How to Budget for a Kitchen Remodel
- 1. Calculate a budget based on home value A kitchen remodel can cost anywhere from $5,000 to $35,000, depending on the project scope, home value, location and product selection. ...
- 2. Allocate your budget to each remodeling aspect ...
- 3. Plan for surprise expenses ...
- 4. Decide what work you can do yourself ...
- 5. Avoid unnecessary extra expenses ...
- Decide how much you want to spend, and stick to it.
- Know how the costs will break down.
- Set aside 20 percent of your budget to handle the unexpected.
- Make a list of your renovation priorities.
- Know the details of how you will pay for this project.
How to get a good deal on a kitchen remodel?
- Free shipping offers tend to apply only to large orders, often $5,000 or more.
- Extras often cost more than their true worth. ...
- Hardware purchased through the cabinet manufacturer tends to be expensive. ...
How to determine your kitchen remodeling budget?
Other factors that should be taken into consideration:
- Size of your kitchen
- Length of time you plan to spend in the home to recoup your investment
- Your geographic area (city vs. suburb vs. rural)
- Neighborhood (avoid over-improving)
- The quality standard you desire
- Current industry costs
How to cut costs on a kitchen remodel?
How to Save on the Cost of Kitchen Cabinets
- Go with stock cabinets. Avoid custom, which can quadruple your costs. ...
- Just replace parts. You can absolutely transform the look of your cabinetry without buying new. ...
- Hire a handyperson. ...
- DIY your demo. ...
- Refinish cabinets. ...
How to redecorate your kitchen on a budget?
Quick fixes to freshen up your kitchen on a budget
- No need to splash out on a splashback. Replacing or adding a splashback doesn’t have to be a huge expense. ...
- Paint is king. Don’t ever underestimate what a new coat of paint can do. ...
- Light up your life. New lighting can improve both the look and functionality of your kitchen. ...
- Fix your fixtures. ...
- Small but mighty appliances. ...
Why is a kitchen remodel so expensive?
Kitchens are one of the most expensive areas of the home to remodel due to the material and labor costs. But the good news is a budget kitchen remodel is possible.
How to drive up budget for kitchen remodel?
Dramatically changing the kitchen layout is one sure way to drive up the remodel budget. For instance, moving plumbing for the sink, dishwasher, or refrigerator entails hiring plumbers. They'll have to punch holes in your walls to run new pipes, which means an added cost of materials in addition to the labor.
What to do instead of buying new cabinets?
Shelving: Instead of purchasing new cabinets or refinishing your old ones, consider installing some open shelving. Shelves are inexpensive, and you can easily match them to your kitchen's style, resulting in an airy feel almost like that of a commercial kitchen.
How long has Lee been remodeling?
Lee has over two decades of hands-on experience remodeling, fixing, and improving homes, and has been providing home improvement advice for over 12 years.
Can you refresh old cabinets?
Fortunately, there are ways to refresh your existing cabinets that are both eco-friendly (because the old cabinets won't end up in a dumpster) and cost-effective. Painting: Painting kitchen cabinets is a classic method of updating them.
Is refacing cabinets cheaper than painting?
Refacing: More expensive than painting, refacing adds a new veneer to the outside of the cabinet boxes and entirely replaces doors and drawer fronts. This is difficult to do yourself, as it requires tools and expertise that most DIYers don't have. But it's still cheaper than getting all new cabinets, and it will completely change your kitchen's look.
Can appliances go to landfill?
In the past, many appliances were sent to the landfill during the course of a kitchen remodel. Thankfully, that antiquated thinking is on its way out, as municipalities have enacted restrictions against sending appliances directly to landfills.
What are some problems that remodelers face?
Remodelers face unexpected problems all the time. For instance, they can uncover outdated wiring or some nasty mold in our kitchen walls. These problems might take you by surprise, but they shouldn’t make a dent in your budget.
Is a kitchen remodel dynamic?
Remodeling your kitchen or even a kitchen update is a dynamic process as you will have to make many decisions along the way. If you ever find yourself asking the question, “Maybe we should add this…” Stop right there!
What percentage of kitchen remodel is cabinets?
Cabinets can also devour a big chunk of your kitchen remodel budget. Here's how it breaks down, on average: 35 percent : cabinets. 20 percent: labor. 20 percent: appliances. 10 percent windows. 5 percent: fixtures. 3 percent: fittings. 7 percent: other.
How much does it cost to remodel a kitchen?
Setting a budget for your kitchen remodel and staying within it sounds so obvious and simple, but it's harder than you think. The average cost of an upscale kitchen remodel is more than $80,000, but three factors should determine whether you want to spend that much.
What happens if you put a kitchen in a middle class neighborhood?
If you put a ruling class kitchen in a middle-class neighborhood, you'll lose money on your investment when you sell your house. Don't over-improve. 2. Know how the costs will break down. Labor will consume anywhere from 20 to 35 percent of your project costs.
What to do when you say "It would be great if we added a kitchen feature here"?
If you catch yourself saying “It would be so great if we added (fabulous kitchen feature here),” stop yourself. This is how budgets get blown. Go look at that remodeling budget you made in step 1, and repeat the number like a mantra. You can live without the little extras.
How to stay in your home while renovating?
Decide whether you’re going to stay in your home while renovations are taking place. Living someplace else while the work is being done is a good idea and will lessen your stress. Take into account the cost of an apartment or hotel, storage fees and moving fees. If you stay, there will be a cost to your sanity.
Can you set up a temporary kitchen in an adjacent room?
If you stay, there will be a cost to your sanity. You could also set up a temporary kitchen in an adjacent room, and you should add in the cost of doing this .
Is it smart to borrow money at a low interest rate?
Even if you have cash in hand, borrowing money at a low interest rate may be smarter than pulling your money from an investment account getting a higher return. If you're getting a loan, factor in costs like interest and loan origination fees. Also, find out when you'll get the funding from your loan.
Creating a Budget
Consider everything that you'd like to update, replace and/or add in your kitchen and use the following estimates to create a budget for your kitchen renovation project.
Do-It-Yourself
Review these issues and questions to see if you are prepared and able to complete a kitchen project yourself. Poorly done remodeling jobs don’t just look bad and turn off future home buyers—they also can create expensive-to-fix safety and structural problems.
Needs Checklist
Download and print our checklist of kitchen needs and check out the rest of our Kitchen Planning Guide series:
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.
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.
