A kitchen remodel is an excellent way to add value to your home while increasing your personal satisfaction as you accomplish your daily tasks. Although kitchen remodels can range from a few simple changes to a complete overhaul, sticking to a budget is essential for avoiding being surprised by the expense. Here, are the steps to take when planning your budget that will ensure you love your new kitchen while keeping it within an affordable price range.
Determine Your Purpose
The first thing you will need to do is decide your main purpose for doing a kitchen remodel. Are you planning to move within the next ten years or are you just settling into an older home in need of a few renovations? If you plan to stay in your home for a long time, then you may decide to plan a remodel that is more specific to your needs. This may increase the amount you are willing to spend. However, those planning to sell, should plan for classic colors and accessories while keeping in mind the resale value of their home. You will also need to decide if you are expanding your kitchen or keeping the same floor plan as this will also contribute to the amount of money you need to budget for in your plans.
Break Down the Prices
When budgeting for a new kitchen, it is important to break down the amounts you plan to spend into categories. In most kitchens, labor costs and the cabinets will be the greatest expenses at about 35 percent each. Next, you will need to decide how much you want to spend on other kitchen elements such as windows, lighting, appliances and fixtures.
Plan for Surprises
During a kitchen remodel, it is always possible for surprise repairs to arise due to problems that may have gone unnoticed. This is especially likely in older homes that may have gone for years without much maintenance. In case your remodelers come across faulty wiring when they pull out the walls or discover rotting floors beneath your appliances, you need to know that you are covered. Add an extra ten percent to your budget to designate for surprise repairs.
Select Your Priorities
When it comes to kitchens, everyone has their personal tastes that should factor into the budget. Consider your cooking style and the appeal of aesthetics as you make your decisions. Then, use what you know to select the priorities that you must have done in your kitchen. For example, those who value efficiency may prioritize their appliances. Alternatively, those seeking style should consider how the little touches, such as a sleek faucet or backsplash, can add some essential extra eye-appeal.
Factor in Outside Meals
Once your remodel is in progress, your kitchen may be out-of-order for a short time. This is one area that many people forget to leave in their budget, yet it can add up if it is not planned for in advance. Decide how you will be eating during the time it takes to remodel your kitchen and add this extra expense into your spreadsheet. For those who prefer to cut costs, setting up a makeshift kitchen in another area of the house using a microwave and other portable appliances can be a way to prepare meals without eating out.
Stick to Your Spreadsheet
As you plan your budget, create a spreadsheet that can be retrieved whenever you need to add or deduct an expense. Then, keep a running tally of each aspect of your remodeling project. This will help you to avoid going overboard on any one area and blowing your budget. If you are working with contractors, discuss your budget in advance so that everyone knows what to expect. However, remain flexible in the face of surprises, remember that extra percentage you tacked on in the beginning? That is exactly why it is there.
Planning a budget for a new kitchen is only the first step in the remodeling process. However, it is one of the most important. By planning for the areas of your kitchen that need improvement and understanding the costs associated with each area, you will be better prepared to cover the costs of this essential home improvement. Whether you plan to live in your home for many years or are looking to increase the value before you sell, having a set budget will provide you peace of mind throughout the remodeling process and increase your enjoyment once you are standing in your new kitchen.