What do you need to know about budgeting for a kitchen renovation?

If you are considering a kitchen-remodeling project, you may be focused on finding pictures of the perfect cabinetry, countertop, or appliances. Perhaps you dream of adding specialized storage to your kitchen or an island fit for food preparation and casual dining. Have you considered how much this will cost, how much you are willing to spend, or how you will fund your project?

No matter how much planning goes into your project, you must allow for contingency in a kitchen design budget. There are always surprises when remodeling, especially in an older home. Big culprits are problems with electrical wiring or plumbing/leaks that can only be discovered once you begin looking underneath the surface.

First, how much can you afford to spend?

Once you decide your requirements, set your budget, and stick to it by limiting the scope or selecting materials that fit your budget. Spend money on your top priorities, but look at where you can save on costs to stay within your chosen budget.

Second, how long do you plan to stay in your house?

If you plan to sell within five years, then view your renovation as an investment and only spend what you plan to get back when you sell. If you plan to stay in the home longer, then do a remodel that will enhance your family life.

Finally, stick to your plan and stay on budget!

This can be difficult when there are so any design options available, so here are a few more things to consider:

·         Set your priorities and focus your budget on those items.

·         Do not make last minute decisions to change out items for higher end alternatives.

·         Debris removal can add to costs, but is part of an overall budget if working with a design/build firm.

·         No functional kitchen for a period of time means you have to eat out or live somewhere else while the renovation is taking place.

·         Finally, think about how you will pay for the remodeling project and find out when you will get money if taking out a loan. You need to plan to pay for deposits and materials. 

A kitchen renovation is an exciting project that can make a huge difference in your home and quality of life. Make it a positive experience by considering your requirements and priorities, researching the costs and setting a budget, and then sticking to your plan! Your kitchen design professional can help you find the ideal solution to meet your requirements and fit your price range.