When you are planning to remodel your kitchen, it’s tough to know where to begin. You have a lot to consider—what would you like to change, how much will it cost, what features are available, which brand should you select, and more. We would like to help to ease the process—after all, that is what we’re here for! We love to guide our customers through the exciting process of creating the kitchen of their dreams. In this “Getting Started” series, we will be taking you through the major steps of getting your kitchen remodel off the ground. To begin, let’s look at a very important factor: Calculating a Budget.
1. What can you afford? What do you want to (and what are you able to) spend? A kitchen remodel can be quite a range of budgets, from a few thousand to over $80,000. Decide how much you have to spend. If possible, reserve 20 percent of your budget for unexpected costs, especially if you have an old house or if the remodel is a large project. Sometimes when you are tearing down walls or pulling up floors, especially in an older home, you can encounter unexpected electrical issues or old water damage you weren’t aware of, so this extra cushion can be very helpful.
2. Consider your return on investment. According to This Old House, when it comes to home improvement projects, a kitchen remodel typically offers among the highest return on your investment. Homebuyers typically focus on the kitchen and the bathrooms when they are home shopping. In Remodeling’s Cost Vs. Value report 2015, a major kitchen remodel yields a 67.8 percent return on your investment, and a minor kitchen remodel yields, on average, a 79.3% return on your investment. So with a kitchen remodel, not only will you be able to enjoy your new, beautiful kitchen, but when you sell your home in the future, you will be able to price the home higher and recoup a great deal of your cost.
3. Allocate your budget. Check out this remodeling budget calculator, which allows you to enter your budget and then to see the breakdown of the budget allocation (how much of that budget should be planned for cabinets, countertops, flooring, appliances, etc.). The calculator also smartly allows you to consider your renovation in comparison to the value of your home to be sure you don’t go over 50 percent of the value of your home and price your home out of the market.
4. Factor in how you will live while the remodel is taking place. While your kitchen remodel is happening, you’ll need to figure out how best to feed your family and live around the construction. You may choose to create a mini-kitchen area and get creative with microwave meals, you may eat out every night, or you may choose to live with friends and family or at a hotel. Consider your remodel timeline, and factor in the cost accordingly.
Do you want to talk to someone about your kitchen remodel budget? Seigle’s would be happy to help! Ask your question below, or call us at 847-742-2000.