4 Steps to Take When Establishing Your Kitchen Renovation Budget
You’ve decided a kitchen renovation is in your future, and after thumbing through remodeling magazines and searching the internet, you know exactly what you want. The only question remaining is whether your dream kitchen is within your budget. Unfortunately, once you start calculating the amount of money you can afford to spend, you may need to reconsider what you must have and what you can live without. Taking the time to compose a realistic budget will help you avoid potential financial shortfalls.
Improvement on investment vs. Comfort
Before you delve into the land of numbers, take into consideration whether or not you plan on selling your home in the next 5 years. If you see yourself moving within 5 years, your remodel should be viewed as an investment. With this in mind, your kitchen renovation budget should be a practical representation of how much you can make once the renovations are done, and your house has sold. If you have no plans on moving in the future, your kitchen remodel can take a larger focus on your families likes and dislikes. Whether your renovation is driven by comfort or as a real estate investment, an honest assessment of your finances provides you with an accurate budget that can keep you from overspending.
Priority vs. Luxury
After your budget is set, make a list of the features you must have. If your existing cabinets have to go, or a kitchen island is a definite need, write them down as a priority. Creating such a list helps you break down where you will be spending your money. It can also come in handy when you’re faced with unexpected costs. Instead of automatically going over budget, you can consider saving money by removing one of your luxury items from your renovation.
Keeping track of your spending
Frequently taking the time to evaluate where your money is going and if you are deviating from your initial budgeting plan can prevent you from making a poor decision. By creating a spreadsheet that consists of your budget and your spending, you will be able to quickly detect a risk of going over budget.
Avoiding the extras
Adding additional fixtures or features near the end of your remodel is not a good idea. Deciding to splurge on an item that you did not budget for is a sure-fire-way to overspend. Before you make any decisions, take a look at the spreadsheet you’ve created and the list of priorities you made, and remember you have a budget for a reason and ignoring it can only cause you issues.
Once you’ve decided a kitchen renovation is in your near future, please contact us for a consultation. We will use our 50 plus years of experience to create a kitchen design you’ll love.