The kitchen is undoubtedly the heart of your home. It is also the place most families start when they decide to remodel. Here we share with you how to successfully budget for your kitchen remodels. You can follow the steps below from the NKBA to make sure your remodel is everything you expected, at a price within your means.
Determine your Limits.
Your personal finances determine your limit. Other factors that should be taken into consideration are the length of time you plan to spend in the home. If you plan on selling then treat the remodel as an investment. If you plan to be there for a long time, the remodel should be solely for your own comfort and your neighborhood.
Here is a pricing guide that will break down the steps to planning your renovation and provide a breakdown of expected costs for the following:
- Basic Kitchen Remodel
- Mid-Range Kitchen Remodel
- Deluxe Kitchen Remodel
Needs vs. Wants
Know what you ‘need’ versus what you ‘want.’ Research the costs of many different kinds of products and materials starting with the most expensive needs down to the items you can do without. Know the difference between needing something and just wanting it. Start your budget with things you need. It is important to know your needs and understand where the money will go. Before shopping for appliances, tile or flooring, know your personal needs and goals for the outcome of the remodel. Then you can create a wishlist of desired components and begin your search for a contractor.
Make A List
Make a list of what needs to be replaced the most and what can be worked on down the road. Prioritize the different design and safety needs of all family members. The first step in budgeting your kitchen remodel is to set a limit. A realistic limit-and stick to it. Major appliances should be at the top of your list since they will cost the most. Know which features are most important to you and your family. This will make purchasing appliances easier when the time comes. There is an abundance of different appliances that offer different features.
However, most will get the job done, so if your budget doesn’t allow it, don’t pick anything too fancy or high-tech. If you have a love for high-tech appliances, no problem. You will have planned & budgeted for them from the very beginning.
Plan your budget
The National Kitchen and Bath Association (NKBA) has a recommendation for the value of a kitchen remodel to help homeowners set an appropriate budget. As you create your budget, there’s more to consider than the amount of money you can afford to spend. Essentially, putting too much into a home improvement project can affect the rate of return on your investment.
Remember to ask yourself, “Is this my forever home or do I plan to sell in a few years.”? Answering this question will help you determine a realistic budget.
Up to 25% of the value of your home is the recommended budget, although, in the end, your personal preferences in terms of products, materials, and features will dictate your final budget. As mentioned previously, these are examples only.
$250,000 home = up to $65,200 kitchen remodel budget
$500,000 home = up to $125,000 kitchen remodel budget
As you plan for your budget, it is best to set aside at least 25% of your budget in case of unforeseen issues. Set the extra money aside as a cushion so any unexpected surprises are less stressful. Renovations can sometimes reveal unexpected surprises, such as outdated electrical wiring, asbestos, or rotten floors and walls from water leaks.
Preparing for this ahead of time will make it easier to deal with when it happens. If there are no surprises, that’s even better!
The Breakdown of the Cost
The NKBA’s guide for an average kitchen remodel is as follows:
- Cabinetry and Hardware: 29%
- Installation: 17%
- Appliances and Ventilation: 14%
- Countertops: 10%
- Flooring: 7%
- Lighting: 5%
- Walls and Ceilings: 5%
- Design Fees: 4%
- Doors and Windows: 4%
- Faucets and Plumbing: 4%
- Other: 1%
In case you’re having a hard time setting a plan in place for your kitchen, let us know if you have any questions. Luxury Bath & Kitchen is a full-service remodeling design/build firm. We help create a vision for your style and budget. We will then manage your remodeling schedule, from design to completion.
We love sharing our knowledge with clients & potential home renovators. We write about interior design, home decor, decorating ideas, and home improvement. You can definitely do a kitchen without a designer, but you will most likely spend more time and more money than you would have otherwise, so why not schedule your free remodeling consultation today?