Remodeling your kitchen often feels like a huge undertaking and for the most part, it is. Not only do you have to find the right design and plan everything, but you also have to figure out the budget for the remodel.
Although it may seem like an uphill task to set a budget, it’s easy if you have an organized approach to budgeting for a kitchen remodel. These steps will help you with the process and make budgeting easy and organized.
Know What You Want
Before you go ahead with the remodel, it is crucial that you are fully aware of what you want. Right from the new design to the nitty-gritty of the remodel. You would want to avoid going back and forth with your contractor as it will help keep the budget on track.
Do Not Go Overboard
One of the biggest obstacles in budgeting for most homeowners is to stick to the budget set by themselves. It’s crucial that you set a realistic budget based on your remodeling needs and stick to it.
Keep Tabs on Everything
As and when the remodeling progresses, it’s only natural that you come face to face with bills after bills. Instead of being overwhelmed, you need to keep track of them. How? A simple spreadsheet with an itemized list goes a long way.
Expect the Unexpected
There’s nothing quite like an unexpected problem to throw you off your budget. While drafting out your budget, do not forget to allocate 20 percent for unexpected issues. By doing this, you are preparing for an unexpected expenditure and saving yourself from the trouble of scrambling for cash at the last moment.
Don’t Forget to Prioritize
There are always some aspects of a kitchen that need more attention than others. Don’t forget to prioritize those while budgeting for your kitchen remodels. Similarly, different projects require different percentages of our budget. For instance, 30 percent is considered adequate for cabinets, while plumbing requires around seven percent of your total budget.
How Will You Pay for It?
A rather underrated aspect of the budgeting process is figuring out how to finance the remodel. Most people take out their savings. However, it is recommended to either get a personal loan or refinance the home to pay for the remodel.
Factor in Sweat Equity
Labor is the second most expensive allocation in our kitchen remodel budget. While there are certain aspects like plumbing and electrical work that you can’t do, you can certainly use sweat equity for tasks like painting and light demolition work.
Skip the Extras
While it may seem tempting to go the extra mile and “add a little something,” do not do that. Extra work tends to pile up quickly and the numbers add up faster than you realize. If you come across something extra, non-essential during the remodel, save it for another time, or opt to not do it at all.
Kitchen remodels are expensive and grand. While budgeting your kitchen remodel can be difficult, it is worth all the effort and time that you spend and every penny that you save due to it.
*This article is posted by and in partnership with KBR Kitchen and Bath, a kitchen and bathroom remodeling store located in Fairfax, VA and Bethesda, MD.