KITCHEN REMODELING BUDGET
Your personal finances determine your budget, of course. There are some other factors that should be taken into consideration when determining your kitchen remodeling budget. How long do you plan to spend in your home? Selling soon? Then simply treat the remodel as an investment. If you plan to stay for the long haul, than your kitchen remodel should be about you and the needs of your family’s lifestyle.
Let’s take a deeper dive on how we suggest planning your kitchen remodel budget.
NEEDS VS. WANTS
So, what do you “need” and what do you “want?’’ Do you need enough room at the kitchen island for everyone to eat breakfast? Do you want a new farmhouse kitchen sink? Here’s what you can do! Start researching the general costs of the products and materials you will need in your new kitchen remodel (try starting with the most expensive needs and end with the items you could live without). Realize the difference between needing something and just wanting it. This can be hard to do, we get it! Starting your budget with the things you need with help you gain clarity.
It is important to understand the needs of your lifestyle and realize the investment of certain items on your wish list. This can feel a tad overwhelming. If you are remodeling your kitchen in the Northern Suburbs of Indianapolis, you can always attend a free remodeling workshop where Nicholas Design Build will go over common costs of popular materials and give you even more remodeling tips to ensure that you can remodel with confidence.
MAKE A LIST
Dissatisfied, embarrassed, and frustrated with your outdated home that doesn’t meet your family’s lifestyle? Go ahead and make a list of what needs to be replaced now and what can be worked on later before you set your kichen remodeling budget. Prioritize the design and safety needs of your family. The first step in budgeting for your kitchen remodel is to set a realistic limit and stick to it.
We are going to start with the most expensive items and work our way down. Major appliances should be at the top of your list, since they are often the most expensive. Which features are most important to you and your family? Understanding everyone’s needs will make purchasing easier.
PLAN YOUR KITCHEN REMODELING BUDGET
The National Kitchen and Bath Association offers great recommendations to help you set a budget for your kitchen remodel.
As you create your budget, there’s a little more to consider than the amount of money you can afford to spend. If you put too much money into a home improvement project, this can affect the rate of return on your investment. Remember to ask yourself, “Is this my forever home or will I be in a few years.”? Answering this question can help you determine a wise budget.
Up to 25% of the value of your home is the recommended budget, ultimately, your needs, personal style, and material selections will dictate your final budget.
As mentioned previously, these are examples only.
$250,000 home = up to $65,200 kitchen remodel budget
$500,000 home = up to $125,000 kitchen remodel budget
While planning your kitchen remodeling budget, it is recommended to set aside at least 25% of your budget to prepare for unforseen expenses. Kitchen renovations can sometimes reveal unexpected surprises, like outdated electrical wiring, mold, or rotten floors and walls from water leaks.
Preparing for this ahead of time will make the unexpected easier to deal with if it happens and if there are no surprises, that’s even better!
BREAKING DOWN KITCHEN REMODELING COSTS
The NKBA’s guide for an average kitchen remodel is as follows:
- Cabinetry and Hardware: 29%
- Installation: 17%
- Appliances and Ventilation: 14%
- Countertops: 10%
- Flooring: 7%
- Lighting: 5%
- Walls and Ceilings: 5%
- Design Fees: 4%
- Doors and Windows: 4%
- Faucets and Plumbing: 4%
- Other: 1%
THE FOLLOWING ARE OUR KITCHEN REMODELING SERVICE AREAS
Rocky Ripple, Indy, Indiana Meridian Kessler, Indy, Indiana
Castleton, Indy, Indiana
Meridian Hills, Indy, Indiana