HOW MUCH TO SPEND?
From couches to coffee
Most people don’t realize how much a kitchen reno will cost and, as a result, they tend not to budget enough.
That could be because home renovation TV shows are notorious for showing unrealistic budgets for major work — so while a family might get a brand new kitchen for $20,000, it’s never explained what that price includes.
Nancy Peterson, founder and CEO of Homestars, a website that connects consumers with contractors and other home improvement professionals, says their data shows the average kitchen renovation in Canada costs $25,593 — but, she adds, that figure depends on how extensive the work is and whether you’re replacing everything.
“A major renovation can cost as much as $50,000,” she explains, “especially if you’re buying highend appliances or cabinets, which are by far the biggest expense in any renovation.”
Some things to consider:
Know where your money is going:
Here are the top things you’ll be spending on, according to Peterson, including what the average Canadian spends on each during their renovation:
New cabinets and countertops: ■ $7,483.16
Wood flooring: $6,392 ■ Stone countertops: $3,839 ■ Cabinets (refinishing): $3,819 ■ Ceramic flooring: $2,333 ■
The 20-per-cent rule: Experts say to add between 20 per cent and 25 per cent on top of your budget to handle surprises and unexpected costs. Based on the average cost of a Canadian renovation, a healthy buffer would be $5,118 to $6,398 to cover anything that pops out of the woodwork.
You don’t have to splurge on everything: Depending on how you use your kitchen, there are some things you can do on the cheap and others where it might be worth spending more. For example, splurge on a high-end stove if you love cooking. Peterson also recommends saving money by refinishing existing cabinets instead of replacing them. Flooring can also make a difference — ceramic is a lot cheaper than wood.
You’ll be eating out more: You are going to be without a kitchen for a month or longer. Cooking will be limited and you’ll probably rely on prepared foods and restaurant meals more than usual. Be prepared to spend a bit more to feed yourself and your family while your space is shut down.