The prospect of getting your kitchen remodeled is an exciting one. You continue to imagine the final look of your kitchen, hoping it to be similar to the flashy interior magazine kitchens that you drool at. However, it is not an easy undertaking. Kitchen remodeling involves taking a lot of decisions that require thorough deliberation. From the design, layout to many other factors, you have to think through a lot of things that all need to be redone in the allocated remodel budget!
To help you conquer this seemingly uphill task of setting a budget, Perfecto Remodeling, near you in California, brings you an organized approach to budgeting for a kitchen remodel. The steps will help you in making an organized and proper budget for your kitchen remodeling project.
Create A Rough Sketch Of Things You Want
The remodeling process begings even before you meet the kitchen remodeling contractors near you. In order for you to have a clear idea of the project, you need to give it some thought and plan all the things you want beforehand. Just don’t go for fancy stuff without considering their functionality. It will help in gaining clarity when it comes to your requirements.
Also, a lot of back and forth between you and the contractor can be enervating. Doing your homework will save you a considerable amount of time. It will save you a lot of effort and increase your chances of sticking to your set budget.
Going Overboard Is Never A Good Idea
Sticking to your budget is harder than creating one. Before you hire a remodel company near you, it is crucial that you set a realistic budget that tunes with your remodeling plans. Do a market analysis by looking at some of the kitchen remodeling projects so that you get a better estimate of all your preferences.
With the estimation done, you then need to consider your personal financial situation so that you can move forward. Take quotations from different contractors before making a final decision.
Keep A Check On Everything
To be more organized and ensuring that you stick to your budget is to make a spreadsheet. It will help in creating an itemized checklist of where your money is going or being spent. Be prepared for the sudden piling of costs during the remodeling. By maintaining your spreadsheet from the beginning, managing your costs will be much easier. With everything in check, you might even be able to save up for some luxurious purchases.
It Is Normal For Unexpected Problems To Come
It is normal for the remodelers to encounter unexpected problems such as outdated wiring or nasty molds in the kitchen walls. You might get a little surprised at first, but create a budget that is able to accommodate these fixes. You can do this by keeping 20% of your total budget solely for covering the unexpected problems so that you don’t have to scramble for more money.
You Might Have To Choose One Thing Over The Other
There will be situations where you will have to prioritize. No two components in a kitchen hold similar value. Therefore, you will need to prioritize things for efficient budgeting. If your cabinets are falling apart, you can not go for decorative decals. Hence, you need to understand and deliberate where you must put your money for the kitchen remodel.
Financing The Kitchen Remodel
An essential part of budgeting is to figure out how you will finance the remodel. Not all of us have extra dollars lying around. Even if we do, it is not wise to use them all at once. A much better way is to take out a loan. Some people prefer taking out equity loans since they are tax-deductible. You can even consider refinancing or a personal loan.
Break Down The Cost
Each aspect of your remodel costs differently. For you to budget properly, you need to consider which aspect will cost you more. Here is a sample breakdown of different remodeling expenditures:
6-8% – Countertops
20-25% – Labor
2-5%- Demo
10-15% – Appliances
30-35% – Cabinets
7-9% – Electrical
5-7% – Plumbing
8-10% – Flooring
1-3% – Permits & Other
Updating your kitchen is a dynamic process where you might have to make many decisions along the way. Do not add any extra items as the remodeling is a slippery slope that leads to extra costs and a budget failure! While creating a budget is difficult, it saves you a lot of time and effort.