Kitchen Remodeling on a Budget – Know the basics before you begin
Kitchen remodeling projects can seem so expensive that they appear insurmountable. However, it is not impossible to tackle such a massive undertaking if you keep several basic steps in mind.
Kitchen Remodeling – Know Your Budget
Know how much you have to spend, and make sure you stay within those bounds. This may seem obvious, but many people end up spending more than they can afford. Set your budget not only on how much you have to spare, but how much you will need your kitchen remodeling in the future. Are you remodeling to get a return on investment for the sale of your house, or are you remodeling for long-term use? These are very different conditions and will demand different expenditures.
Next, break down the costs. For example, on an average kitchen remodel, you can expect to spend 25% in labor, 30% in cabinets, 20% for appliances, and 25% will go to other costs such as windows, lighting, fittings, and the like, including unexpected surprises that may crop up. Using a spreadsheet to track expenses is a good idea, as you will always have the details of every stage right at your fingertips.
Above all, avoid deviations. Thinking mid-project that it might be great to add a fancy new bathtub fixture or extra-featured fridge is a trap. It’s not a great idea. Stick to the original plan.
Kitchen Remodeling – Know Your Funding
This is different than knowing your budget. This means, know from where your money is coming. Will it be a home equity loan? Personal loan? Borrowing against your 401k? Or will you have cash on hand.
If you are taking out a loan, factor in fees and interest rates when you break down your budget. Know that you will be paying back more than you borrowed in the long run. Finally, know when the money will be available as there will be things you will need to pay for, up front.
Kitchen Remodeling – List Your Priorities
Know what is most important to you, and plan to take care of that first. That way, if the unexpected comes up, and you can’t take care of something, at least you have the most important aspects of your remodel done—the details can always be taken care of later.
Kitchen Remodeling – Factor in Loss of Facilities
If you are renovating a kitchen you may be eating out a lot—this can represent a significant expense. If you are renovating a bathroom, do you have a second? If not, will you be more than a day or two with the renovation? If this is the case, you may have to factor in the cost of staying at a hotel so you can shower and have facilities available to you.
Kitchen Remodeling – How Much Can You Do?
Anything that you can do yourself will reduce your overall costs. If you can handle demolition—tearing out walls and cabinets, removing appliances, taking down flooring, and similar tasks—do it yourself. The costs will be time alone, rather than hefty per-hour labor fees. Don’t underestimate the power of self-labor.
And be sure to research Kitchen Remodeling Costs: Get a Return on your Investment if you are thinking about doing a kitchen remodeling project.Back