Crucial Tips to Budgeting for Your Kitchen Remodel
Tips to Budget Like a Pro and Get Started on Your Remodeling Project
It’s always exciting to get your kitchen remodeled. As one of the most used rooms in your home, the kitchen is more enjoyable when it is updated, well laid out, and has plenty of storage and counter space. When you work with a North Phoenix kitchen remodeling contractor, one of the first things you’ll need to determine is the budget for your project. Follow these tips to budget like a pro and get started on your remodeling project!
Decide how much you are able to spend on the remodel and stick with it.
The obvious first step is to determine how much you can and should spend on your kitchen remodel. This may seem easy but can be harder than you think. First, take a look at your financial situation and determine how much you can afford to spend. Then, consider how long you anticipate living in the home. If you intend to sell the home within the next five years, think of your kitchen remodel as a real estate investment, and don’t spend more than you’ll get back when you sell the home. If you plan to live in your home for more than five years, remodel the kitchen in the way that will best suit your family. Finally, determine what will fit in with your neighborhood. Over-improving means you’ll lose money when you sell your home, so keep improvements within reason for the area.
Set aside 20% of your budget for the unexpected.
As you break down the costs for cabinets, labor, appliances, and other elements of your kitchen remodel, be sure to save 20% for surprises. Especially if you’re remodeling an older home, you’re likely to find something unexpected that will need your attention and money. You may discover wiring that is out of date, rotten floor boards under a leaking dishwasher, or a gas line that needs attention. Make sure you prepare some wiggle room so you can keep the whole project within your budget.
Determine the priorities within your remodel.
What are the most important parts of your new kitchen? Maybe it’s new appliances, custom cabinetry, or a granite island countertop. Determine your priorities to help you better allocate the funds within the budget for your North Phoenix home remodeling.
As you write down your priorities, be creative with alternatives that are budget-friendly but will give you the look you want. For example, crown moulding might be worth the money because it really changes the overall feel of the room. If your budget is tight and forces you to purchase simple cabinets, consider prioritizing some of the less expensive features such as a luxe faucet, unique light fixtures, or a stunning backsplash. These will add interest to your kitchen without breaking the bank.
Figure out the financing details.
There are many options for paying for your kitchen remodel. One of the most popular is a home equity loan, but others choose to refinance their home, take out a personal loan, or even borrow against a retirement plan. If you are planning to use cash, consider whether borrowing at a low interest rate is a better option than pulling money out of a strong investment. Be sure to ask your contractor about payments so you have correct cash flow. Often, you’ll need to purchase materials upfront as well as pay for some of the labor at the beginning of the project.
Decide if you will live in your home during the remodel, or budget for a temporary living situation.
Living in a construction zone can be very challenging, especially if you have young children or are sensitive to dust and noise, so it’s often a good idea to reduce your stress and keep your sanity by finding a temporary living situation. Be sure to take that expense into account as you plan your budget. This may include the cost of renting an apartment, RV, or hotel along with storage fees and other moving costs. Even if you choose to stay in your home, you’ll likely need to set up a temporary cooking area in another room or outside, so factor those expenses into your budget as well.
Factor in the cost of eating out more frequently.
While your kitchen is under construction, you’ll likely find yourself dining in restaurants or picking up take out a lot more frequently. Add this to your budget at the beginning of your project.
Create a spreadsheet for your budget and keep it up to date.
Talk with your contractor about the details of the expenses of your North Phoenix kitchen remodeling project, and input your budget into a spreadsheet. Take the time every day or week to keep it updated so you can keep tabs on your spending and correct any extra expenditures right away.
Quality Home Remodeling in North Phoenix
Valcon General is one of the best remodeling contractors in North Phoenix. As a family owned business, we provide our residential and commercial clients with exceptional customer service and pay careful attention to every detail so our clients are fully satisfied. If your home needs improvement, contact Valcon General to get started on the kitchen of your dreams!
Posted: July 23, 2021