Budgeting for a kitchen remodel

It’s no shock that kitchen remodels are expensive. If you are updating your space you may be able to complete the project for a few thousand dollars but a full remodel will set you back significantly more. 

Planning for the kitchen of your dreams should be fun if when you start looking at the numbers it can be overwhelming. Planning the project out before you get started is one way to keep the costs of your remodeling from getting out of control. There is nothing worse than being halfway into a project and realizing you are out of money. 

Kitchen remodels over a lot of splurge opportunities but there are also great ways to cut costs. Finding a balanced budget allows you to cut corners in some areas and add the splurge items you want as well. A well thought out budget is a great way to keep your remodel on track and eliminate the financial stress associated with the project. 

First, it’s vital that you set a spending limit for your remodel. The average cost for a kitchen remodel hovers around $30,000 with the potential for this number to go much much higher. The average breakdown of this is $175 per square foot. The costs change based on the size of the kitchen, materials utilized, labor costs and what is included in the scope of the project. 

Once you have established the dollar figure you are willing to spend you can start doing research on the options available. Getting an accurate side of your kitchen can help you determine a rough estimate of how much different materials like countertops, cabinets and tile will run. Additionally you can do research through local showrooms, magazines and online sources to find the costs for different elements you may want to include in your remodel. The more numbers you crunch the easier it will be to determine what you can afford. 

Once you have established your budget, you will want to determine what parts of your remodel are non-negotiable. These elements are what you need to include in your remodel. During this process, you may determine that some elements you cannot live without do not fit your price point and you’ll either need to spend more money or lower your standards. Custom cabinets are a great option and can maximize your space but if your budget is smaller, they may not be an option, Additionally, custom countertops or high-end appliances may be something you need to wait on, but the remodel can continue without these elements. They are something you can change out at a later date.

Once you have established a budget, you have to stick with it. This can be really challenging, and many homeowners are tempted to splurge on extras midway through the remodel. This can blow your budget, cause financial stress, and even cause you to run out of money to finish your project. If you are daydreaming about adding on to your remodel, you will need to look at the numbers. The budget has to be set in stone or you will find yourself spending far too much money.

Retain some of your original budget for unexpected costs. It’s impossible to predict what sort of issues may come up when remodeling. When cabinets are torn out, you may find mold, leaky pipes, electrical, or other issues. Leaving wiggle room in your budget is a great way to cover these unexpected costs.

Determine how you will fund your budget. Some homeowners save up cash for their remodels while others refinance their mortgage. Home equity loans and personal loans or other options for funding. The home equity loan is a great option for mini homeowners because it is tax deductible. It’s not recommended that you take money out of investments for a remodel, but instead consider borrowing the money if the interest rate is low enough. When utilizing a loan for a remodel you will need to consider all the costs associated with the loan into your budget as well

Within your budget you may also want to set a smaller budget for different aspects of the kitchen. We recommend allocating percentages for different aspects of the remodel.Cabinets often take up the biggest portion of the budget ranging from 20% to 40%, while plumbing and electrical work are just between 5% and 10% of the overall budget. These numbers are unique to each kitchen project, but setting an idea for how these costs will play out can help keep you on your budget.

Compare cost between different contractors. When performing a remodel, it is important that you get more than one bid. You may find that many of the bids come in at the same rate, but you may also find that some remodelers are significantly higher than others. Talk to your contractors about what’s included in their fees, and ask for an itemized quote to ensure all aspects are covered. Google reviews are a great way to vet contractors and can help you weed out bad apples. Talk to them about your budget and let them know what you were expecting and how much you were willing to pay.

A kitchen remodel is not a time for DIY projects. A full remodel of a kitchen is a huge undertaking and requires specialty equipment, skills, and lots of time. There are some small aspects that you can likely DIY like painting, demo, and even tile work, but hanging cabinets and installing countertops is best left to the professionals. Many homeowners find that they start a DIY remodel to save money and end up spending more to repair mistakes and missteps.

Furthermore, talk to your contractors about licensing and insurance. Licensing and insurance or vinyl for remodeling contractors to ensure you’re financially protected from damages or injuries that happen inside your home. Trusted contractors can provide these documents to ensure you are not liable for their work.

Sweetwood cabinets is a great resource for custom cabinetry in Boise Idaho. We would love to discuss your remodeling project with you and can help design the kitchen of your dreams.