Knowing How Much You Can Spend
First, you need to know how much you have to spend on the remodel. You can find a helpful budget worksheet on The National Association of the Remodelling Industry's website. Some questions to ask include: How long do I plan living in this house? What debts do I have? What is my gross monthly income? It is important to look at how long you intend to live in your house. That will largely determine what you put in to your remodel. Having the overall number that you have to work with will help you move on to choosing what to remodel.
A kitchen remodel can be the undertaking. You may only be updating a few things - the cabinets & countertops perhaps - or taking on the entire room floor to ceiling. Either way, you'll no doubt agree it is a time investment. But it can also be a colossal money investment, if you don't plan before you start knocking down walls. Budgeting in general is not always easy, & remodels have a way of walking over budget. But with a little planning & priority setting, you can effectively budget for your renovation.
What Should You Spend It On?
Now that you know how much you can spend, what do you spend it on? If you are giving your kitchen a minor makeover, like adding a sophisticated countertop (like granite), a new paint job, & new appliances, you won't have much to consider. If, however, you plan on gutting it & beginning over, balancing your money will be more complicated. So unless you have unlimited money, this means some picking & choosing is in order.
One way to know where your money should go is to select what means the most to you. Do you have your heart set on all granite countertops or stainless steel appliances? Then maybe that is what you should focus on, compromising or scaling down on other features like intricate crown moldings. Think about the things that are more permanent (cabinets & tile) that you won't be replacing soon, if ever. It may be worth investing a little more in those things.
Some recommend budgeting about one-third for labor costs. Of work, you may be able to save some money in this department by enlisting the skills of relatives & friends - or even yourself. By doing a quantity of the labor on your own, even the demolition (removing elderly countertops, for instance), you may save money you can put toward other features of your kitchen.
Always leave a financial pillow. Even with excellent planning, you may experience the unexpected. with older homes, problems may arise during demolition, or you may have to make changes in what you plan to buy. Whatever may turn up, leave enough space in your budget to handle unexpected payouts.
So when planning your budget for your future kitchen remodel:
1. Select how much you have to spend on the renovation.
2. Select what you should invest the most in & scale back on secondary features.
3. Save a little money by handling demolition yourself & recruiting relatives & friends to help
with labor.
4. Budget for unexpected changes in your renovation designs.
A little budget planning will go a long way toward a smoother kitchen remodel.
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