Budget Considerations For A Kitchen Remodel
You dream of a new luxury kitchen with Cambria countertops, Rohl faucets, and Jeffrey Alexander cabinet pulls. You can picture the family gatherings in your mind, and you've decided to remodel your kitchen. Then the thought strikes you: how do you determine the cost for your new kitchen? More importantly, how do you prevent project cost increases and get all of the things you desire in a new designer kitchen?
You have to start with the B-word, budget, and to stick to it. Here are some things to remember to consider when developing your kitchen renovation plan:
Priorities
Payments
Predictions
The first thing to figure out is how much you have to spend on a kitchen remodel. According to homeadvisor.com, 50% of homeowners report spending anywhere between $45,000 to $110,000 on new luxury kitchens. Knowing what you have to spend allows you to set up a plan that keeps your costs in the range you can afford.
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Kitchen Design Priorities - Quality of Life
Once you have your price range, then decide what your priorities are. This is the time to dream big. Write down everything you want in your remodel and a general price of that item or upgrade. Then, look at your list and decide what you want the most. Prioritize your dreams and stop when you reach your budget.
Next, make sure you have included the small things that are easy to forget. For instance, where will you live while your kitchen is torn asunder? If you don’t think you can stay in the house, for health or sanity reasons, then you need to factor in the cost of staying somewhere else like a rented home or hotel. You can reduce this cost if you have a second or vacation home or family nearby. The demolition and major construction phase can be a great time to take that vacation you've always wanted provided you are reachable by your design team. If staying in the home, remember to set aside a restaurant budget since cooking a substantial meal among construction is next to impossible.
Finally, add 20 percent to the budget for “God only knows” costs – those unexpected things that can’t be avoided. For instance, what if your contractor moves your dishwasher and finds an invisible leak has rotted the floorboards? Dry rot, termites, notched carrying beams, dramatically uneven flooring and out of code electrical systems can all add to the expense. Surprises come up in any remodel project, so plan for them.
Making Payments - What To Ask
Once you have settled on the outline of your project and found a reliable kitchen professional, make sure you talk through the details, especially what is expected for payments. Is there a down payment expected for the remodel? Will you pay the final bill at the end, or are do you need to pay payments along the way? Make sure all that is evident before the first hammer hits the first piece of wood.
Predictions - Planning For Expenses
Finally, to complete your budgeting process, create a spreadsheet with the budget and timeline laid out. Then you can see the whole picture of how and when money is needed. Track the expenses. It may be helpful to set aside a particular time and day to review the costs and budget each week of the remodel. That way, you will be more likely to do it, and expenses won’t spiral out of control.
If you don’t like spreadsheets and budgets, contact the experts at Toulmin Kitchen & Bath. We will work with you to come up with a kitchen remodeling budget. If you need the motivation to research ideas and costs, set up an Ideabook on Houzz and begin the process. If you set up a reward system for yourself for you can splurge on a Starbucks Mocha Grande or new kitchen accessories each time you make a decision that gets you closer to your goal. And always, always keep in your mind’s eye the final vision of new, beautiful kitchen.
About Toulmin Kitchen & Bath Design - We're West Alabama's award-winning, premier kitchen and bath showroom. We're experts who are known for a design-build process that makes the construction process stress-free. Contact us to schedule an appointment for a design consultation.
