Budgeting for your Kitchen
Whether you are building a new home or remodeling your kitchen, there are many factors to consider when planning a kitchen. Having a budget early on helps save you a lot of time and energy in the design process and is important when considering the returns on the investment.
Questions to think about:
What are your ultimate goals/visions for your new kitchen?
Will you need new floors?
Will any other rooms be affected by the remodel?
Will any electrical switches, outlets, or wiring be affected?
Are there any appliances you will keep?
Will any plumbing need to be moved?
Will there be an addition made or structural changes?
Determining the Budget
Below are a few areas to consider to aid you in building your kitchen budget
Home Values - It is important to pay attention to what your neighbors are doing in terms of home values. Are there many homes completing remodeling projects...do you need to be competitive with these? Or are you looking to set your home apart from others with an updated kitchen and bath, in these times, all those things really count!
Length of Stay - Do you plan on staying in your home for a while or are you remodeling for the sake of resale. Often if a person is just looking to sell their home a stricter budget may be followed to allow for greater gains on the investment. However, if you plan on living and enjoying this kitchen, you may want to spend a bit more to personalize it to your needs and add a few “extras” to create your dream kitchen.
The 5-15% Rule - A General guideline to follow when budgeting for a kitchen is you should plan to spend 5-15% of your total home value on your kitchen. Cabinets will account for almost 50% of the total cost. Some people will choose high-end custom kitchens that will be more in the 20-25% range, but does give you a good basis to begin.
80/20 Rule - All projects have a way of growing beyond initial budgets, no matter what the amount. Plan on
spending only 80% of what you can afford. Put the additional 20% in reserve to cover changes, unforseen problems
and miscellaneous charges.
Please feel free to contact us with any more budgeting questions!