Kitchen Remodel Cost: Tips for Project Budgeting
How much does a kitchen remodel cost? The expense to remodel any part of your home is an important decision to consider before starting the work. The cost associated with remodeling a kitchen can vary depending on a number of factors. While a kitchen remodel is one of those home improvement projects that contributes to the resale value of your home, we’re going to spend some time looking at a few of the variables involved and how a homeowner can get the job done and not break the bank.
Decide on a Kitchen Remodel Budget
First things first; take a realistic look at how much you can comfortably afford to spend on your kitchen remodel project. Whether you are dipping into your personal savings or taking out a line of credit on the existing equity of your home, it is important that you don’t overspend and that you include some money for contingencies. Like any investment there is a point of diminishing returns, meaning there comes a point that the cost of the project will exceed the return on investment. The value of your home does not increase by the same amount that you spend on the project.
How Should you Allocate your Kitchen Remodel Budget?
Once you know how much you can spend it is important to know how much to spend on each aspect of the remodel. The National Kitchen & Bath Association has provided a straight-forward cost breakdown for a typical kitchen remodel that looks something like this:
- Design fees: 4%
- Installation: 17%
- Appliances and ventilation: 14%
- Cabinetry and hardware: 29%
- Countertops: 10%
- Lighting: 5%
- Flooring: 7%
- Doors and windows: 4%
- Walls and ceilings: 5%
- Faucets and plumbing: 4%
- Other: 1%
Of course, every budget will be different based on the extent of the remodel. It is very likely that there is an item on the list above that won’t be included in your project.
Money Saving Tips
At this point you are probably asking yourself, “How can I save some money?” That’s a great question to ask throughout the entire planning and budgeting process. Here are a few tips.
1. Do the demolition work yourself. Save on labor costs by removing old cabinets and appliances yourself.
2. Rather than buy custom cabinets and hardware, save money by purchasing stock kitchen cabinets.
3. Same goes for countertops. While you might be tempted to go with concrete, quartz or soapstone, certain cuts of granite, ceramic or stone tile, or even an eco-friendly recycled paper-based countertop material can provide a significant savings, while still looking fantastic.
4. Avoid paying contractor mark up on such items as countertops, backsplashes and appliances. Save some money by buying those things in advance and have them delivered to your home so they are ready for professional installation.
5. Only buy what you need. Some people buy too much or not enough tile, wood flooring, etc. because they don’t understand how to properly figure the actual amount needed. Follow these easy steps.
- Figure area of the room to be tiled (Length x Width)
- Subtract those areas not to be tiled (cabinets, etc).
- Add 10% for cutting
- Always keep a few tiles for future needs.
6. Buying and installing energy-efficient appliances will help with cost savings down the line.
7. Lastly, don’t be tempted to stray from your set budget by buying a lot of upgrades or extras. Those little extras here and there can really add up and blow your budget before you know it.
1. Set a budget you can afford.
2. Understand how your budget is allocated based on your planned improvements.
3. Implement some of the cost-saving tips listed above to stretch your budget.
4. AVOID straying from the budget with “extras.”
It’s easy to get a beautiful AND highly-functional kitchen on a budget. There are a number of resources available for planning and budgeting that can ease the entire process for you.
Check out the kitchen remodeling options at Reliable Home Improvement today!