A kitchen is a communal space and should represent the owner’s needs, taste and lifestyle. As such, a kitchen remodel should be consistent with this. An updated kitchen not only adds value and functionality to a house but also improves the aesthetics.
How to budget for a kitchen remodel
Setting a budget to remodel a kitchen involves more than adding and subtracting numbers. It also requires significant planning and research.
Below are some things to do when budgeting for a kitchen renovation.
Research possible designs and costs
Conducting extensive research on the remodelling options and the potential costs allow you to get a clearer picture of the work you would like to achieve. This makes it less likely for you to change your mind later in the project. Visiting a showroom, reading design magazines, attending trades shows or searching online can provide a lot of information to help decision making.
You may want to take into account, as well, whether you will be selling after a few years or the abode will be your permanent residence. Depending on your neighbourhood, your budget may be affected by the decision to sell later on. Should you plan to resell, an average or basic kitchen remodel may not give you the desired returns.
Consider keeping the same kitchen layout
Changing a kitchen’s layout will automatically increase the budget for remodelling as it will involve plumbing, gas and electrical work. In addition to the labour costs, materials would have to be purchased to carry out such work. Therefore, sticking to the current layout will keep the project simple and save money that can be allocated elsewhere in the budget.
Break down your cost
Some aspects of your kitchen remodel will require more of the budget than others. So try to identify which parts of the process will carry the least to the greatest costs. Usually, cabinetry accounts for a large portion of the budget partly due to the value it adds to the overall home and the amount of work that will be employed.
Keep in mind, there may be hidden costs you need to factor into your project, like eating out while your kitchen is out of use or costs for accommodation if you will not be staying at home while renovations are taking place.
Decide on how the kitchen remodel will be financed
The course which your kitchen remodel may take will help to clarify whether you will finance the project out of pocket or by a loan or other means. The most popular option for financing a kitchen remodel is a home equity loan because they are tax-deductible. Although you may have cash in hand to finance the renovations, it might be wise to borrow the funds at a lower interest rate instead of taking cash from a savings or investment account.
Stick to the plan
Whatever decisions are made regarding the kitchen remodel, stick to them. Deviations from the original plan and last minutes changes tend to result in additional costs and prolonged project time.
Thinking about remodelling your kitchen with custom cabinetry?
Kitchen cabinets are a crucial part of a kitchen remodel. Your cabinetry is the most noticeable element in your kitchen and one of the biggest influencers of space’s style.
If you wish to install new custom kitchen cabinets as part of a kitchen remodel. Contact us at Kitchen Art Design.
At Kitchen Art Design, you will find designers and builders who are fully equipped to assist in bringing your dream kitchen to life. Our tailored approach to kitchen cabinet manufacturing will appeal to any style or taste.
Call us today to learn more about our services or to schedule a complimentary design consultation.