Deciding on a budget for your kitchen remodel sounds easy enough, but it’s harder than you think. Planning a remodel for your kitchen is no easy feat. But if you have an organized approach to decide how much to spend, it’s relatively
If you’re planning on remodeling your kitchen, then one of the most important decisions will be how much of a budget to allocate. It’s not as easy as it seems, and in order to make sure that this is done correctly, there are some steps you can take that will help. The first step is taking out the average cost for each appliance or fixture from an online price list or retailer website. Next, add up the total expenses by adding up all four categories: Kitchen Cabinets & Countertops; Appliances; Flooring; and Lighting. You can also use this approach if you’re improving other parts of your home!
Find Your Style & Decide on Your Needs
A lot of people believe that the first step towards a home remodeling project is finding a contractor. False. Before you can fully grasp the process, it is important to think about your expectations and vision. Think about what you want from a remodeled kitchen: Is it more functionality, more storage space? What’s important to you in the new design—efficiency of movement, use of surfaces? Organizing your thoughts will help you set a budget. The back-and-forth between you and the contractor can be tiresome, to say the least (especially when considering the time it would take). On the other hand, approaching your remodeling process with a budget in mind would save you time and effort, while also increasing your chances of sticking to your budget.
Also as the very early steps, while creating your remodeling budget, you should consider how long you will stay in your house. Kitchen renovations should only be viewed as a type of investment if you plan on selling the home within five years. Only spend what you think will net you a return on your investment.? If you plan on living in your home for more than five years, a kitchen remodel could improve the house and make it more enjoyable.
Stick to Your Plan
One of the hardest parts of keeping to a budget is sticking with your allotted amount. There are a few steps you need to take before outlining your kitchen remodel budget, but the most important step is setting a reasonable and realistic estimation. Let’s have a look at the numbers first to get a better idea. Often, the cost of an average upscale remodel comes to about $80,000. Your contractor should be able to give you a clearer estimate based on your preferences. Before you have a kitchen remodel done, you need to take your personal financial situation into consideration first. Get different quotes for the job from contractors, and be sure to resolve any budget discrepancies with them before you start. Develop plans that align with your budget — a “Plan A” and a “Plan B. This will help to ensure you stay within your budget. Have a list of alternatives for just about every component that your new kitchen will need (appliances, cabinets, countertops, light fixtures) – and then if you need to cut costs somewhere along the way, you have a handy backup plan.
Consider Every Detail
The best way to stay on budget with your kitchen remodel is by creating a spreadsheet. It will help you keep track of where all the money comes from and then what it’s being spent on after we know everything that needs to be done in order to achieve the perfect kitchen space. Apart from the design and layout of your kitchen, you have to take cost into account. Organizing and budgeting for your kitchen remodel becomes much more manageable when you establish an organized spreadsheet from the get-go. However, this may be made easier with the use of a spreadsheet which will also help you track where your money is coming from in real-time. This process will help you keep the costs under control and adjust when necessary. Creating a spreadsheet will keep you on track with budgeting. Reviewing a budget with a breakdown of each cost can make it easier to differentiate between necessary and unnecessary expenses, which will reduce spending. A spreadsheet can show you where your budget is high and low, and allow you to see where you might be able to reduce spending if necessary. Once you have your budget finalized, it is easy to extract exactly how much money remains. One of the benefits of working with a kitchen remodeling contractor is they can use your kitchen redesign budget as leverage for negotiating with appliance manufacturers. So consider everything while you are creating your budget and share it with your contractor.
Create Different Options and Set Your Priority
You would have to be prepared for the not-so-likely possibility that in a future update, you will need to pick one of two options over the other. No two components in a kitchen are worth the same amount. But, if you want to budget efficiently, you will need to prioritize. It is not so hard to do this, you can start by considering your major needs. To get organized, start with the most important needs. New appliances? New cabinets? Make a list of your priorities and, if you exceed your budget, rank them in order from most to least important. Are your cabinets falling apart? You might want to place more emphasis on these factors instead of decorative decals. To get a nice kitchen remodel within your budget, prioritize what is most important to you. When you think about what priorities to set for your kitchen remodel, it is important that the little extras are considered too. Saving on little items can make a big difference. Look for alternatives and don’t buy things you really don’t need.
