A kitchen remodel is very exciting, but if your imagination gets carried away, your money could run away with it. Before you get started on any remodeling project, you should always determine a budget for the project. Creating a budget is not a simple matter of just writing some numbers down on paper. Your budget should be practical and realistic. It should reflect both your goals and the current market prices. You should be prepared to pay for quality installation and materials and be prepared for potential problems. If you have never created a budget for a remodeling project before, follow these quick tips for creating a budget that works:
1) Ideal Budget + A Little Extra
Before you begin your research, you will need to come up with a comfortable budget. This number will come from financing or from the amount you have saved for the remodel. You will then need to come up with a second number. This number will represent the emergency funds that you have available to cover additional costs. It is important to keep your ideal budget lower than your available finances. Like most building projects, prepare for the unexpected! Something will inevitably end up costing more than you expected.
2) Break Down the Costs
Every budget should be the product of research. While some people suggest that you prepare a budget based on the square footage of the kitchen, this is rarely accurate. You will need to do in-depth research on the materials you are interested as well as the extent of the remodel. Every kitchen remodel is unique l, so coming up with a block price quote is difficult.
It is important to find retailers who will sell you the materials you need at a fair price. If you shop around, you will probably find that there can be huge price discrepancies. Research is also a great way to put your budget into perspective. If you are hoping to spend under $15,000 on a remodel, but you are also having dreams of $500 gold faucets, you will quickly realize that something will have to go if you want to stay on target.
3) Prioritize the Necessities
Renovating a kitchen can carry you away to a fantasy kitchen land. It is important to prioritize the main goals of your remodel. Are you focused on new workspaces? More storage? Replacing your appliances? It is important to focus on ensuring that your main priorities are being addressed so that you can allocate your budget properly and ensure that your project is a successful renovation.
Labor will also be a necessity. Unless you are a contractor, it is difficult to avoid labor costs. The average homeowner spends 20 to 35 percent of their project on labor. This is a necessity, and you should not cut corners to get the lowest price. You should prioritize finding quality labor at an appropriate price above almost everything else.
4) Consider the Value
Any time you take on a home improvement project, you should consider the value that you are adding to your home. Replacing laminate countertops with a beautiful granite countertop can add value to your home while adding appeal to your kitchen. Remember, the main focus of the project is to add value to your home and making your life easier.
5) Factor In Hidden Costs
Hidden costs do not always come in the form of taxes and fees. Hidden costs are things that you do not prepare for when you are thinking about your dream kitchen. While your kitchen is being remodeled, you will probably have little access to it. This means that you will either be dining out. Either way, your food budget may need to go up to manage this. Be sure to include these hidden costs in your budget.
6) When in Doubt, Refer to the Budget
Once your budget is written, you need to stick to it. The budget for a major project should not be considered to be a guideline or a suggestion. Deviating from your budget can have serious consequences, especially if an unexpected expense comes up. “Stick to the budget” should become your new mantra during your kitchen remodel.
Every kitchen remodel starts with a dream, and a budget can make that dream a reality. A budget is one of the best tools to have during your remodel, so it is important to give it the attention it deserves to ensure the success of your remodel.