If you are here reading this blog, it probably means your thinking about a kitchen remodel. If you are reading it and aren’t planning on a remodel then you are probably one of my friends or family members or else really committed to learning new things! Regardless, thanks for tuning in.
Kitchen remodels are exciting. If you are anything like me, your head is spinning and your Pinterest and Houzz boards are bursting at the seams. Visioning and gathering inspiration is all good but unless you know your budget, this can lead to some disappointment and frustration down the road. We don’t want that for you! This blog is 4 simple steps to get you in budget mode so you get your dream kitchen without breaking the bank!
Step 1: What are your intentions?
Contrary to what some may think, you don’t want to start thinking numbers right away. I like to start with your intentions.
Are you going to stay in the house long term or is this a short-term living arrangement or perhaps a future rental?
If you are planning to rent your house out in a year or even sell, then you should be viewing your remodel with a different set of eyes. Think about what would give you your biggest bang for buck in terms of investment versus what your personal taste is. Opt for function, clean lines and neutral colour pallets. The goal is quality products that look updated and fresh but don’t hurt your pocketbook. This appeals to the majority of buyers and renters.
If you do plan on this being a long-term home for you, then factor that in to your budget. This is where you may want to splurge on things that you are going to love for the next 10 years and the design will be more tailored to your personal taste.
Step 2: Let’s talk numbers…
When referring to the overall value of your home, kitchens and bathroom have a good return on investment regardless of whether it is a long term or short-term arrangement. Some say budgeting 5-15% of the value of your home for a kitchen and bath renovation yields the best return on investment. This can be a good rule of thumb but by no means is set in stone., it is all about what feels comfortable to you.
When setting your budget, ask yourself some qualifying questions….
1. What amount do I feel comfortable spending?
2. At what amount would I feel uncomfortable? (This would be the threshold of your
budget)
3. How much money have I saved for this renovation?
4. How am I paying for this renovation? Should I be considering fees if I am financing?
5. Do you know the cost of any components of this remodel that you are unwilling to
compromise on? (i.e.-commercial grade appliances etc.)
Once you have answered these questions, you will at least have a ball park idea of what you want to spend.
Step 3: Know the breakdown of your budget.
On average, the breakdown below is where renovations dollars are spent on an average kitchen remodel (per HGTV).
Cabinets: 35%
Labour: 20%
Appliances: 20%
Windows: 10%
Fixtures: 5%
Fittings: 3%
Miscellaneous: 7%
If your budget is $60,000.00 then you know you will be roughly spending $18,000.00 on cabinets based on the allotments below. Then, when you walk in to see one of our expert designers at Blue Mountain Kitchens, you can tell your designer what your budget for cabinetry is while still respecting the dollars set aside for the other components of your kitchen renovation.
Step 4: Expect the Unexpected
Sadly, nothing ever goes exactly according to plan. Plan for a good 15% over top of your budget to allow for problems you or your contractor may encounter. If you have stretched your budget so far that you can’t allow for potential issues, you need to pair your budget back to make room for this component. This buffer amount will ensure you don’t feel unnecessary stress.
Other Helpful things to do and consider:
Keep a spreadsheet of expenses and update regularly to make sure you are still on budget. If you are over budget in one area, you may want to see where you can save it in another.
Have an accountability partner that you go over budget with. Budgets are not meant to be purposefully broken. A special note-your accountability person should not be the person who buys a round of drinks for every person in the bar, it should be the person who counts their change when they get it back from the hot dog street vendor. They are the type of person who will prevent you from coming home with a $900.00 light fixture when you only budgeted $300.00.
Be upfront with your budget to all trades. Don’t let them show you things outside your budget. If you have aligned yourself with the right people, they will know how to give you a beautiful kitchen without breaking the bank.
Know where you can pair back and prioritize funds to things that are most important to you!
There you have it! Having a budget will ensure that your experience remodeling stays a happy and exciting time! It certainly should be; you deserve it!
*This Blog post was written by Blue Mountain Kitchens. We specialize in 3-D rendering, design and installation of cabinetry for all areas of your home. You dream it, we create it…on budget of course!
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