How To Budget For Your Kitchen Remodel
One of the best decisions a homeowner can make is to remodel or renovate their kitchen. It is a decision with no regrets, whether your goal is to make the home more functional or to increase its value.
Even though we know that updating an outdated kitchen adds value to a home in a variety of ways, kitchen remodelling costs are frequently confusing to homeowners.
This is common because estimating the cost of a full kitchen remodel can be difficult since every project has unique goals, needs, features, and fixes.
You have the option of using inexpensive or luxurious materials, so estimating the exact cost of your kitchen remodelling project upfront without making a few decisions can be difficult.
We understand that remodelling a kitchen is not an easy task. Not only must you decide on the design, layout, and dozens of other details, but you must also keep everything within the budget for your kitchen renovation.
Although creating a budget for a kitchen remodel may seem difficult, it’s simple if you follow a systematic process. We have put together a few steps to help you through the process.
Establish your goals and expectations
Majority of people mistakenly think that once you meet a contractor is when the remodelling process officially starts.
The truth is, you should think about the transformation in advance so that you can understand it clearly first.
Consider the advantages of your newly renovated kitchen. As a result, you will become more aware of your own needs. Personal visits to showrooms are extremely beneficial at this stage, as they provide a more tangible picture of what you want to achieve.
Having said that, going into the remodelling process with a clear plan will save you a lot of time and effort, as well as increase your chances of staying within your budget.
Set limits and be realistic about how much you can spend
Maintaining a budget is often more difficult than creating one. Before proceeding with other steps, you must first establish a realistic budget that corresponds to your remodelling plans.
Setting a budget for your kitchen renovation and sticking to it sounds simple, but it’s more difficult than you think.
Before you do anything else, determine how much you can afford to spend. Examine your finances to determine this amount.
The second factor to consider is how long you intend to stay in your home. If you plan to sell the house within the next five years, your kitchen renovation should be viewed as a boost to your real estate investment.
Spend only what you think you’ll get back when you sell the house. On the other hand, if you plan to live in your home for more than five years, you should remodel it to make you and your family as comfortable as possible.
Monitor everything
A great way to make sure you stick to your budget is to keep a spreadsheet up to date. This spreadsheet can be used to make an itemised list of how your money is being spent.
Remodelling costs often add up quickly, and before you know it, you’re buried under a pile of bills and invoices. If you keep a spreadsheet from the start, managing costs will be much easier.
A spreadsheet also makes it possible for you to monitor your finances in real-time. This will help you control costs and make any necessary adjustments.
Be prepared for anything
Unexpected problems frequently arise during a kitchen remodel. For instance, they might discover obnoxious mould or outdated wiring in our kitchen walls. These problems may catch you off guard, but they shouldn’t have a negative effect on your spending.
By setting aside 25% of your overall budget for unplanned expenses, you can be ready for this. A set percentage will help you effectively handle the situation rather than scrambling to find more money when the time comes.
Calculate each element separately
The importance you decide to assign to each element of your kitchen will affect the cost of your remodel, so it’s best to choose according to what you use the most and create a priority list.
The breakdown of a few of the elements that require separate consideration is provided below:
- Kitchen Cabinets
- Kitchen Benchtops
- Kitchen Islands
- Kitchen Splashbacks
- Kitchen Appliances
- Kitchen Tap
- Kitchen Sink
- Kitchen Flooring
- Kitchen Lighting
Every creative project is unique. Our free and most recent eBook provides insights into top lighting, colour, and layout design trends, as well as how to incorporate them into your dream kitchen. Download it right now.
A kitchen remodel should take into account the homeowner’s lifestyle, cooking preferences, and space and storage requirements.
Considering remodelling your kitchen? Apollo Kitchens’ talented team of designers will help you to create a kitchen you’ll love, that ticks all your boxes – including your budget. Get in touch with us today.
