Kitchen Renovations: What your budget should look like

Published Jessica Vitullo - October 21, 2015

www.realtorpankajpatel.com

Renovating your kitchen? We bet you’re excited for new kitchen cabinets, countertops, backsplash and more. But did you consider everything that goes into a kitchen renovation, like plumbing and electrical? These aspects of kitchen renovations often get overlooked. Here’s a detailed guide of what your kitchen renovation budget should include. Speak to a contractor to be sure.

What your budget should include

It’s easy to get caught up in the kitchen renovations process: you’re focused on countertop materials, cabinetry colours, picking out matching hardware. It’s an exciting process, one that needs a lot of your attention. However, this is the time when your excitement might forget about all the components that make up the renovation in the first place. If you’re undergoing a major renovation, don’t forget about these:

• Flooring;
• Appliances;
• Lighting;
• Decor;
• Storage;
• Dining table and chairs;
• Painting.

Proper financial planning can lead to a completely transformed kitchen.

Let’s not forget about that plumbing and electrical work that needs to get done to make your space functional. Plan this into your budget before you begin your renovation. This way, you don’t encounter any unforeseen costs during the process.

Use the eieihome.com directory to find the home service professionals you need to transform your kitchen.

Planning your budget

Everyone has a budget. Even Donald Trump has a budget when he’s building a condo. Before you begin looking on the eieihome.com website for kitchen design inspiration, establish your budget. Since there are so many things to consider (as we listed above), it makes sense to start here.

The answers to these factors will help you along:

• Establish your home’s value;
• Divvy up your budget to each kitchen renovation component;
• Finalize a breakdown (this is a good time to bring in a kitchen contractor to help you out).

Establish your home’s value

A rule of thumb to follow is spending anywhere from 5 to 15 per cent of your home’s value on a remodeling project. According toViolaPark.com, spending less than 5 per cent is too little and could actually devalue your home. In reality, a kitchen renovation is almost always going to increase your home’s value. It’s a wise investment, one that needs careful consideration when establishing your budget.

Another factor to consider in terms of how much of a percentage you want to spend is how you’ll be using your kitchen. If you spend a lot of time in the kitchen and it’s a big space, one that commands a lot of attention in terms of size and location, then a remodel will have a big value impact on your home’s value once it’s complete.

Remember, the bigger your home and higher quality your home, the more you should be spending to improve it. That’s the expectation people will have when walking into your newly renovated space should you choose to sell one day.

Divide your budget among every component

Source: ViolaPark.com.

Once you’ve developed a budget you’re comfortable with and have secured the necessary funding to build your dream kitchen, it’s time to decide how your money will be spent. According to a survey conducted by the National Kitchen Bath Association, their findings suggest this is how homeowners will allocate a renovation budget. Keep in mind – this budget is not related to a DIY kitchen, but a professional kitchen built by a kitchen renovations expert!

But maybe you want to invest in better cabinetry and spend less of your budget on fixtures. Maybe you’re interested in state of the art appliances.

Stick to your budget, but adjust the values based on what you want to spend your money on. Here are sample budgets based on three different home values:

Source: ViolaPark.com.

Finalize a breakdown

Unforeseen circumstances are bound to happen in a home renovation. No matter how closely you work with your kitchen renovator, you may find the product you want is no longer available, or you’re capable and willing to go over your budget to get something you want. We advise you stick to your budget as closely as possible, but make room for these circumstances. Do the best you can to at least finalize the budget to a certain extent. Having a clear number in mind and a plan of how much you’ll spend on what will help you keep track of expenditures along the way.

A new kitchen in your home should be an exciting prospect! With the right attitude and planning, the renovation itself will be a breeze and you can enjoy the process of choosing new fixtures, appliances and more!

Don’t forget to use our directory to hire a kitchen contractor to conduct your next renovation! They can help you establish a budget, one that works for you and satisfies your lifestyle/needs associated with the kitchen renovation. Above all, they can provide inspiration and options that suit your tastes!