Are you planning a kitchen remodel project?
When you remodel your kitchen (or any part of your home) the first step is always figuring out what you can afford. The average kitchen remodel costs just over $20,000, which is a significant investment. You need to create a strict remodel budget to make sure no dollar goes to waste.
If you’re overwhelmed by the thought of putting together a budget, keep reading to learn more about kitchen remodel budgets and how to figure out one that works for you.
Your Guide to Kitchen Remodel Budgets
A kitchen renovation is typically a long and stressful process for a homeowner. There are a lot of things to spend money on, and even if your budget seems big, the money will disappear quickly.
To keep yourself and the project on track, you need to stay organized to keep a budget. To help you get started, here are five things you need to do to create a realistic kitchen remodel budget:
Determine Your Top Spending Priorities
Everyone has priorities when they remodel, so decide where you want to save and where to splurge. Maybe you want luxurious appliances, but you can save and get cheaper flooring.
Also, remember that small items add up quickly. Even though kitchen door knobs are inexpensive for one, they might be thousands of dollars for the number you need. Make sure to take into account the cost of little things like a caster, to make sure you’re not surprised by the final bill.
Create A Spreadsheet
A spreadsheet is necessary to track every single cost in your project and keep a constant tab on how much you have left. Make sure you keep a detailed report on what you’re buying, so you always know where your budget stands.
Add Additional Costs for Housing and Food
Sometimes a kitchen renovation takes over your whole house, and you’ll need to move out to get the project done quickly. If you do choose to move out, your budget should include living and food expenses. Since you won’t have a kitchen, you’ll likely be eating out and spending more money on food that you would normally.
Although this cost isn’t directly related to your remodel, it could add thousands of dollars to your budget, depending on how long the project lasts.
Plan for the Unexpected
You should always set aside some money to cover any mistakes or problems that come up during the renovation process. You never know what a contractor might find when they start ripping up your kitchen. Pipes can burst, or other damages can happen that will add both money and time onto the kitchen renovation project.
Learn More About Remodeling Your Home
Like we mentioned earlier, kitchen renovations are long, expensive and full of the unexpected. In the end, a kitchen renovation will pay off as they typically have a positive cost-to-value ratio for homeowners.
The best thing you can do is do plenty of research. Homeowners should also make sure they create a realistic kitchen remodel budgets and save money as often as they can.