Unfortunately, we see this all too often; a kitchen remodel budget is blown because of additional ideas and Pinterest inspiration. Eventually, the ideas outgrow the homeowner’s initial budget and projects end up half-finished.
Setting a kitchen remodel budget is essential for keeping your renovation on track. However, before you set a budget for your kitchen remodel, do some research to see what’s popular and what options are available. Once you’ve done your research, create your ideal plan as well as a couple backup plans in case your preferred options go up in price or are no longer available.
Consider how long you plan on living with your remodeled kitchen. If you plan on staying for less than five years, treat the remodel as an investment and only spend what you can get back. If you plan on living there for more than five years, then the remodel is more for your comfort and should be catered to your tastes.
When deciding on your budget, also remember that labor costs can account for up to 35 percent of the cost. Below is an average breakdown of how costs are typically divided:
30-40 percent: cabinets
20-35 percent: labor
10-15 percent: appliances
10 percent: countertops
5 percent: fixtures/electrical
3 percent: fittings
7 percent: other/safety
Once your budget is finalized, contact contractors to get estimates on the work you want to be done and compare those estimates to your budget.
After you’ve found a contractor who matches your budget and remodel vision, you may find sticking to your budget is more difficult than setting it in the first place. It can be easy to want to change things as the work progresses, but remember that changes cost more when they happen in the middle of the job. There may also be unintended issues that come up during the remodel that require immediate attention such as faulty wiring or lead paint. You can plan for this by adding in additional money to your budget for unforeseen circumstances.
Creating a budget shouldn’t be seen as a restriction, but rather as a way of keeping your remodel organized. Once the work is done, you’ll be happy with your new kitchen and your wallet!