Whatever the size of your kitchen remodel might be, you’ll need to budget the remodeling project the right way. This is the only tried and tested method to not mess things up during the remodel.
So, here’s how you can budget your kitchen remodel the right way. You can also check out 6 questions to ask a kitchen remodeling contractor for more info.
Make a Final Budget
Whenever you want to remodel your kitchen, you should make the final decision on how much you want to spend. Once the budget part is figured out, you should stick to it as well. Doing this might look very simple, but it can be a harder task to follow.
You should save around $75,000 ready for a high quality remodel. See if you can afford to pay this much, and what type of ROI you’re getting out from the remodel.
Moreover, you should consider how long you’ll live in your house after making the improvement. For example, if you’re looking to sell the house within the next five years, this remodel can be seen as an improvement to your house, and it is definitely going to impact the resale price of your house.
Break Everything Down
Breaking the whole project cost down into simple parts is a great step to understand how much of the final budget will each of the parts consume.
For example, the labor alone will make around 25 percent of the whole cost. Another large percentage will be the cost of new cabinets, if you plan on getting new ones.
Have Some Extra Cash Ready
Home improvement projects like kitchen remodels usually go out of budget if the project takes long enough to complete.
So, to make yourself ready for any unexpected costs, keep upto 20% of the total cost ready as cash to cover the expenses.