7 Easy Steps to Budgeting the Cost of a Kitchen Remodel

7 Easy Steps to Budgeting the Cost of a Kitchen Remodel

With the head-turning kitchen renovations all over reality tv, it can get your fix-it bug twitching. But, before you start tearing your kitchen apart you need to get the facts and figures straight.

When you want to get your chef's dream rocking in your house it's easy to lose sight of the cost of kitchen remodel realities.

Here we give you seven strategies to keep a belt on budget bloat, sprinkle some reality on your vision, and get you in the kitchen of your dreams for less.

7 Easy Steps to Budgeting the Cost of a Kitchen Remodel

Any renovation can cause some overwhelm but it seems that kitchen renovation budgets give people the most anxiety. Let's face it, the kitchen will be one of the costliest renovations on the list if you are gutting and building back from scratch.

Let's give you some pointers to keep your imagination from running wild and some coin in your bank account at the end of it all.

Be Aware Of The Cost Breakdowns Of Your Dream Kitchen

Most don't realize that there is an average breakdown of costs for renovating each room in your home. The cost to redo kitchen areas can be expected to break down like this:

  • Cabinets: 30%
  • Appliances: 20%
  • Labor: 20%
  • Windows: 10%
  • Fixtures & Fittings: 8%
  • Flooring: 5%
  • Unexpected Repairs: 7%

Why is it important to know these numbers? When planning a kitchen remodel budget you're going to be making a ton of choices.

Being able to have a rough estimate of the amount of budget you can allocate to each choice makes it easier.

Say you have a budget of £15,000 for your entire remodel. This means when you are looking for cabinets you can tell the warehouse you are looking in the £3,000-£4,500 range.

You can make choices with confidence by having an idea of the bigger picture.

Know Your Number and Stick To It

Some people pick a number out of thin air for their renovations budget. But, you should be super realistic when you pick that number.

Have a great idea of where your finances are at and how much reno you can actually afford before setting the number.

Also, don't be too idealistic. If you have no experience doing any sort of home repair and building you aren't going to be able to have the smallest budget.

Remember that 20% of the total budget will be going towards labor. Now, if you are a master electrician and your partner is a general contractor, you will be able to handle a lot of that labor. If you've never used a hammer than you may need to allocate more to labor.

Once you have your realistic number, stick to it. Don't falter, don't negotiate. That budget is your golden rule and it will be what keeps everything moving. Staying firm on your budget means a quicker turnaround on your reno and easier choices for you.

Plan Where Every Cent Of That Number Will Come From

Now that you have that magic number, where the heck is the money coming from?

This question is easy if you are financing the renovation out of your savings account. But, if you're like most folks, you don't have $20K sitting around waiting for you.

Figure out a comfortable number you can use from savings and figure out where the other funds are coming from. Will you cash in some investments? Will you take out a loan with a bank?

Make sure you make a thorough list and keep track of where every dollar will come from. This will lessen anxiety and help you make decisions faster and smarter.

No Additions Once The Plan Is In Place

What's the biggest bloater to kitchen remodel cost? Post demo additions.

Once the kitchen is gutted and you see the space it might make you think it's a great idea to add that full slab marble counter you have always wanted. Don't, it will bust your budget.

If you allow for even 1 or 2 small add-ons it's going to open the floodgates. Stick with your original vision and you will keep those finances in check.

DIY What You Can But Be Realistic

Oh, so you're not a master electrician? Then, you should hire an electrician. With the insurgence of reality renovation tv shows, it can bolster your DIY confidence.

Now, DIY what you can, do the demo, pull out the stuff you're trashing anyway. Remove your own appliances and haul everything to the dump.

Do not attempt to rewire your entire kitchen. The risks are simply not worth it. Remember that you allocated resources in your budget to hire professionals. Use it.

You're Going To Eat Out...A Lot

This one is something that is easy to slip by unnoticed until after demolition. Keep in mind that you will be, for what may be some time, without a kitchen during a kitchen remodel.

This means there will be lots of pizza boxes and fast food bags in your trash. What does this mean? You need to expect the added cost of eating out a lot during this time.

The additional food costs, especially if you have a family, can be substantial. It's even more of a motivator to stick to the budget and stay on schedule.

There Will Be Surprises!

Every renovation, no matter how small, will result in unforeseen circumstances. This could be a large or small hit to your budget but, you need to work in some wiggle room for these surprises.

Some experts recommend setting aside as much as 20% of your initial figure in your head for repairs you don't think you'll need to make.

Think about this and work it in when you are choosing the other items in your kitchen. Coming in under budget is always welcome. But, try finding that extra $2500 in plumbing repairs that you didn't factor in and don't have. Bye bye, chef's range.

Do Your Homework And Roll Up Your Sleeves

The upside of all this work you're doing to prepare for the cost of a kitchen remodel? You will have an amazing new kitchen at the end of it that didn't break the bank.

Kitchens also add tremendous equity into your home and you're guaranteed to see a return on your money at sale time.

Want to learn more budget saving tricks to keep your kitchen remodel in check? Check out 6 more

Looking for some amazing and affordable kitchen options for your new kitchen? Check out our kitchen section here.

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