We’ve worked with a lot of budgets here at Perfect Painting & Remodeling, and we’ve seen the many ways that people handle them when it comes to kitchen remodeling. Here are some tips on how you can properly budget your kitchen remodeling project.
Estimate the Right Budget
At Perfect Painting & Remodeling, we’ve seen that the average upscale kitchen remodeling project can cost about $80,000. For you to get the right budget, you need to take into consideration three things. First, exactly how much can you afford to spend? Second, do you plan on selling the house within the next five years? If so, make sure that you can include the cost of your remodeling in the overall selling price of the house. And finally, what type of neighborhood do you live in? This question is somewhat related to the second one. You don’t want to get a high-end kitchen in a middle class neighborhood, because you will not be able to get your money back when you sell the house.
Break Down the Cost
Here at Perfect Painting & Remodeling, we like to break down the cost for a remodeling project like this: you’ll spend about 30-35% on cabinets, 20% on appliances, 20% on labor, 10% on windows, 5% on fixtures, 3% on fittings and 7% on other expenditures.
Set Aside Some Money for Emergencies
If you have an older residence, you might encounter some surprises during a remodeling project. Even if your residence is new, you never know what might pop up, so we recommend that you set aside about 20% of your budget for any unexpected surprises.
Know Your Priorities
You can get so much more out of writing down your budget if you start with the priorities. By doing this, you make sure that you have some wiggle room when it comes to the non-essential items. Knowing exactly how much money is absolutely necessary allows you to play with the remaining budget, so that you get the optimal return on your investment. It’s also important to keep the essential items in mind if something unexpected pops up and you find your budget taking a big hit.
Create a Solid Financing Plan
Are you going to take out a personal loan to finance your kitchen, or are you going to use some of the cash you have on hand? We at Perfect Painting & Remodeling recommend a home equity loan because they are tax deductible.
Factor in the Costs of Living
Are you going to live in your house while the remodeling is going on, or are you going to live in an apartment or a hotel for the duration? If you want to save money, you can attempt stay in your home, but the hidden price you will pay will be an increase in stress. If, however, you decide to stay away during the remodeling, you should consider factoring in storage and moving fees.
Hire the Professionals
When you have everything down, it’s time to call a remodeling team. Perfect Painting & Remodeling offers kitchen remodeling for a great price, with no headache for you. Don’t hesitate to call us and we can help you with everything from creating your budget to the actual remodeling. If you have questions about cabinet prices, labor costs, or potential unforeseen expenses, feel free to contact us and we’ll help you clear out everything the best we can. We here at Perfect Painting & Remodeling look to offer the best service we can, and we believe that service starts before our team even arrives at your home.
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