Looking to remodel your kitchen, but aren’t quite sure where to start with your remodeling budget? No problem. According to this article on HGTV.com, here are some tips for planning out your kitchen remodeling budget. Tip #1. Determine How Much You Want to Spend…and Stick to It! Setting a budget for your kitchen remodel is one thing, but sticking to your budget is much harder than you may think. When planning how much you want to spend on your kitchen remodel, there are three factors to consider: 1) how much you can afford to spend, 2) how long do you plan to stay in your house, and 3) what kind of neighborhood you are located in. If you intend to sell your home within five years, your kitchen renovation should be considered a real estate improvement and your budget should be based on what you think you would be able to make back on it. If you plan on living in your home longer than five years, you should budget a kitchen remodel that will make you and your family the most comfortable and fit your family’s needs.
Tip #2. Know How the Costs Break Down. On average, you can expect the labor costs for remodeling can consume anywhere from 20 to 35% of your total budget. Understanding how much the other costs will make up the total project will help when setting out your budget. Here is the average break down for the rest of a kitchen remodel: Cabinets – 35%; Appliances – 20%; Windows – 10%; Fixtures – 5%; Fittings – 3%; Other – 7%.
Tip #3. Expect the Unexpected. With any remodeling project, you are going to encounter several unexpected costs and repairs. There can be all kind of surprise lurking behind the walls and under the floor. From wiring problems, busted plumbing, mold, termites and all kinds of repairs or work that you did not expect, you should have a 20% buffer in your budget to account for the unexpected. This is especially important if you’re in an older home where the chances of running into these kinds of unexpected, but necessary, repairs are much higher.
Tip #4. Prioritize Your Remodeling Project. There are a lot of steps involved in a kitchen remodel. Decide what is most important to you so that if you have any unexpected costs that hit your budget, you can determine which things are most important to you so you can adjust accordingly based on this priority list. Also, if your budget buffer (as suggested in Tip #3) allows for some extras, you can figure out where you might be able to bump up your budget on the things that mean the most to you, whether it’s cabinets, lighting fixtures, appliances, or whatever fancy luxuries that you may be wanting to add.
Tip #5. Factor in the Cost of Eating Out. While your kitchen is being remodeled, you will need to find somewhere else to eat, which means another cost to factor in is the cost of eating out. You also may decide that it is a better idea for you and your family to stay somewhere else while your kitchen is being remodeled. That is fine, but similarly, you will need to factor in the cost of lodging, storage fees, moving costs, etc.
Tip #6. Monitor Your Budget. It is important to monitor your budget and regularly check in on your budget to make sure that you’re sticking with your plan. Put your estimated budget and your actual costs on a spreadsheet so that you can recognize when you need to make adjustments when necessary.
Tip #7. Avoid Unplanned Extras Mid-Project. You may be tempted to stray from your budget mid-project and you might even catch yourself saying, “Wouldn’t it be great if we added (insert fabulous kitchen feature) here…” Beware of this, because this is how budgets get blown! Go back to your remodeling budget and, if necessary, adjust your priorities. It’s okay to want some extras, but as with most things in life, you might need to make some adjustments or choose to live without.
This post is brought to you by the good folks at EuroAmerica Design. Contact us today for more information on how we can assist you with your next kitchen, bath or wardrobe remodel. We would love to connect with you on Facebook, Houzz and Pinterest.
Photo Credit: Berloni America