A kitchen remodel is a big undertaking not only because the kitchen is a necessary room in your house and it’s a challenge to go without it for weeks, but also because it can be expensive! To make sure your kitchen remodel delivers on your dreams but doesn’t mean a deep dive into debt, make and stick to a kitchen remodel budget, using the advice below.
First, set a reasonable kitchen remodel budget
You probably don’t have a wad of cash in your pocket that will predetermine how much you have to spend on this remodel. Instead, you’ll be figuring out both what it will cost and what you can afford and finding a happy medium. Make it a reasonable medium as well by taking into account how long you’ll be in your home. If you’ll be moving in five years or less, only spend the money you can get back out of the remodel when selling. If you’re planning on staying put, see if you can spend a little more to make your dream kitchen a reality!
Know what to include in that kitchen remodel budget
Oh, but there are many parts to a complete kitchen remodel—more than you might think! When you start on your budget, try to think of as many as you can so you don’t leave anything out. Here’s just a partial list of items to consider in your kitchen remodel budget:
- Lighting and electrical
- Faucets and plumbing
Know that semi custom cabinets can help the kitchen remodel budget
Depending on which source you use, you will find the breakdown of costs varies between each of the different items listed above. However, the biggest percentage of a kitchen remodel budget, regardless of the source, is always the cabinets. We’ve seen estimates from 29% of the total budget up to 35% of the total budget allocated for the kitchen cabinets alone. For that reason, you should make semi custom cabinets your first choice for your new kitchen remodel!
Also budget for the unexpected and the takeout
In addition to those items listed above and most especially the cabinets, you might have other expenses. Plus you should set aside money for the unexpected (because every remodel involves the unexpected!). Some people advise setting aside as much as 20% for surprises such as rot, asbestos, plumbing issues and other unknowns.
Also take into account that you will not have a kitchen, so you’ll probably eat out more often and eat more convenience foods that can be heated up in a microwave (and eat off of paper plates). All of those expenses will add up as well.
Stick to your kitchen remodel budget!
The most important advice we can give you is to create a kitchen remodel budget and stick to that budget no matter what. That means doing some research ahead of time too. Let’s say you’ve set your kitchen remodel budget and you’re part way through your remodel and then you find the range of your dreams…and it costs far more than the dollars you had set aside for appliances. If you splurge on the range, you’re going to blow your budget unless you make up the difference elsewhere. In the long run, you’ll be better off if you do some shopping and fall in love with that range before you even do the budget! A kitchen remodel is a big deal. Take the time to do the research and the homework. It’s worth it.
Finally, track your kitchen remodel budget
As you’re going through the remodel, pay close attention to your actual expenditures to make sure you’re staying on track. If you don’t, and you have an extra expense here and another one there, several times over, you’re going to go over budget. Tracking expenses can also help you to make adjustments when necessary. Maybe the plumbing cost more than expected but you were able to get a discount price on the countertops, for example, so the expenses evened out.