Having A Budget Outline Is Key
Are you thinking about starting a kitchen remodeling project this summer? There is a lot to think about and consider but it’s important that you start out by preparing a budget as part of your overall plan. Having a structured budget is important, because without it, a project like this can quickly spiral out of control with unexpected costs…if you’re not careful. After dreaming about the updates you want to make to your kitchen for so long, it’s very easy to rationalize the costs. Homeowners can get so excited about making the updates they’ve been thinking about for years, they often just start ordering stuff. If you don’t keep track of the costs, you may find that by the time you’re ready to update your cabinets, there won’t be much money left over for anything else. A recent homeowner in Garden City had a great renovation budget template she showed us when we refinished her kitchen cabinets.
How Much Should It Cost?
One of the best ways to control spending for your new kitchen is to follow this general rule of thumb. Most contractors will tell you that your kitchen remodeling project should cost no more than 15% of the overall value of your home. Having up to date market information is the best way to make a smart decision in this regard. When you start planning for your remodeling project, talk to your friends or family that have recently completed similar projects. They will be able to provide you with recommendations on contractors and examples of what they paid for certain items or services. This information will be invaluable when setting a baseline for certain items on your budget.
You can also use the internet to research and gain more valuable information about each piece of your remodeling plan. You should expect the costs for the appliances, cabinets, flooring, countertop, etc. to take up at least half of your available budget. However, if you tend to like higher end items or if you have more appliances than most people, this cost can rise to nearly 2/3 of your budget. The remainder of your budget will be mostly for labor. However, there may also be smaller fees for things like design costs and permit fees.
Begin With A List
Most people agree that the best way for you to start making plans for costs is to start out in your own kitchen. Look around and make a list of everything in there that you’ll be updating or replacing. It is also a good idea to draw an outline of your kitchen space and include dimensions of the space you have. This will come in handy when you’re out shopping for new appliances and fixtures.
This list is where you’ll start your research. Take it to the appliance stores in your area and start looking for the replacements that you want. Some people like to start out by looking at the items they love and then look at their budget. This is a common misstep and chances are the total of all the items you would “really love to have” will be too high. Then you can start looking for areas where you can reduce costs by finding appliances, etc. that you still like, but may not be as expensive. Other people prefer the reverse approach. They will start by picking out appliances, cabinets and counter tops that are a starting point, and then upgrade them according to the extra room they have in their budget.
This is a great way to outline your remodel budget, but there are experts out there that can help you estimate certain specific costs. If you need our help planning the cabinet aspect of your upcoming remodel, then give us a call and our experts will help estimate the cost of your cabinet refinishing project. N-Hance can also refer you to other partners that can help with different parts of your kitchen remodel.