Starting a kitchen remodeling project can be an exciting chapter in your life as a homeowner. But even if you are just planning on changing a few small things, it can be a much bigger project than you imagine.
The most important thing you can do to keep your plans from going awry is to thoroughly determine your budget. Everything costs money, from a new paint job to custom cabinet installations. And whether your kitchen is large or small, there is definitely going to be some budgeting involved.
Below, you’ll find the top tips and tricks for the proper way to budget for your next kitchen remodeling project.
Experts such as HomeAdvisor recommend setting aside at least 20% of your overall kitchen remodeling budget for unexpected emergencies or surprise costs. There are always going to be expenses that crop up out of nowhere or little things that you may not have considered as part of your initial budget. When these things occur, it’s good to have a little bit of money already prepared to handle the situation.
You should factor in emergency situations like unexpected leaks or breakages. For example, if you want to remove your sink in order to install a new unit or relocate it to the other side of the kitchen, you may discover a busted pipe you never knew about. You’re going to have to hire an emergency plumber to take care of the issue before the new sink can be installed. Make sure you have this kind of emergency money available!
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It takes a long time to factor in all of the different costs associated with a kitchen remodeling project. While you are still doing the math to figure out how much you’re going to need to save, make sure you set a hard limit for yourself as well.
It’s really important that you look at how much you can spend vs. how much you want to spend. While the average kitchen remodeling project costs upward of $80,000 or more, just focus on your own spending limits.
Without properly preparing and understanding your budget, you are prone to overspending. Maybe throughout the project, there are additional pieces you want to install in the kitchen or extra customizations you want to tack on at the end. These costs add up, and the last thing you want to be is in debt because of a remodeling project.
There are home equity loans available for homeowners who are interested in starting a remodeling project. Oftentimes, these home equity loans work to the advantage of the homeowner because they are tax-deductible. And while you may incur some debt over time, keeping a close watch on your budget can help you cover the monthly loan payments in an achievable way.
Other options include:
- Taking out a personal loan with your bank
- Taking out a loan against your retirement plan
- Refinancing your home
It’s important that you work with a lender or your bank to determine what kind of payment option works best for you.
Kitchen remodels in fort collins colorado can disrupt the peace and lifestyle of your home. You won’t be able to go down in the morning and fix yourself a cup of coffee or start cooking eggs and bacon for the family. You will either need to temporarily locate your necessary appliances to another room, or you will have to stay out of the house for a while until the project is complete.
Many homeowners use this as an opportunity to go on a vacation or to rent a hotel room nearby. Depending on the size and length of the project, you might even think about renting an apartment.
Do be sure to factor things such as storage and eating out as part of your extra costs.
Creating a realistic budget is harder than it sounds. You need to do thorough research to determine the costs of each remodeling project, factoring in emergency costs and unexpected events. It may seem challenging, especially to first-time homeowners, but with the help of professionals, you will have a kitchen remodeling project well underway in no time.