A successful project will add value to your kitchen without exceeding your budget.
Investing in a kitchen remodeling project is exciting but, at the same time, it can be costly and stressful.
Kitchens can make or break good first impressions of your home, for visitors or potential buyers. This is why a kitchen remodel is great for aesthetical appeal, and it also increases the resale value of your home, if done correctly.
According to the NKBA, your budget will be split as follows:
- Cabinets: 30%
- Appliances: 14%
- Countertops: 10%
- Lighting: 5%
- Plumbing fixtures: 4%
- Paint: 2% to 3%
- Tiles: 1% to 2%
Here is how you can create an on-trend kitchen without breaking your bank.
Set a budget for your kitchen remodel, keeping in mind how much you can afford, how long you are planning to stay in the house (if you are planning on selling your house, in the long run, your kitchen remodel can be seen as an up-value investment) and where your house is situated. If you are planning on moving very soon then you should not spend too much money on kitchen renovations as you will end up actually losing money on your investment.
Set aside some of your budget to handle any unexpected expenses. Overlooking an expense is easy, especially if the house is old. Issues, such as electrical wiring, rotten floors, water leaks, etc. may spring up out of nowhere.
Make a list of the most important renovation needs and start with those. Whether it is new cabinets, appliances or flooring– get your renovation priorities sorted out first. Once you have an idea of the important changes you want to make in your kitchen, decide how you are going to pay for the project. Are you going to borrow money? Are you going to pay in cash? What are you going to pay upfront? What do you need to make deposits on? The best way to keep track of this is to create a budget spreadsheet and check it regularly; this will help you keep track of all your finances and prevent overspend.
Opt for alternative countertop materials. As mentioned above, kitchen cabinets take up an average of 30% of your remodeling budget. To reduce the amount of money spent on kitchen cabinets, install laminate cabinets. Laminate is available in a variety of high-definition selection and cut-edge profiles that mimic stone surfaces.
Also, avoid moving mechanics and electrical for appliances as this can spike up your remodeling costs as walls, ceilings and floors may need to be cut into. Plan your kitchen around the electrical plugs.
There are various things to consider when bringing down a wall, such as:
- Is it load bearing?
- Are there water pipes or electrical wiring running through it?
- Does it have ventilation?
If you’re planning on taking down a wall, rather cut out part of the wall than remove it all together to avoid complications. Remember that the floor, walls and ceiling will have to be repaired once the wall is removed. Consider a cutout instead as it can open up the kitchen area, and save on most repairs you would have to do if you opt for removing the entire wall.
If you are strapped for cash, consider remodeling your kitchen in stages to spread out the expense. Projects such as adding a backsplash, changing hardware and replacing lighting can be done at a later stage of the remodel.