodel costs $21,695. And considering the amount of time people spend in their kitchens, it could be well worth the investment. Homeowners typically recoup about 73 percent of the cost, according to the report.
If you're hiring contractors to do the work, make sure you do your research. Estimate how much the down payment will be (usually about a quarter of the total project cost) and be sure to discuss a schedule for the payments. Walk through and make a list of what (if anything) in the kitchen won't be replaced during the remodel. Keep in mind that you can save thousands if your remodel allows you to keep existing wiring and plumbing in place. Still, unexpected costs do pop up, so experts recommend keeping about 20 percent more cash on hand to cover unforeseen cost overruns.
When it comes to the details, costs can certainly add up. But there are ways to get the luxe look for less. Kitchen counter materials range in price, from a top-of-the-line expensive granite surface to a wallet-friendly durable quartz countertop that has the look and feel of granite. If you do go for a luxurious countertop, consider installing a less expensive backsplash (beadboard, DYI mosaic tiles or faux pressed tin are some options). Refacing cabinets, painting them or just replacing the knobs for a fresh look might be a more viable option than replacing the entire set.