Year after year, kitchen remodeling projects rank among the most popular with homeowners. Unfortunately, it can also be one of the costliest and most stressful process you can invest in, making it imperative that you have your kitchen remodeling budget finalized before any work begins. There are several factors for you to consider in order to do that. The average cost for a minor kitchen remodel is almost $21,000, and that figure can skyrocket if you plan to give your kitchen an extensive makeover. The good news is you can recoup as much as 80% of that cost over time if the project is executed the right way.
Reining In Your Spending
The best way to avoid breaking the bank during a kitchen remodel is to create an ideal budget plan and commit to it. Sadly, many people don’t take the time to map this out ahead of time, resulting in remodeling costs running wild. Here are some tips to keep in mind:
- Set a Budget and Stick to It. It can be easy to veer from your original budget because the latest kitchen cabinets just hit the market or you just found the trendiest appliances. Before deciding on a specific amount, consider how long you plan to stay in your home. If you’re remodeling with the mindset of selling your property in the near future, think about prioritizing tasks that don’t cost too much but will still improve your home’s value. If you plan to stay for for a while, then your budget should reflect more of your personal taste and lifestyle. Make sure that everyone involved is aware of your budget plans and committed to it.
- Learn to Prioritize. After setting your budget, decide which part of the remodel is your top priority and work your way down. It can be tempting to start with minor upgrades that are easy to complete, but if something comes up that’s larger than what you budgeted for, then at least you got an important task completed initially.
- Set Aside a Contingency Fund. It’s a good idea to set aside at least 20% of your original budget in case of unexpected issues. Remodeling projects can come with a lot of surprises, such as damaged materials, outdated wiring, and rotten floors from leaks. Preparing for these problems ahead of time will make it easier to deal with when they happen.
Aside from your budget, you also need to think about the right design for your kitchen upgrade. Head on over to Part 2 of this blog series for tips on how to breathe new life into your kitchen’s design.