01 Aug How to Budget for a Kitchen Remodel
A kitchen remodeling project is exciting for any homeowner, but the overall budget is one of the first concerns. Each home remodeling project is unique, and there is no one-size-fits-all answer for how much it will cost. However, with a little research, you’ll know what to plan for, and your project can run a little more smoothly and on target. Our budget tips for kitchen remodels can get you started on creating a budget for your project.
Factors to Consider When Creating a Kitchen Remodel Budget
Before you create your kitchen remodel budget, you’ll want to take some important considerations into account. If you’re wondering how to determine a kitchen remodel budget, start with these factors:
- What you can afford: Perhaps the most significant factor for any budget is knowing how much you can afford. Deciding how much you want to spend can direct the rest of your budget and remodeling plan.
- Your area or neighborhood: Another thing to keep in mind is your home’s location. Certain parts of the country have higher costs, and remodeling prices may also be more expensive in these areas. For example, kitchen remodels tend to be slightly cheaper in the Eastern United States than in Western states.
- How long you plan to stay in the house: Knowing your plans can also guide your remodeling budget. If you think you may move out of the house in five years or less, you will want to focus on projects that give you the most return on investment and increase the home’s selling value. If you think you’ll be staying in the home for longer than this, you can focus on more personalized choices and upgrades that make the most sense for you and your family.
- What you want to remodel: Before you begin, think about what you need and what you want to remodel. Research cost ranges for the upgrades you want, and be realistic about how much work you can do for the amount you hope to spend. One of the biggest pitfalls is to research the lowest prices for an upgrade and expect that there will definitely be options in that price range that will work in your remodel. Compare the appearances and costs of different flooring, cabinet and countertop options. Choose the materials that match your vision and also fit your budget.
How to Create a Budget for a Kitchen Remodel
Once you’ve considered all of these factors, you can create a budget for your kitchen remodel. Here’s how to budget for a new kitchen:
- Make a plan: The first step for how to make a budget for a new kitchen is to have a detailed plan. Contact a contractor about your remodeling goals and how you want your kitchen to look. A contractor can create detailed blueprints and sketches with measurements to determine cost estimates. Having accurate measurements can help estimate materials costs better.
- Prioritize: Decide what the most important elements in your remodel are so you can prioritize what you want. Some of the largest decisions may be flooring, cabinets, appliances and counters. You can work the smaller details, such as sinks, cabinet hardware and backsplashes, around these major items.
- Don’t forget about labor: You also need to remember labor costs. Choose a reliable and trustworthy contractor to get quality work at a reasonable cost. Explain your remodeling goals in detail when you request a bid so you can receive an accurate cost estimate for labor. You should also enquire about any necessary permits, their costs and any other fees you will need to plan for.
- Plan for other accommodations: You’ll need alternative plans while your kitchen is under construction. Depending on your budget and preferences, you may want to stay at a hotel during the remodel, eat out and order more takeout food or set up a temporary kitchen in another area of the home — perhaps you can get by with a mini fridge and microwave or hot plate. Whatever you choose, account for it in your budget.
- Include a contingency: Finally, it’s recommended that you reserve 20% of your budget for unforeseen expenses. Including a contingency allows your contractor to make necessary repairs and create the kitchen of your dreams while staying within your budget. Leave a little wiggle room in your budget so your contractor can complete all the required work and give you the best results.
How to Stay on Budget for Your Kitchen Remodel
Creating your budget is one thing, but sticking to it is another. Staying on budget can sometimes be a challenge in itself. These kitchen remodel budgeting tips can help keep you on track with your budget goals:
- Keep an organized budget: Make lists and spreadsheets with detailed notes of your original budget and plan. Check these documents often throughout the process to ensure you’re staying on track and update them if anything changes. Keep notes on actual expenses compared to what you budgeted and adjust as you go.
- Review your budget before making additional upgrades: You may think of additional upgrades you would like to add to your remodel mid-project. Additional upgrades may help you create a kitchen that exceeds your expectations, but new projects or upgrades can increase your costs, so review your budget before deciding on additions. Request quotes from your contractor, and ensure the costs fit into your budget before requesting additional upgrades.
- Know how you plan on paying: It’s important to understand the details of how you’ll pay for your kitchen remodel. Find out what forms of payment your contractor accepts. If you use a loan or credit card, factor any fees or interest into your budget. Plan on making deposits early in the process, and ensure you understand the payment plans for the remaining balance and have your funds ready on time.
- Know where to spend and where to save: If your budget is tight, spend on your priority projects and look for creative ways to save elsewhere. Make room in your budget for your dream cabinets and flooring, and consider saving on other fixtures such as appliances and lighting. You may be able to update elements of your kitchen that work well rather than replacing them.
Kitchen Remodeling From Area Flooring & Tile, Inc.
Understanding your kitchen remodeling budget is the first step toward getting the kitchen of your dreams. Work with an experienced and professional remodeling company to ensure you’ll receive quality service and products while maintaining the budget you want. Area Flooring & Tile, Inc. is your trusted partner for full-service remodels, flooring and tile and general contracting. Contact us today to get started!