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Determining Your Kitchen Remodeling Budget & Goals

by Elias Deukmajian | Kitchen Remodel

Remodeling your kitchen is an exciting time — most of us end up making do with the kitchen of whatever house we move into, to some extent, but when you undertake a remodel, you get to choose everything, from the color scheme to the features each appliance will have. You can build your kitchen to meet your needs, with the only constraints being your imagination and your budget.

Unfortunately, kitchen remodels can vary widely in price. With that in mind, how can you know how much of a budget you should set for your project? Below, we’ll discuss some factors to keep in mind as you try to determine what your budget should be for your remodeling project.

What do you have to spend?

We’ll start with the most obvious question: how much money do you have to spend? Setting an $100,000 budget doesn’t mean much if you don’t have access to that much money. You need to be sure that you don’t budget more than you can comfortably spend. Consider where you want to get this money for the remodel — is it coming from savings? Are you borrowing from a retirement fund, or perhaps cashing in stocks?

Another option is to take out a personal loan or use a credit card in order to complete your kitchen remodel. If you choose to go this route, be sure to factor the payments into your monthly budget, and keep in mind that interest will mean that the overall cost will, in the end, be higher than paying out of pocket would be.

Why are you remodeling?

Another factor to keep in mind as you start your remodel is why you’re doing it. If you’re planning to continue living in the home for quite a while, then the remodel is likely for your own use, and cost is only a factor insomuch as what you’re willing to spend on your own happiness and convenience.

However, if you’re planning to sell the home in the next five years, the remodel should likely focus more on the value it adds to the house. Think of it as a real estate investment, and don’t spend more than you’re likely to get back when you sell the home. Just remember: you have to live with the kitchen in the interim, so don’t completely throw your own desires out the window!

Plan for a Cushion

As you’re deciding on what your budget should be, remember that you need to expect the unexpected. There are some standards to keep in mind — for example, cabinets generally take up 35% of the budget, while labor is another 20 to 35 percent — but those will fluctuate. The one thing you definitely need to budget for, is a cushion to help you absorb any unexpected costs. The generally recommended amount for this cushion is 20 percent of the total budget, so keep in mind as your planning your budget that only 80% of it will be a “working” budget.

Factor in Extraneous Costs

It’s easy to forget that the actual physical costs of the items going into the kitchen and the labor of those doing the work aren’t the only costs you’ll need to account for during your kitchen remodel. You will also need to budget for eating out more often while the kitchen is being worked on, as you won’t be able to cook during most of the renovation, and for part of it you may not even be able to store much food at home.

Another cost you may want to consider is accommodations. Many people don’t like to stay at home while renovations are being done, and instead find a hotel to be more comfortable during that time. If you choose to do so, you may want to look into some local extended stay hotels and add those prices into your budget.

Budget Kitchen Remodeling

Trust the Experts

\If you’re unsure about how much of a budget your remodel will require, turn to those who know kitchen remodels inside and out. For those in the Southern California areas, including the San Fernando Valley, San Diego, and San Marcos, that means Kitchen Emporium. Here at Kitchen Emporium, our experts are ready and waiting to help you start on the road to creating the kitchen of your dreams on a budget you can handle.