Tips to save on kitchen cabinets
stock up
Stock cabinets are far more affordable, costing an average of 50% less, while semi-custom and custom cabinets can cost $23,000 to more than $30,000. If you don’t have a complicated kitchen layout, this is often the simplest way to go. Repurpose: Sometimes, you don’t need new cabinets at all because you can save your existing ones. Refacing cabinets (putting new surfaces and fixtures on existing frames) costs an average of $7,245 — not cheap, but still far less than full-blown custom jobs. And refinishing (changing the color) them averages only $3,009, even less than stock cabinetry. Investing in higher-quality hardware replacements can also do cosmetic wonders — even if you splurge a bit, it’ll still be a relatively low-cost redo. Plus, with no installation to worry about, you save time and money
donate
When replacing existing cabinets, you can gift the old ones to a local organization and have it count as a tax deductible donation. You can also save money by removing or disposing of them yourself, as installation professionals will most certainly charge you for this service.
Go with a specialist: A professional installation company or interior designer might be able to help you find the look and feel you want at a fraction of the price. With wholesale discounts and insider access, they could have access to liquidation sales.
There is an undeniable convenience of an all-in-one shopping experience at places like Ikea and Home Depot, but you will pay for the added service of design and installation. Be aware that some interior design companies will inflate costs, charging up to three times the cost of materials. They often outsource the installation to local contractors, serving as a middleman and driving prices up.
How do kitchen cabinets impact your home’s value
Replacing your cabinets is one renovation that can greatly improve the value of your home. That is to say, they are a key feature of a kitchen upgrade, which typically recoups around 42 percent to 86 percent of its cost, according to Remodeling’s 2023 “Cost vs Value Report.” New cabinets can truly transform a kitchen and, expensive as the project may be, it still can come in cheaper than a complete remodel of the space.
The National Association of Realtors’ “2022 Remodeling Impact Report” found that kitchen upgrades rank among the top interior projects that add resale value to homes, recovering on average 67 percent of their outlay
How to finance new kitchen cabinets
Home renovations are never an inexpensive venture, but financing can help you get cash upfront to start the project. With a loan, you can break your renovation down into more manageable payments spread over time.
personal loan
A personal loan can offer a great solution if you are looking for a loan with fixed terms. You can enjoy a set monthly payment with no collateral necessary. Personal loans can be a good choice for a kitchen remodel as the proceeds from these types of loans can be used for anything you want. In addition, the money can typically be provided very quickly, often in as little as 24-hours.
However, in order to get the best interest rate on your loan you’ll need a solid credit score. In addition, personal loans typically must be repaid over a short timeline of anywhere from 24 to 60 months. If you want more time to repay the costs of your kitchen cabinet project a personal loan may not be the best option.
Home equity loan
A home equity loan gives you access to cash upfront via one lump sum, but you use your home as collateral to guarantee the loan. This type of funding may be a good choice if your kitchen cabinet project is particularly costly, as most lenders will let you borrow up to 80 or 85 percent of your home’s equity, which is the value of your home minus any remaining balance on your mortgage.
In addition, the repayment timeline of a home equity loan can be as long as 30 years, which may make this a better option for homeowners who need more time to pay back the expenses associated with their cabinet project
Home equity line of credit (HELOC)
Also known as a HELOC, a home equity line of credit is much like a credit card, allowing you an open line of credit that you can reuse as you pay it off. This loan also uses your home as collateral, but it is subject to a fluctuating interest rate that can change the cost of your monthly payments throughout the life of the loan.
Next steps for new kitchen cabinets
Redoing your cabinets can be an expensive venture, but it can pay off in the long run with a strong return on investment and greater market appeal. When deciding whether a kitchen cabinet installation is a good investment for your home, ask these three questions:
- Will your remodel increase your home’s value?
- Are up-to-date, snazzy-looking kitchens a draw for buyers in your local area?
- How much will it cost, and how can I finance it?
Taking these items into consideration will help you determine whether replacing your kitchen cabinets is the right move right now for your home.
