You’d be hard pressed to try to show me a homeowner who doesn’t dream of a kitchen remodel.
First thing’s first: you’ve got to figure out your budget.
It might not be the sexiest part of the remodel. But neither is having to halt your remodeling because you overspent.
Setting your kitchen remodeling budget is both easier and harder than it appears.
On the one hand, you can’t just pull a number out of the air. You have to do some research.
On the other hand, once you know the “formula,” per se, it can be pretty simple to land in your general area.
The first thing you’ll want to consider when you’re first planning your budget is the “why”? What’s yours?
Do you want to remodel primarily to raise the value of your home to sell it within a few years?
Or are you remodeling to make you happier in a home you plan on living in for a long time?
- Raise the value – Compare it to homes in your neighborhood. Don’t put upscale renovations in a modest neighborhood.
- For general happiness – Plan changes that will keep your family comfortable and happy. Keep your wishlist affordable.
Regardless of your motivation, we recommend keeping your kitchen remodeling budget between 5-15% of your home’s value.
For example, if your home is valued at $300,000, the budget should be somewhere between 15k and 45k.
When the project wraps, you’ll be glad you took these steps. No unpleasant surprises, just the work you were expecting.