Cost is certainly one of the most intimidating factors of any renovation, but don’t let it keep you from updating your kitchen. Nationally, it is the most popular room to renovate, and for good reason. The kitchen is the center of domestic activity, and we want it to stay in pristine condition. Plus – the better a kitchen performs, the more you might save on water and electric bills, and the more your home’s resale value rises.
If you want to learn more about the benefits of a kitchen renovation, check out our article on the four reasons to remodel your kitchen. In this article, we’ll be exploring the cost considerations of a kitchen renovation. Knowing what to expect on a financial level is crucial for any major project, and kitchen renovations are no exception.
Obviously, financial concerns are important when planning home remodels. However, you don’t have to let those concerns control you. With the following budgeting strategies, you can take command of your next kitchen renovation without fear of draining your savings. Trust us – your wallet and your bank account will both thank you later for reading this information.
Define your Goal
You probably have a vision of your dream kitchen already. Now you just need to find your way there from the kitchen you already have. What needs to change, and what can stay the same? What needs a drastic transformation, and what only needs a slight touch-up?
Take a look around the room and work through these questions. Have some fun imagining the possibilities, too! Your assigned designer will work with you during this step as part of our Personalized Design experience. We will offer our expert opinion on how you use your kitchen, and make suggestions as to how it can be better designed to fit your lifestyle.
Set a Limit First
It’s critical that you decide how much you are willing to spend at maximum. Drawing a line in the sand early on will save you from indecisiveness later. In general, homeowners usually invest anywhere between 5 and 15 percent of their home’s value into a kitchen project, but – ultimately – you determine those figures.
At this point, it’s tempting to set your budget optimistically low, but doing this could set you up for future disappointment if you don’t stay realistic. As you consider your budget, include resources for the following:
Miscellaneous
Set a little money aside for indirect expenses. You could, for example, have to pay for take out on a regular basis if cooking in your kitchen becomes a hassle during the renovation process. In addition, you might also accrue boarding expenses if you take your pets to a kennel while the project is underway. If you want to learn more about keeping your pets safe during home renovations, check out these seven tips.
Buffer
This is one of the most important factors to account for in your kitchen renovation budget. It is absolutely essential that you allow yourself a buffer of spendable money in case something comes up during the project. Dedicate 10-20% of your funds for this contingency from the beginning.
If that list looks costly, don’t worry. There are several ways that you can save money on your next kitchen renovation. You might, for example, make it a partial DIY project. You could also finance your kitchen project so your dream space can become a reality at a monthly payment you’re comfortable with.
Consider the Cost/Return Ratio
As you decide on a monetary limit, don’t forget that the changes to your kitchen could end up paying you back. The national average return on investment (ROI) for a major kitchen renovation is nearly 54%, while minor adjustments will typically earn you 81% back on your money. Though relying on this return to prospectively fund your project is something of a risk, bearing the ROI in mind may relieve some of the budgeting stress.
Ask for advice
Whether this is your first or fiftieth home project, it’s always a good idea to get a second opinion. You could talk to friends or family members who have completed a similar project to the one you plan on completing, or visit online forums. You can also talk with us at one of our Pittsburgh-area Kitchen & Bath Design Centers. We are the trusted source for “personalized design within your budget.”
If you want some more readable renovation advice, check out this post on the common mistakes that could cripple your kitchen remodel.
