How To Budget For Your Kitchen Remodeling Project

Kitchen Remodeling Cost: How To Budget For Your Project

Without a doubt, undertaking a big kitchen remodeling project can be the most expensive home improvement project homeowners face. The kitchen is the heart of the home and, unlike other rooms, makes extensive use of electricity, countertops, cabinetry, and plumbing. If you’re trying to budget your kitchen remodeling cost, here are some of the steps to help figure this out.

Set Your Ceiling

The first and most important step is drawing your “line in the sand” for how much you are willing to spend in total on this project. With indiscriminate spending, a kitchen remodeling cost can quickly rocket over $100,000 if you don’t control your spending. Be firm about where you are feeling uncomfortable and how much to spend, and then make that your red line you’ll try not to cross.

Figure In A 20% Contingency

No remodeling project ever goes 100% according to plan, and in some cases, the unexpected—such as checking your water pipes for the first time and realizing they’re over 100 years old and need to be replaced—can cost more money. For added safety, it’s always good to either set aside 20% of your total budget for the unexpected or add that 20% to the budget you’d already established. Either way, it’s best to be prepared for something unplanned that may require additional spending.

Breakdown Your Budget

For a better idea of how your budget will be spent, analyze where the money is going. The typical kitchen remodeling cost breaks down approximately like this:

35% Cabinets
20% Skilled labor
20% Appliances
10% Windows
5% Fixtures
3% Fittings
7% Other/Miscellaneous

Because they occupy so much of the space, the combination of cabinets and countertops will always be the most expensive item. Adjust your budget based on your needs. For example, you may not need to spend on windows at all.

Prioritize Your Spending

One of the most painful parts of budget planning is making a wishlist of all the things you want and then stripping things away as you hone in on a final spending amount and realize you can’t get everything you want. At that point, you keep your Needs or Must Haves and start paring away the “nice to haves.”

Unless you’re working with an unlimited remodeling budget, this is probably where the bulk of your budgeting work will go as you debate things like whether to keep the premium microwave or downgrade it to a lower-quality model, for example.

Factor Your Living Costs

If you renovate a kitchen before you move in, you’re sparing yourself many logistical challenges. However, if you’re currently living in your home as this happens, you now have to figure out certain living concessions in your budget.

Will you be living in your home as this happens, or will you temporarily relocate? Add that to your budget. If you’re living at home and you lose the use of your kitchen, will you set up a temporary kitchen or eat out more frequently? Again, this may also impact your budget.

If you’ve worked out your kitchen remodeling cost and want to work with an experienced, reliable company on your project, contact us today.