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It’s all about the money! Whether it is buying a new dress or purchasing a new car, money is the most primary requirement for everything. It becomes all the more important when you are thinking of renovating the heart of your home: the kitchen. You may think that a kitchen renovation project may not be costly as you are renovating a part of your home. But, remember that without a proper plan and budget in mind, the cost can escalate quickly. What’s the Average Kitchen Renovation Cost? HomeStars.com announced that the cost of kitchen renovation increased from $17,900 in 2015 to $21,050 in the next year. The current average cost is close to $25,593. But, if you are looking at a complete overhaul, the cost of kitchen renovation can go up to $50,000. Remember that the actual renovation cost will depend on your requirements and the quality of material you use. It means you should be clear about what you want in your kitchen. If you do not have set-priorities, the cost can go up significantly. Here are a few things that you should consider before hiring a kitchen renovation contractor: 1. CountertopsCountertops are the necessity of every kitchen. If you want to build a new countertop, it will cost you $70-$200 per square foot. It includes fabrication and installation cost as well. Marble countertops are luxurious and can cost up $250 per square foot. On the other hand, laminate countertops can be obtained for a cheaper price of $20 per square foot. So, depending on the size of the kitchen countertop, the material you choose, number of cuts and angles, etc., your cost will change. 2. BacksplashAccording to H, you can get a kitchen backsplash between $800 and $1000 per sq. ft. You may find that backsplash materials such as ceramic and vinyl are sometimes as cheap as $2 per square foot. But, installation is tricky. The high labor cost increases the total cost of the backsplash. Avoid reducing cost by opting for DIY because if you need to install backsplash around electrical wires, it can get complicated. 3. Kitchen CabinetsWhen it comes to kitchen cabinets, you have the option between stock cabinets, semi-custom cabinets and custom cabinets. You will find a wide-variety of stock cabinets with Ikea, Home Depot, Rona and several other sellers of ready-to-assemble kitchen cabinets. You can find stock cabinets for as low as $60 per liner foot. Semi-custom cabinets can cost you over $100 per liner foot. And, if you are ready for luxurious custom cabinets that matches your style, you should be ready to spend more than $500 per linear foot. In general, the cabinets will cost you above $3500. 4. Kitchen FlooringDo you want to change the kitchen flooring? It is important to consider several different materials for the flooring because the cost of raw materials varies greatly. For example, if you are looking to add wood flooring to a 500-square foot kitchen, the cost can be around $4500 as the average per square foot cost for wood is $8-$10. If you opt for laminate flooring or vinyl flooring, you can reduce the cost by half. And, if love the look of tiles, the sky is the limit. You can choose from options under $1 per square foot to expensive tiles that may cost a fortune. 5. Other FactorsIf you are renovating an existing kitchen with minor changes, you may not need to undertake the following costs. But, if you are looking forward to a kitchen addition project in your home and expanding the kitchen size, do consider them. >>Add plumbing cost if you want to replace the sink, dishwasher, garbage disposal, etc. >>If you want to change the kitchen appliances, you need to factor the cost of oven, refrigerator, microwave, cooking range, etc. >>Consider the painting cost for new and bright walls. >>Electrical installation cost can include adding pendant lighting over the dining table and task lighting at the sink. The cost depends on the fixture along with installation charges of the electrician. >>Do not forget the design cost and renovation contractor’s fees. Kitchen Renovation Cost: The Final WordKitchen renovation is an important aspect for improving your quality of life. With well-thought decisions, you will be able to make cooking and dining more comfortable and stress-free. And, do not shy away from kitchen renovation if you are selling the house. According to Appraisal Institute of Canada, kitchen renovation gives one of the highest return on investments. It means even if you are looking to sell the house in the near future, a solid kitchen renovation project will work well for you. So, make sure to choose the best renovation options for your kitchen.