A Real Kitchen Remodel Budget: Deciding What to Cut and What to Splurge On
A real kitchen remodel budget is one that entails knowing exactly what funds you have while spending money on the things you really need. It’s easy to have a certain budget and end up adding an amenity at the last minute you didn’t think you’d need. But it’s important to stick to your budget and know exactly how it’s going to be paid so you won’t run into unexpected financial challenges later.
By carefully figuring what you really need, you may have enough in your budget to splurge on something you’ve always wanted in your kitchen.
Deciding What’s the Most Important To You in the Remodel
Rather than thinking you have to have everything in a kitchen remodel, consider the most important items in the immediate term. You should place the top priorities first just in case your budget runs over and you can’t afford to do anything else. Your focus might want to be on new cabinetry or appliances ahead of a luxurious sink or high-quality molding.
The good news is that the major things like cabinets and appliances are significant enough where they can change the look of your kitchen for the better. If you’re lucky enough, the least priority items might still be found on a budget.
Figuring the Type of Remodel and the Cost
If you’re going upscale on your remodel, expect to pay in the range of five figures, says HGTV. Even with a more modest remodel, remember that a quarter or more of your costs will in labor charges. New cabinets, in particular, will generally consume the most out of an entire budget with appliances being second. If those are your only focus, you could ultimately save money when paired up with labor costs.
Setting Aside What You Save for the Unexpected
If you’re able to save up 20% in your intended budget, you’ll have some emergency money for any cost overruns or last-minute adds. You should always have extra money available in remodels to plan for the unexpected. In some cases, that could involve discovering things that need repair as the work unfolds. These repairs can be hidden behind cabinetry and walls without being detected for years.
Keeping Track of Your Budget and Your Payment Method
Before hiring a contractor to start a kitchen remodel, make it clear where your money will come from. If doing a loan, wait until the loan is approved because you’ll need to put money up front to contractors for materials. In many cases, using equity in your home can be an excellent way to put that money to use. By doing a kitchen remodel, you’ll increase the equity again over time and build even more home value.
Here at Edgewood Cabinetry LLC, we can bring quality and affordrable kitchen remodels to you, especially if your focus is on installing new cabinets. Our wooden cabinets are extremely high quality, and we let you choose the wood you want through our website.
Contact us so we can get started on your new kitchen. We also provide numerous storage solutions, including vanities for your bathroom and cabinetry for any part of your home.