Kitchen Renovation Budget
Renovating your kitchen can have a transformative effect on your entire home, creating an updated space for cooking and congregating. A kitchen renovation will increase your home’s resale value and boost its appeal to buyers whether you sell now or down the road. It can also be one of the most costly renovations you can do in your home. Here are a few tips to keep your kitchen renovation budget under control:
1. Determine the scope of your project
Are you planning on refinishing and updating some items, like sinks and countertops, while leaving others intact? Or would you like to replace everything at once in the kitchen? Perhaps you would like a more open and functional layout? Once you know what you want to accomplish, you can more accurately determine the cost of your renovation. Elite Living Remodeling project managers and designers can help you come up with the best plan to suit your needs and budget. We can then create a 3D design to help you visualize the new space.
2. Create an itemized list of materials
After you know the layout and plan for the kitchen you can visit your local Elite Living Remodeling showroom for your convenience, or find materials from other sources as well. For each item, list out multiple brands at different price points. This will allow you to play with the numbers and decide where to allocate your funds.
You will want to get pricing for all finished materials including base cabinets, upper cabinets, countertops, garbage disposal, fume hood, flooring, light fixtures, appliances, backsplash tiles, faucet fixtures and more. Note which items are necessities and which ones would be merely nice to have. When you’re establishing your budget, you’ll know which things you can’t budge on and which can be downgraded or lose entirely.
3. Know how much you can spend
Once you have your layout and materials cost, it’s time to figure out how much in total you can afford to spend. Set a budget that won’t break your bank. Whether you experience a financial emergency or you just need to pay the bills, you don’t want your renovation project getting in the way. Ultimately, you may need to change the scope of your project to make it more affordable.
Some people turn to loans to finance their renovation projects, especially when they have equity in their home. But unless you know your renovation will drastically increase the resale value of your home, you should try to pay out of pocket. This will motivate you to keep costs low and you won’t end up paying interest on a loan. Ask one of our team members about our interest-free financing available.
4. Shop around for contractor quotes
You can research contractors online or get recommendations from friends. Elite Living Remodeling works very hard to make sure all of our clients are completely satisfied with their renovation projects and we have the reviews online to show for it. But just to be sure, you should get quotes from multiple contractors and pick one based on their ability to do the job skillfully, timely, and on budget. Also, be wary of the very low bids as sometimes corners can get cut or prices will jump halfway through the job. A contractor’s bid will include all the labor, rough materials, and other overhead to actually perform the project. Then after you decide on materials those will be factored in as well.
5. Stick to the plan
Making changes to your renovation plan in the middle of a project can cause your budget to skyrocket. This is because changes cause time delays, extra labor, redoing completed work or changes in materials. While some changes are unavoidable, try to limit any major deviations. That is why preparing the 3D design in advance is so valuable; with it, you will be able to see the completed project before we begin demolition and can make any changes you want on the computer, at no extra cost.
6. Have a budget cushion of 10% – 20%
No one is able to predict exactly what is hiding inside your walls and floors until the work has already begun and we can see what is inside. When a contractor gives an estimate it is based on the fact that everything is built correctly and the scope of work is standard changes. When issues with your home arise, they may take more time, labor and materials to move forward with the project. Building codes are constantly changing as well and your home may have areas that need to be brought up to date with current building codes in order to pass inspections. These unforeseen costs must then be passed onto the homeowner. Make sure you have an extra cushion in your kitchen renovation budget so you can cover these costs and still complete the renovation.
All home renovation projects take planning, time and management. Elite Living Remodeling will do our best to carry the burden for you so that you can stay focused on living everyday life, and love your home when it’s done! To schedule your free in-home consultation for your estimate and 3D design, call 844-ELITE-03 or send us a message about your project and availability.