If you’ve been thinking about upgrading your kitchen, you’re not alone. Kitchen remodeling is one of the most popular home repairs, and it can help you get the most out of your space. From new cabinets to marble countertops, a new kitchen can give your home a refreshed look and make it more functional. However, it can also come with a hefty price tag so it’s important to plan ahead to meet the costs.
Below, we break down three things to consider when remodeling your kitchen and offer tips on streamlining the expense.
A Kitchen Remodel Can Increase Your Home’s Resale Value
One of the reasons kitchen remodeling is so popular is that it can add to the value of your home. In fact, many homeowners find that they have a significant return on investment when it comes to remodeling. This can vary depending on the type of remodeling you decide to do so it’s important to consider your choices carefully.
A good way to ensure that you’re adding value is to think about the upgrades you want to make. While it may be tempting to do a major remodel with upscale materials and appliances, it’s worth noting that the more you spend, the harder it will be to recoup the costs. Research shows that those who spend more than $135,000 renovating their kitchens, only recoup 53.9% of their expenses on average.
Smaller changes such as replacing kitchen cabinets, adding a new backsplash, and changing light fixtures can have a significant impact on your home’s value and are generally more affordable options.
The Average Kitchen Remodel Costs Around $25,000
Even if you choose to do a mid-range remodel, the costs can be significant. This is due to the work and the materials involved, many of which have increased in price over the past year.
According to Houzz, an interior design and home improvement platform, the average cost of kitchen remodeling is around $25,000, though this can vary based on where you live and the types of improvements you’re making. To determine your costs, we recommend using a home remodel cost calculator which takes into account your location, the size of your space, and the scope of your project.
Knowing Your Financing Options Can Help You Meet the Associated Costs
Once you have a better idea of what your kitchen upgrade will cost, it’s time to think about financing. If you already have savings set aside to cover part of the cost, this can be a great place to start. If you need additional funds, a personal loan can be a helpful way to finance the expense while keeping the rest of your finances on track.
With a fixed rate, a Discover® personal loan is an especially good option. Customized to your needs, this type of loan allows you to borrow from $2,500 to $35,000 and choose a repayment term ranging from 36 to 84 months. Plus, there are no loan origination fees and no fees of any kind as long as you make your payments on time. You won’t need to use your home as collateral and funds can be sent as soon as the next business day after acceptance.
A remodeled kitchen can add value to your home and make it easier to entertain your loved ones for holidays and family gatherings. With careful planning and the right resources, you can plan a remodel that suits your family and your budget.
Moving.com. “Does a Kitchen Renovation Increase Home Value?, https://www.moving.com/tips/does-a-kitchen-renovation-increase-home-value/.” Accessed July 6, 2021.
Houzz, “Kitchen Remodel Cost, https://www.houzz.com/cost/9-cost-to-remodel-a-kitchen.” Accessed July 6, 2021.
Discover Personal Loans. Your annual percentage rate will be between 6.99% and 24.99% based on creditworthiness at time of application for loan terms of 36-84 months. If you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 a month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select.