Kitchen Remodel 101: The Budget Guide

Kitchen Remodel 101: The Budget Guide

You’ve been perusing home décor magazines for months, pinning ideas for cabinets, countertops, and backsplashes. You daydream in the aisles of your local hardware store, looking longingly at floor tile, any chance you get. After months—or perhaps years—of dreaming and saving, you finally have enough money to start your kitchen remodel. But how to allocate the funds?

Don’t Bust the Budget: setting a budget and sticking to it seems like a no-brainer, but it actually proves harder than one might think.  The average cost of an upscale kitchen remodel is upwards of $80,000, but there are three things to keep in mind when setting a budget:

1. Decide what you can afford. If you cannot afford all of your dream features, consider waiting until you can.
2. Think about how long you want to stay in your house. Is this your forever residence? Do you only plan on saying for a few more years? These should inform how much you spend on a kitchen remodel. If you only plan on staying for another five years or so, then view your new kitchen as a real estate investment. If you plan on staying longer, then create a kitchen that works with your family and lifestyle.
3. Know your neighborhood. Do you live in an upscale area or is your neighborhood on the modest side? Putting a chef’s kitchen in a middle-class neighborhood will likely not yield a high return on investment.

Count the Costs: Understanding the breakdown of expenses is important. On average, count on this breakdown:

• Cabinets: 35%
• Labor: 20%
• Appliances: 20%
• Windows: 10%
• Fixtures: 5%
• Fittings: 3%
• Other/Miscellaneous: 7%

Of course, if new windows or appliances are not a necessity, those funds can be allocated elsewhere. Leaving some money for unexpected surprises is a wise decision. You never know what you might find lurking behind the walls. If no surprises are found, then you might actually have some money left over at the end!

Prioritize, Prioritize, Prioritize: What’s most important to you? Is it new cabinets? A solid stone countertop? Stainless steel appliances? Set aside the money for your must-haves first, and then allocate the rest of the money.

Get to Work: If at all possible, do some of the work yourself. Whether you help with the demo, painting the walls, or ordering the tile, you will save money.

At Progressive Builders, we are here to help you with your entire kitchen remodel. If you are ready to get started and need help with the budgeting process, give us a call today!