Kitchen remodelling is the most sought after home improvement by most homeowners. This makes sense, as the kitchen is often the most used room in the house. In many homes, this is a high traffic area and gets a lot of wear and tear.
Setting a Kitchen Remodeling Budget
Start setting a budget by deciding how much you are willing to spend on the project. Part of this will depend on how long you plan to stay in your home. If you will be selling your home in the next two to five years, you may want to limit your budget. You won’t get back your investment if you are looking to sell soon. Remodelling the kitchen also increases the value of your home.
On the other hand, if you are planning to stay in your home for many years to come, you may be willing to spend a bit more. If this is to be your dream kitchen and you plan to stay, invest some more money in making it the room of your dreams. Whether you are working with a large or small budget, allow some extra money in the budget for expenses you may not have anticipated.
To set a realistic budget, you need to know how much things cost. Spend some time researching prices for items you want in your kitchen. Research the cost of kitchen cabinets, flooring, furniture and other items you may want. Consider energy efficiency when comparing appliances. The extra money you spend may be saved later in utility bills.
Visit home centers and kitchen show rooms. Read home improvement magazines and look online for inspiration and costs. Watch television shows on remodelling for an idea of cost and money saving ideas. Start a file for pictures of rooms you love and other items. Include price lists in your file.
After you have spent some time researching the cost, sit down with a pen and paper. Determine the costs of each aspect of the job. Seeing everything on paper can help you decide which items you really need and where you can cut costs.
Pick one or two things you must have. This could be new kitchen cabinets or flooring. Spend the money here and save in other areas. For example, if you really want new cabinets, cut the budget by installing vinyl tile squares yourself and save on the flooring costs.
Consider which jobs you can do yourself and which will require a contractor. Doing some of the work yourself can save a bundle. Painting can be done by most homeowners. Installing flooring or even sewing your own curtains can save money. Use the savings on a big ticket item that you really want.
Financing Your Kitchen Remodeling Project
When planning your project, consider how you will pay for it. Avoid using credit cards. The interest rates are so high that you will end up paying much more than the cost of the job. Save your money and pay as you go. Do each part of the project in phases as you can afford it.
If you really want it done now, consider a home equity loan. The interest rate on these is much lower than for credit cards. You can get what you want and pay over time. In some cases, there may be tax advantages to this as well. Stick to your budget. It’s easy to go crazy with a loan.
