Kitchen remodeling is serious work – it’s time-consuming, and the costs for a kitchen renovation can range from $20,000 – $100,000. With an estimated investment this high, it is imperative to set a budget for your renovation project. Managing the amount of money you’ll spend is easy if you follow these tips.
Tips in Budgeting Your Next Kitchen Remodeling Project
#1 – Decide the amount you’re willing to spend and stick to the financial plan.
The first rule of thumb is to set a budget that you and your family can afford to spend. Looking at the renovation this way, you will prioritize the most important things for you and your family. For example, you may prioritize the kitchen’s functionality, flow, and movement and make its appeal your second priority.
It is also important to assess whether you plan to stay longer in the house or are looking to sell it in the future. If you’re looking to move out soon, your Nashville kitchen remodeling project should be viewed as an upscale investment to help raise your home’s resale value. But if you’re planning to stay for several years, you should do the remodel based on your family’s needs.
#2 – Understand and monitor where your investments will go.
Since the overall kitchen redo is costly, it is important to allot a budget for every material, labor, appliances and fixtures. A list or breakdown of tasks and materials can help you track your expenses. Also, it also gives you an idea where your resources will likely go. Here’s a sample breakdown:
- 30-40 percent of your expenses will probably go to cabinetry.
- 20 percent is labor cost
- 20 percent is for appliances
- The other percentages will probably go to windows, countertops, fittings, and other fixtures.
#3 – Always keep in mind to have a spare or backup resource just in case unexpected things happen.
A kitchen remodeling project may catch you off-guard if there are unnoticeable or underlying surprises behind your floors and walls. For example, plumbing fixtures may have leaked; electrical wiring may be out of date. Just in case these ‘surprises’ start to show, you don’t have to worry because you have set aside a budget for these emergencies.
#4 If you’re on a tight budget, make a list of your priorities.
A kitchen remodel doesn’t always have to be a complete overhaul. Perhaps your kitchen only needs cabinets replaced. Do you need to have crown moldings for the special charm and appeal? Listing your family’s needs and priorities will save you additional costs.
#5 Contract a contractor that specializes in kitchen remodeling.
A large chunk of your resources will go to labor costs. It makes sense to hire the best woodworker or contractor in town to get the most from your money.
If you reside in Nashville or Tennessee area and are looking for a premier cabinet maker, Classic Custom Cabinetry offers custom cabinetry and kitchen remodeling projects for residential and commercial areas. Contact us to get a complimentary consultation.