When planning a remodel, the kitchen usually consumes more attention, energy, finances and complex decision making than any other room. Because this room is often the busiest in the house, it is important to budget enough finances, as well as mental attention to the planning process. With proper financial support, a renovated kitchen can add great value to your home, thus creating a positive return on investment. When the decision is made to upgrade and remodel the kitchen, planning is critical for success.
A key element to the planning process is creating a realistic budget. Knowing what you want to spend on the project as well as what different kitchen appliances and materials cost will help you start your budget. Keep in mind that a kitchen remodel is an investment in your home. When planning your budget, think of what you "want" and what you "need" to improve upon in your kitchen in order to increase the functionality of the space.
Once you have determined your budget, use the pictured chart as a guideline to determine where to allocate money. This chart will help you avoid spending too much in one area and coming up short in another. Don't forget to factor in labor and installation when calculating costs because these can significantly increase prices.
•20% Countertops & Flooring
Things to keep in mind when creating a budget:
•Experts advise that your kitchen remodeling budget should not exceed 15% of the home's fair market value.
•Incorporate overrun costs of 10% into the budget to account for the unexpected.
•Work with a kitchen design professional to understand varying costs of materials, cabinetry, finishes, et cetera to know what options are available. This will help prioritize the "wants" and "needs" to help stay within the budget
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