Decide How to Pay for the Project
Income, potential savings and assets, and the cost of your materials are all crucial aspects of deciding a budget for a home remodel. One option for financing a kitchen remodel is to borrow money, either by getting a personal loan, refinancing your home, or borrowing against a retirement plan. It may be wiser to borrow money at a low interest rate than use your current investment account that provides you with more of a return. Unless you plan to skip this step altogether, it’s important to factor in the price of getting a loan and other related costs. Additionally, find out when you will get funding from your loan. You’ll need to make deposits with your contractors, and you’ll need to pay for the materials up front.
Decide Where to Stay
Staying in your home during the remodel can seem like a good idea after all, who wants to stay in an unfamiliar place for an extended period of time? After your renovation is underway, you might have an issue with scheduling. It is always a good idea to live elsewhere while kitchen remodeling work is being done. Take into account the cost of a new apartment or hotel, security deposits, and moving fees. Have a discussion with family members about the inconveniences that the renovation will create and make your decision together. It may be wise to set up a temporary kitchen in an adjacent room during the remodel, and this would also increase your budget. Remember that you will need a place to store everything in your kitchen and a new space for cooking.
Don’t Forget the Meal Budgeting
You can’t open your microwave and do any cooking at all in a kitchen lacking cabinets, counters, or appliances. Keep in mind that you’ll be eating at restaurants and bringing take-out food home while the contractor works on your kitchen. When budgeting for a kitchen remodel, it’s important to account for the hefty expense of this project. An upside to an open-concept kitchen is you might be able to still make your own coffee! Add this expense into your budget at the outset.
Get Familiar with Percentages
Firstly, if you decide to start a remodeling project you might need to create a comprehensive budget for the kitchen cabinets. That means the minimum could be 30-32% for that part. Another expense you might need to allocate a part of your budget to is the countertop. In addition, you might need a contractor. Our company usually works with contractors, but if you need it, we provide that service to our customers as well. Another thing you’ll need to factor into your budget is installation. Installation can be flexible in some cases; some customers want to hire only the cabinet installation service while some customers want to hire countertop and cabinet installation services together. It might depend on the customer’s choice. But, if you order countertops, we directly handle the installation as a free service. That’s the responsibility of our company. Installation of other materials, such as backsplash, flooring, or accessories, will need to be added to your budget as well. Here is an overview of what your remodeling budget should include:
- 30-35% – Cabinets
- 10-15% – Countertops
- 8-10% – Flooring
- 7-9% – Electrical
- 5-7% – Plumbing
- 2-5%- Demo
- 3-5% – Other
This just gives you a better idea. When you come into the showroom, you’d have a plan about how much you want to spend or how much you can afford, but before creating your budget it’s good to have a little bit of knowledge about it.
Remember to set Add an Extra Percentage for Extras
It’s a very good idea to set aside 5% of your budget for unforeseen expenses. You’ll run into a lot of surprises while remodeling your kitchen, especially if it’s in an older house. Renovations are known to happen when homeowners uncover all manner of surprises. For example, outdated wiring has been found, as well as asbestos. A budget-friendly remodeling may seem too good to be true when you begin the process of tearing out your old kitchen flooring or removing outdated cabinetry. Like when you rip out your walls and discover your electrical wiring is out of date. Although this might sound odd, it is not at all uncommon for families to pull out their dishwasher and find rotten floors because of a leak. Use your budget to be flexible, because you should leave a little room for any unexpected costs. Preparing for this ahead of time will make it easier to deal with when it happens.
About Express Brooklyn Tile & Kitchen
Our company started business in 2001. We have been in business for nineteen years. It’s a family-owned business run by three brothers. Express Kitchen & Bath has two different locations; one of them in New Jersey and the other one in Brooklyn. If you check our company reviews, you will see that we have good ratings. We appreciate welcoming you into our showrooms any time. You can visit us by getting an appointment from our website, and we will guide you in every detail of your remodeling project.
Are kitchen cabinets expensive?
Kitchen cabinets have different levels. They are pretty affordable. We work with many different companies. There are different levels to every consumer, and it depends also on what color you get, what door styles you get, how big your kitchen is, and all factors into how much a kitchen will cost. Mostly they are pretty affordable.
Do we offer Free consultation?
We do not charge for consultation. That first appointment is usually an hour to an hour and a half long with us. There isn’t a charge, and it certainly is fun. We enjoy what we do. We enjoy meeting you, and by the end of that appointment, you have a great idea of what a kitchen remodel will cost. Most people end that meeting by feeling really thankful that it’s not smoke and mirrors anymore and that they really have a more candid approach to a project that they were overwhelmed by because they had no idea of costs. We’re going to open up and walk through projects to show you what they cost. We’ll walk through your project, talk about real costs associated with your work, and also offer options for how to save.