Planning your kitchen remodel budget
Costs will vary based on, design, materials, quality of appliances and budget.
Where to Start
§ Studies suggest that 90-98% of kitchen remodeling costs can be recouped, but kitchen remodeling is only a good investment if the cost is relative to the house’s worth.
§ A trendy, state-of-the-art kitchen makeover could be a dramatic selling point in a growing community or a prime location, but probably not a good investment in a modest neighborhood.
§ Consider the market value of your home to determine your kitchen remodeling budget. Generally speaking a kitchen remodeling budget should not exceed 15-25% of your home’s value.
§ How much should you invest? Here is a convenient tool to use.
Staying on budget
§ Be honest about your cabinet budget. Design professionals and contractors will be happy to work within your reasonable guidelines if they understand the limitations from the onset. Better communication in planning results in lower stress for everyone.
§ Plan ahead. The best way to avoid overspending your budget is to be specific in your planning.
§ Consult a design professional. While they do charge for their services, their experience and insight can more than compensate for costly errors due to inexperience or misinformation. They may notice details your might forget, or anticipate expensive structural changes that you might overlook.
§ Make a list of all the features you have in your existing kitchen. Are these enough? Are there any features you would like to eliminate in your remodel?
§ Will there be any “surprise” costs to bring the structure up to local codes? Some remodeling projects exceed budget early simply because there are structural issues to be addressed that aren’t initially apparent.
§ Older homes may require electrical or structural upgrades to accommodate the remodeling project and bring the structure up to local codes. Homes newer than 20 years are less likely to need major work of this nature.
§ Make a “top ten” list of the features you most would like in your new kitchen. Be willing to compromise on less important items in order to invest in the more important features.
§ Moving major features like plumbing adds to the cost quickly.
§ Know what you have available to spend in each area, and then be diligent in observing limitations.