Remodeling your home is expensive, but the result is often worth the price. You’ll love your home, and it will function much better than it did before. This increased functionality is especially true when remodeling your kitchen. Life revolves around it, whether you’re hosting a family gathering or just pouring yourself a cup of coffee before you race out the door. Unfortunately, the importance of this room also makes it an expensive renovation. We have budgeting tips for your kitchen remodel below to help you financially navigate this process.
Choose a Well-Researched Budget Based on Your Finances
The average kitchen remodel can cost around $60,000. Some can afford this price, while others cannot. You shouldn’t feel bad if you can’t afford this average cost. Many on strict budgets calculate what they can afford, then research remodel options within that range.
Study your finances, estimate what you can spend on a remodel, and then write that number down. Don’t deviate from that number during the remodeling process. You picked a price you can afford; stay in that range to enjoy your new kitchen without worrying about finances.
Prioritize the Most Important Parts of Your Budget
One way you can help yourself stick to your budget is to prioritize certain parts of the budget. For example, 35% of a budget typically goes toward cabinets, while 40% goes to labor and appliances. Labor costs are necessary, and deciding whether you will hire a contractor is part of organizing a budget and staying on track.
Most people decide to hire a contractor to perform labor they can’t. After calculating that cost, you can still choose between cabinets and appliances. Decide whether you want new cabinets or appliances, and prioritize those in your budget. You can keep saving and planning for the second and third picks, slowly working your way towards a new kitchen.
Keep Your Kitchen Layout
You can save money and still see a total kitchen remodel if you choose to keep your existing layout. Keeping your kitchen layout means that contractors don’t have to move plumbing, gas lines, or ventilation. Knowing this before buying a gas cooktop is important. Moving or putting in new gas lines, plumbing, and ventilation is expensive. Leave everything where it is and save your money for the other remodel priorities.
These budgeting tips for a kitchen remodel can help you figure out your finances and still achieve the kitchen of your dreams. Always take the time to research the contractors and materials you want so you can set a fair budget and avoid overpriced options.