3-Step Guide To Your Dream Kitchen Remodel – Part 3
Part 3: Setting Up Your Budget
“Before starting any construction work or hiring any industry professionals, sit down and draw up a concrete budget for your kitchen remodel – and stick to it.”
Figuring out a budget for your kitchen project might not be as much fun as selecting fixtures and paint colors, but it’s just as important—if not more so.
To begin, think about how long you plan to stay in your home.
If you plan to move within a few years, investigate home prices in your area and be careful to keep your budget in line with the average home price. On the other hand, if you plan to remain in your home for many years, plan to spend as much as you can comfortably afford to create the kitchen of your dreams.
To determine what you are comfortable spending on your kitchen project, make a list of all your debts and figure out your monthly gross income.
From here, you can determine the maximum monthly payment you can afford to spend on remodeling costs. Talk to a lender about financing options if necessary.
Remember that building and remodeling almost always end up costing more than expected.
I recommend adding a cushion of at least 10 percent to your overall budget to account for surprises along the way.
Below I’ve listed 10 ways for you to keep your budget on track. Use these wisely:
1.Establish clear goals and work toward them. One of the biggest threats to your budget is getting all caught up in the glitzy and glamorous products out there on the market. Don’t get distracted. Focus on your main goals and choose products in line with those goals — this doesn’t mean you can’t splurge a little, just don’t go crazy.
2.Delegate and hire professionals. Sure, architects, designers and contractors are going to jack up your up front costs, but they’re going to save your money in the long run by helping you avoid the common remodel pitfalls and suggesting smart ways to save money.
3.Obey the KISS principle. Yes, please, keep it simple. If you’re remodeling, try to keep load-bearing walls where they are and avoid rerouting plumbing and electrical lines. Varied rooflines, curved walls, arches, and bump-outs all enhance the character of a kitchen, but they also bump up the cost.
4.Be vigilant with your due diligence and check references. If you’ll be hiring a contractor to help you with construction work, be sure to ask references about the contractor’s communication skills, follow-through, and adherence to deadlines. If the contractor regularly misses deadlines and communicates poorly, you’ll likely end up with inflated bills and extra stress.
5.Get ahead of the curve by ordering materials in advance. Some custom items, such as windows and cabinetry, take several weeks to arrive. Keep your job’s progress on track by having materials on hand before any work begins.
6.Embrace what’s already in stock. Custom windows, cabinetry, and other items can drive up project costs. Look for standard and semicustom goods, which are often available in a range of styles and price levels to help keep your budget on track.
7.Access your inner Deal Hunter. Shop your local home center for clearance items, end-of-season sales, discontinued products, and floor models. You can also find great deals online— just be sure you know what you’re buying.
8.Make up your mind. Keep changes to a minimum. Some changes are inevitable, but making changes to remodeling or building plans midway through the project is another quick way to ruin your budget. If you make changes after plumbing, electrical, and drywall work is done, you’ll likely have to tear out finished work and start over—and pay for the work twice.
9.Trade smart. If you’re forced to make difficult choices to keep your budget on track, sacrifice items that can easily be retrofitted later. Choose less-expensive lights, faucets, window treatments, and door and cabinet hardware, and put your money toward cabinets, countertops, and other labor-intensive items.
10.Don’t be afraid to get your hands dirty. Even inexperienced do-it-yourselfers can remove old cabinets, fixtures, and other items that will be replaced. And once the major construction work is done, you can step back in and help with painting, installing faucets and lights, and other finishing details.
11.Now that you know how to set up a killer budget for your kitchen remodel, grab a pen and paper (or your IPhone 6) and start putting your actual budget together.
12.This ends our 3-Step Guide To Your Dream Kitchen Remodel series and I really hope you learned something from it.
If you have any questions or need some clarification, or you feel that I missed something, please feel free to contact me directly.
Also, if you would like to talk with directly more about your next kitchen remodel projects, I would love to do so.
You can call me directly at 213-232-4783.
Let’s talk soon!