2020 Kitchen Renovation Costs | Average Cost of Kitchen Upgrades
The 5 to 15% rule is widely held as the gold standard in helping homeowners estimate and budget the correct amount for remodels. This rule holds that the entire remodel should cost no less than 5% of the current value of the home — and no more than 15%. This is because spending less than 5% may result in a lesser home value, while a homeowner is unlikely to recoup an investment of more than 15% in a resale.
- Consult with the remodeler about how your costs will be separated among projects. Keep in mind that labor will take up 20% to 35% of the budget.
- 20% of your budget needs to be set aside for unexpected costs.
- Prioritize what you want done during the remodel, in