Building A Budget For Your Dream Kitchen
The most important thing you want to do during a kitchen remodeling project is to develop a budget. A disciplined financial approach will help you determine how much money you have to work with and what you can and cannot afford. Use these five tips to maximize your budget for your dream kitchen.
Itemize Needs vs. Wants
Decide what you need and want in a new kitchen. Make a list of the things that are most important in terms of practicality and personal taste. Find out what specific items might cost. If the kitchen needs new appliances, check store prices and look at labor costs for installation.
Be serious about what is a need versus a want. If the budget gets tight as you move along, subtracting wants from the list will ensure that you achieve the essential goals.
Explore Financing
You may want to consider financing options such as drawing from a mortgage, using a home equity line of credit, or getting a personal loan. Consider shopping with institutions other than your current bank or credit union to ensure you'll get the best financing rates.
Produce a Written Budget
Once you have a good idea of your priorities and financing, make a budget. Combine your cash on hand with the available financing to establish an upper limit for the project.
Also, leave at least 10% wiggle room to deal with unexpected cost overruns. Suppose you have $40,000 to spend. You should set your budget to no more than $36,000 to stay on the safe side.
Seek Estimates
Now you need to get estimates from contractors. Contact at least three different contractors to get a good idea of the potential cost of kitchen remodeling services. Likewise, you'll determine which renovation contractors are within your budget or not. Request detailed estimates that itemize the cost of materials, labor, and other expenses.
Compare the estimates to your checklist of wants and needs. Also, compare the estimates to your budget. If the budget seems far off from the estimates, you can seek more estimates from other kitchen remodeling services firms or start removing lesser priorities from the budget.
Budget Discipline
Stick to your budget throughout the kitchen remodeling process. People frequently start adding on extra features and upgrades, but changes can quickly blow a hole in your budget. Develop a plan and only make changes if they are critical to getting the job done or add immense kitchen remodeling value.
speak to a kitchen remodeling professional to discuss your budget.
