Budgeting for Your Kitchen Remodel: Important Steps in the Process

Remodeling your kitchen is a fun and exciting project, but it can also be very expensive. Small changes and last-minute decisions can balloon the costs many thousands of dollars beyond the amount you pictured yourself spending. The key to creating a budget you can stick to involves careful planning, and here are some steps to follow to keep your budget on track.

Set a Strict Budget

Setting a strict budget can be the most difficult part of your kitchen remodel. As you visit showrooms and page through magazines, you will be tempted to continually upgrade your kitchen with the latest and greatest gadgets and styles. Knowing what you can afford, setting a budget to match that number and sticking to it is a critical part of your successful kitchen remodel.

Consider the Investment

Your return on your money as a result of your remodel should be carefully considered. If you plan to sell your home within the next few years, you should consider your kitchen remodel to be an investment, and choose items to improve that will guarantee a solid return when you list your home for sale.

Itemize the Costs: Anticipate Surprises

When you take the time to itemize the breakdown of the costs for your kitchen remodel, it can help you be more mindful of sticking to your budget and trimming corners if surprise expenses arise. Construction labor is typically going to eat up a huge portion of your budget, and cabinetry and appliances together can require 50 percent of your budget.

Focus on Your Priorities

If you are forced to make difficult choices to trim your remodeling budget, it is important to remain focused on your priorities. Where can you cut corners, and what items are non-negotiable? If you define these needs you can easily be flexible when challenges or surprises require you to adjust the budget.

Determine Your Cashflow

Your method for paying for your kitchen remodel is also important to determine prior to starting your kitchen remodeling project. If you are planning to borrow money or place the majority of the costs on your credit card, you should be prepared to make many purchases along the way and meet the payment requirements of your general contractor.

Moving Costs During the Remodel

Remodeling your kitchen is a big project, and depending on the layout of your home and the extent of your remodel, you may need to move out of your home during some portions of the project. Remember to add the costs of a hotel or storage into your budget so you aren’t surprised when these needs arise.

Additional Expenses: Loss of Kitchen Use

It’s a certainty that your ability to prepare home-cooked meals will be difficult or impossible during your kitchen remodeling project. Be sure to factor in the costs of restaurant or take-home meals and add these expenses to your budget for your kitchen remodel.

Factor in Your DIY Contribution

If you do some of the work of your kitchen remodel, you can cut down the labor costs. Demolition, tile installation and painting are simple projects that you can complete on your own so you don’t have to pay your contractor for these tasks. You’ll also have fun contributing to portions of the process for a memorable remodel with a professional outcome.

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