Remodeling your kitchen is a very big undertaking. It takes a large amount of planning, time, energy, and of course, money. One of the most important (and frustrating) parts of updating your home is budgeting. Without an accurate budget, you could wind up in serious financial trouble. Here are 7 steps to creating a precise budget.
1. Come up with a total maximum cost
And stick to it! This is the baseline for the entire process. Figure out how much money you have coming in, and how much you can afford to spend based on your means. It’s important to be honest and accurate about this number, as the entire budget depends on it.
2. Create a spreadsheet
Meticulous detail is the best way to make sure you’re sticking to your budget. If you don’t have a spreadsheet, and just try to keep a number in your head, it’s likely you’ll lose track or forget about things. Documenting every cost negates this possibility.
3. Break down the costs
Do research on each project and familiarize yourself with the total percentage of costs associated with each job. Get quotes from multiple contractors to get a sense of how much you’ll be paying for labor.
4. Set aside 20% for surprises
You’ll encounter plenty of surprises when remodelling your home. And it’s never a buried treasure. It’s usually outdated electrical or hidden rot. Be sure to leave some wiggle room to cover the unexpected.
What is most important to YOU? What projects will give you the most satisfaction and happiness upon completion. These are the tasks that should be done first, in case you max out your budget, you’ll still have the top things accomplished.
6. Know exactly how you’ll pay
There are several ways to pay for a kitchen remodel, from cash to credit to loans. Figure out a plan that works for you effectively and efficiently and don’t stray from the plan.
7. Factor in additional costs
You’re going to be eating out a lot more. Some people even leave their home and stay somewhere else while their home is under construction. Be sure to prepare for all of these additional factors.
If you have any questions about kitchen remodels, feel free to stop into one of Naffco’s 3 locations and speak with a friendly and knowledgeable staff member today.