There are a few steps to complete before breaking ground on a kitchen remodeling project — planning the design and layout, selecting products, choosing materials… and what else? Before starting with anything else you should set your budget.
Accurate financial planning can make all the difference in the final results of your project and your stress levels throughout the process. To help you along with setting the ideal budget, keep some of the following tips in mind:
Start with a Max Spending Limit
Carefully consider your overall financial situation before you decide on a budget for kitchen remodeling in Virginia. You should start with a clear accounting of your savings and expenses. Alternatively, if you took out an equity loan to cover your renovation, you could consider the loan amount as the max spending limit of the project. Either way, once you have an idea of the total money available to you, then you will be able to plan with a definite upper limit in mind. That max amount shouldn’t necessarily be your actual budget, but it’s a good starting place.
Include an Extra 20 Percent
It’s always a good idea to plan for the unexpected. While surprise budget-busting events like broken pipes are very uncommon, that doesn’t mean you shouldn’t prepare for them. Todd Cella, a highly experienced contractor dealing in kitchen remodeling in Utah, recommends that homeowners make unexpected emergency expenses account for up to 20 percent of their initial renovation budget. Doing so will ensure that you don’t end up breaking the bank if an obstacles comes up along the way.
Know Individual Costs
If you will be undertaking a full kitchen renovation, you should break your overall budget down into categories. Estimating individual expenses for appliances, cabinets, fixtures, windows and special features will ensure that you have properly allocated your budget across all of your needs. Edina Painting, a Minneapolis house painter, says that home remodelers often forget to account for potential painting costs during the budgeting process. According to Marc Holt, a representative of Minneapolis carpeting experts Galaxie Floor Stores, “Without looking at expenses by category, it can be easy to eat up too much of a budget on cabinets alone and have none left over for important finishing details like flooring, wallpaper, and paint.”
As you evaluate the expenses from each individual category of your renovation, you should also form a list of priorities. If a special feature like an island is an absolute must for you, then it should go to the top of the list. Writing your priorities out will help you make decisions in the event that changes or compromises need to be made later on. We recently spoke with a Minneapolis luxury home builder who verified that setting priorities is an essential preliminary step on every home construction project they undertake.
Need Help Budgeting for Kitchen Remodeling in Northern Virginia?
By following the tips above, you should be able to get a good start on a budget for your kitchen renovation.
For help with budgeting and the rest of the design and planning process, contact Collins Tile and Stone today to schedule a free in-home consultation! We’re here to help you create your dream kitchen!
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