Kitchen Budget Breakdown

Your budget is the most important aspect of any remodeling project, calling all the shots from the get-go and often vetoing any frills or perks that aren’t absolute necessities. Before you start making big remodel plans—or even worse, spending money—figure out a kitchen remodeling cost you know you can work with and stick to it. There are a number of mistakes to avoid when remodeling your home, but going over budget is the biggest one.

Get Financing

You may know your budget from the beginning if you’re paying cash for your kitchen remodel and know exactly how much you have to spend. But if you plan to finance the project, you may not know how much you qualify for yet. For home remodel projects, you may use the equity your home has already earned, take out a second mortgage, or simply take out a loan, depending on the size of your project.

Before you meet with your bank, get an idea of how much extra money you can afford to add to your living expenses each month, to give you an idea of what your budget will be. The bank will ultimately decide how much you qualify for based on your income and expenses and determine your budget for you.

If you’re lucky enough to have a limitless budget, it’s a good rule of thumb to spend 10 to 20 percent of your home’s current value on a kitchen remodel for investment and resale purposes. Spending more will likely cause you to lose money on your investment in the event that you decide to sell the home.

Assess Your Needs and Wants

Which items on your kitchen remodel list are necessities and which ones can you live without? Instead of cutting items from your dream kitchen when your budget ends up being too low, start with the renovations you can’t live without and add in non-necessities if you can. If you can’t afford to do all your kitchen renovations now, you can at least begin planning for phase two of construction.

Meet with Contractors and Get Estimates

You may pick your remodeling company based on a recommendation from a friend or consumer reviews, but it’s a good idea to meet with more than one builder to ask questions and get an estimate on your project before you choose. If a contractor gives you a particularly high or low estimate for your kitchen remodel, you may not realize it with nothing else to compare it to.

As you meet with potential builders, pay attention to how they address you renovation plan and budgetary concerns. If a contractor pushes you to spend more than you’re comfortable with or to make renovations you didn’t plan for, it may be time to find another remodeling company.

About the Author: As senior vice president of Marketing and Public Relations for Case Remodeling/Design, Joaquin Erazo, Jr. is writes about a variety of home remodeling and home improvement topics, including kitchen remodeling costs and budgets, on his company blog, Remodeling Tips & Trends.

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