What’s the Average Cost of a Kitchen Renovation in 2021?
The kitchen is a crucial room in your home and a great return on investment. Of course, this means that it’s both important to get your kitchen remodelling right and that the process isn’t going to be cheap. Based on the quality of your new kitchen and the extensiveness of the renovations, your price will vary wildly. But there’s a silver lining – it’s a surefire way to get the best offer when selling your home! The return on investment for kitchen renovations is estimated at 75-100%!
For a kitchen renovation in the GTA, the range of expenses can be anything from $40,000-$100,000+. Of course, in Toronto itself, prices will likely be higher – but so will the return in value, when you sell your home!
Renovation Costs Based on Quality
On average, a very economic reno will only set you back $40,200+. A simple resurfacing: about $45,800+. Mid-Range renovations come in at 68,600+, High-End at $88,000+, and Luxury at $100,000+. Bear in mind that a number of factors can influence your costs, such as whether your residence is a heritage home, the amount of work to be done, the materials and labour needed, contingencies, and more.
Effect of COVID-19 on Renovation Costs
Though the market is currently in a very hot state and your renovated home will have unprecedented value, COVID-19 has injected the market with certain uncertainties and price fluctuations. Most notably, the price of structural lumber has increased by 70% since 2019. This will likely mean some additional expense on projects that go beyond simple resurfacing, somewhat balancing out the huge boom in real estate sales and unprecedented high offers for GTA homes.
A Luxury Kitchen For Your Home?
If you’re concerned for your ROI above your quality of life, it’s important not to overspend. A stunningly interior-decorated, high-end modern kitchen will be fantastic for your lifestyle, but based on the value of homes in your neighbourhood, may not end up being fully reflected in your selling price. Stick with something stunningly-designed, but in keeping with the real estate listings of your area. According to the Appraisal Institute of Canada, the average amount homeowners should spend on kitchen renovations is up to 10-15% of their home’s overall value. If you’re planning on staying longer than 5 years in your residence, going up to 15-25% of your home’s value shouldn’t be a problem!
Find Out More
Although these averages are both localized and up-to-date, they’re still just averages! To learn more about your specific kitchen remodelling’s cost, the best course of action is booking a free consultation with Georgian Design Build! Our work is high-end, but our teams of designers are dedicated to providing you with the perfect renovation experience, including being mindful of your budget needs, keeping you completely apprised throughout on developments and costs. Our dependable Fixed-Price Guarantee ensures that your project never strays far from our original estimates, allowing you to be confident that construction won’t break the bank!
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