When you are deciding to do any kind of remodeling it is important to set yourself a budget that is comfortable for you. With your kitchen this is especially important as there can be a lot of places you could spend more, and setting a budget will help you control that spending. There are several things to consider when setting a budget for kitchen remodeling and this guide can help you whatever your tastes are!
Setting the Remodeling Budget
As a basic guideline when determining your budget you need to consider your home’s value. Your kitchen remodeling should cost between 10% to 25% of that value. If your remodeling includes new appliances, lighting, cabinets and flooring then that range should be more like 15% to 25% unless you live in a house worth a very large sum where 10% would still give you a large budget. For most of us who do not live in millionaire mansions and have homes worth less the 15% range would be working on a lower budget, the 25% if you have more money to spare.
If you are also considering selling the house and the resale value then stay in the 15% to 20% range. This will mean you should recoup at least most of the spending when you sell the home, and anything not recouped will be as the home appreciates over the next five years or so.
If you have the budget, a luxurious fitted kitchen may be what you are looking for.
Expenses to prepare for
The fact is kitchen remodeling is not a cheap project as there are a lot of costs to factor in. While it is possible to perhaps get a basic remodeling done for around $12,000, that cost can run up to a staggering $100,000 if you want everything upscale, top of the line and so on. When you are in the planning stages you need to make sure you get accurate estimates and you are aware of costs, and possible hidden costs. Wherever you are living can affect the costs too so it is important to do your homework.
When hiring a contractor try to get several quotes so you can compare estimates. You can also see if there is an online project estimator that can answer your questions though be prepared it may not cover all the areas you want to renovate, especially if you have special needs or desires. While there are going to be variations in costing from one kitchen to another most of the things you need to factor into the costing are;
- Fixtures and fittings like handles, faucets and so on.
- Labor costs the contractor will be charging.
- Counter tops
- New appliances.
- Lighting and electrical wiring.
- The sink.
- Plumbing supplies.
- Construction materials.
For many homeowners kitchen remodeling can become something that overwhelms them and costs can get away from them. To avoid facing bills you cannot afford it is important to create a realistic budget and set priorities on where the majority of spending is going to go. Sticking to that budget can be tricky, sometimes things come up that are unexpected so try to have a little extra to cover those things. Assess your funds honestly and then using the above percentage guide and the estimates you have gathered create a figure with some in reserve should it be needed. As well as getting several quotes shop around for materials and items to get the best deals and prices. Read our guide on the 15 common kitchen design mistakes that homeowners make to avoid making one yourself.
A common mistake some homeowners make is to try and cut back on the spending in the wrong places so that they can stay within their kitchen remodeling budget. While you can make savings in many areas you still need to keep in mind that quality is important so certain things should have more money sunk into them to ensure they are more durable and of a higher caliber. To avoid making this mistake be sure you get yourself a contractor who is qualified and experiences so that they can ensure you get the best for your budget. Also look to sales for higher quality products. You can spread these costs out too by starting to buy far earlier than the actual kitchen remodeling is going to take place. Finally look for stores that offer discounts when you purchase items in bulk.
Have a small kitchen? Check out our guide on how to design a small kitchen.