When you are preparing to remodel your kitchen, the choices can seem overwhelming at first. This is especially true if you are committed to sticking to a budget throughout the process. Given the decisions ahead as you make your way through a successful remodel of your kitchen, here are some tips to help you stay on budget and still get the kitchen of your dreams.
Gather Your Design Ideals
Before you make any phone calls, purchases, or hires for your remodel, you’ll want to begin the kitchen remodel process by gathering your design ideas. Knowing what you want and the styles you like will saves you time and money as you move forward. Check out your favorite home shows, websites, and magazines to find your unique design.
Determine Your Budget
With your design ideas, you can begin to develop your budget. The first step is setting a limit for your kitchen remodel. Choose a realistic limit, keeping in mind that an upscale remodel can cost $75,000 to $85,000. Whether you find this number too high, too low, or exactly right, can help you set your own limit. Your personal finances play a big role in the decision, but you should also consider your neighborhood comparables as well as how long you intend to stay in the home. You might want to have a list of alternatives for your first choices in countertops, cabinetry, appliances, light fixtures, etc. in case you need to lower costs to stay on budget.
Average remodeling costs breakdown as follows:
- Up to 35 percent for cabinetry
- Up to 25 percent for labor
- Up to 15 percent for appliances
- Up to 10 percent for flooring
- Up to 16 percent for electrical and plumbing
- Up to 8 percent for countertops
- Up to 5 percent for demolition
- Up to 3 percent for permits
Once you have your design ideas and your budget you’ll need to determine how you will pay for your remodel. There are lots of options available from home equity loans, personal loans, and even refinancing cash out options. Once you’ve secured the financing, you’ll want to find out when funds will be available as well as when your payments will begin.
Keep Track of Your Spending
As you begin your kitchen remodel, you’ll want to develop an easy method to keep track of your spending. A spreadsheet is a great tool to avoid overspending, plus it can also help you see areas in which you can lower costs if needed. With any project, you should always expect the unexpected, and often the best protection against the unexpected is tracking your costs along the way and setting aside around 20 percent of your budget just in case.
With your ideal components and your back-up plan, prioritize which elements are most important to you. Everyone is unique, so decide which components you simply can’t live without and which other elements you may be able to compromise on. This is beneficial should you find you need to cut costs, you’ll already know where you have the wiggle room you need to complete your remodel successfully.
Determine if You’ll Stay at Home During your Kitchen Remodel
Some people choose to stay home during the remodel, but it is a decision for all involved, so have a discussion with your family about what is best for everyone at home or at a hotel. Keep in mind that for a period of time, there will be virtually no kitchen access and you will either be going out or ordering takeout if you choose to stay home without a place to cook. With that in mind, be sure to budget for the meals during your remodel. Eating out means additional expenses which can add up fast if you don’t have a plan in place.