Kitchen remodeling is a popular project for homeowners, as kitchens often require new, updated equipment and can be one of the more infrequently updated parts of a home. Budgeting for your kitchen remodeling largely depends on the improvements and changes you wish to make to the kitchen. It’s important to consider these critical factors as you budget for your remodeling project.
What changes do you hope to make to the room?
Do you want to tear out a wall and make a more open floor plan? Are you replacing cabinets, or painting over existing paneling? Are you making significant changes to the hardware and equipment in your kitchen? Additionally, how long are you planning to live in the home, or are you renovating to boost the overall property value for resale? These are important factors to consider in calculating the cost of your remodeling.
How much are you willing to spend, total?
Remember that labor is one of the most expensive parts of any remodeling, anywhere from 20 to 35%. If you’re doing most of the remodeling yourself, take into account the amount of time the remodeling will take. Your kitchen will likely be out of use during the remodeling period, so this can lead to unexpected expenses in other areas of your life. If you’re staying elsewhere during the remodeling or eating out more due to displacement, your budget needs to account for this.
Make a list of priorities.
If you had to have only three things as part of your remodeling project, what would they be? Are new appliances the most important thing to you? Or do your cabinets desperately need to be replaced? Is the center of your remodeling project a new kitchen island? It’s easy to let your imagination run away with you for a dream kitchen, but choosing three must-haves as part of your remodel will keep you on track and on budget.
Know what you can live without.
Do you really need new knobs and hardware for cabinets? Or the top-of-the-line refrigerator? Making small adjustments like this can save you money in the long run of your remodeling project.
Spreadsheets, spreadsheets, spreadsheets.
No budget was ever kept on track without the help of detailed spreadsheets. Writing things down simply works. Remodeling experts recommend you plan to spend between six and 10% of your home value on a renovation for the best return. Use remodeling calculators to help you determine your budget.
