Business Guide to Kitchen Remodeling

Remodeling a kitchen is a huge project that can cost a lot of money. Kitchen remodeling projects are also very time intensive. If your kitchen needs to be remodeled right away and you own a restaurant, hotel or any business facility that requires a functional kitchen to generate profits, you must find a way to finance this project. While it may be difficult to secure the funds initially, remodeling your kitchen is an investment that will eventually increase your profits and the overall value of your business facility. While there are many great benefits to remodeling your kitchen, there are also many factors you should consider.

Benefits

Kitchen remodeling is a project that can cost a considerable amount of money, but the benefits of this investment usually outweigh the costs. The exact benefits of your kitchen remodel depend on how extensive the remodel is.

Increased value

A major kitchen remodel can net you a 68.7 percent return on investment if you choose to sell your home, according to Realtor.com. The kitchen is one of the rooms in the home that can sway a potential buyer to purchase the home or to leave the home alone. Because of this, you should try to use materials and ideas that will appeal to a large homebuyer base.

Improved workflow

If your kitchen isn’t as functional as you would like, a well-planned kitchen remodel can help to correct the problem. Even if your current kitchen area is small, you can use the space available in creative ways to accommodate your needs. For example, doing away with your dining room table and using a breakfast bar instead can add valuable space to your kitchen without having to put an addition onto the home.

Updated appliances

When you update your appliances during a kitchen remodel, you can choose models that are energy efficient. Not only will these appliances give your kitchen a new look, but they will also save you money on your utility bills. Take the full kitchen remodel into account when you decide what finish you want your appliances to have. The most common finishes are black, white and stainless steel.

More space for storage

While planning the kitchen remodel, you can usually find ways to increase the storage space in the area. Using cabinets that go up to the ceiling is one way to add more storage space. Installing an island with cabinets underneath the top is another storage option. If the kitchen is small, consider installing cabinets that have glass fronts to make the space look larger.

Pitfalls

Downtime

If you are considering a kitchen remodeling project at your place of business, remember that your kitchen use will be limited during this time. If you own a restaurant or other business that relies on a functional kitchen, this could mean a substantial loss of profit until the remodel is complete. You may even have to close your business entirely during construction. When you prepare your budget, make sure you factor this loss into the equation.

Potential for unexpected costs

Remodeling projects are notorious for lasting longer and costing more than planned. Kitchen construction can become especially expensive because it requires so many types of special equipment and supplies. You could run into any number of problems with the plumbing, gas lines, ventilation, and electrical requirements that are unique to a kitchen. If you are on a tight budget, you should be cautious with your spending. Otherwise, you could end up with an unfinished kitchen and no money to complete the project.

Health codes

As you plan your kitchen remodel, don’t forget about health codes and food safety requirements. You’ll have to check local, state, and federal codes to make sure you design a kitchen that doesn’t violate any rules. Much of your kitchen equipment will have to meet certain standards. For example, don’t assume that you can install any kitchen sink you want. Many health departments require sinks to have a certain number of compartments and a particular slope to the drainboard. You will probably also need to install a separate sink for washing your hands.

Doing it yourself could cost more

You may be tempted to take on this project yourself instead of spending money on a professional contractor. If you aren’t completely sure that you know what you’re doing, this may be a bad idea. You could end up spending a lot more money if you make amateur mistakes, such as purchasing the wrong supplies.

Pricing

The price you pay for a kitchen remodel depends on the extent of the remodel. If you are planning an extensive remodel of your home, the return on your investment will be slightly above 68 percent.

Hiring a contractor

Hiring a contractor will add a significant amount of money to the final cost. Generally, you can expect to spend anywhere from $20,000 to over $120,000 on a kitchen remodel if you hire a contractor. The price depends on the size of the kitchen and the work you want completed.

Do-it-yourself job

You can save money on your kitchen remodel by doing the work yourself. Do-it-yourself kitchen remodeling projects start at around $5,000 and average $15,000 to $26,000, according to Costhelper.com.

Conclusion

Embarking on this project alone is only a good idea if you know exactly what you are doing. However, do-it-yourself remodeling projects can be disastrous for those who have minimal skills or are unfamiliar with the process of remodeling a multi-functional space. Schedule an appointment with a contractor, and obtain a free or low-cost estimate before planning your remodel. You can secure funds for this project by obtaining a business loan. Remodeling your kitchen does not have to be a hassle, and if you thoroughly plan this project in advance, you’ll be able to minimize the amount of time it takes to complete it.