Anyone who plans on doing some remodeling in their kitchen should make sure that they are very clear on how much money they want to spend for this project. In general, the average price for remodeling an upscale kitchen is around eighty thousand dollars, yet there are 3 factors that you have to consider if you want to spend that much money on this. The first one is your budget and the second one is the amount of time you plan on living in your home.
So if you only pan to live like three to five years in your home, then you should see your kitchen remodeling project as a way to improve your home’s value.
Make sure though that you’re only going to spend as much money as you think you can recover by selling the house.
If you plan on living in the house for more than five years, then you should consider doing a remodel that will make your family and you the most comfortable.
When it comes to the third factor to consider, it’s the neighborhood.
In case you plan on adding a spectacular kitchen update in a middle class neighborhood, then when you’ll sell your home you’re most likely not going to recoup the money you spent on it.
Cost breakdown
About twenty to thirty five percent of your project costs is going to be consumed by labor. Adding to the cost are also the cabinets which are usually pretty expensive. To offer you a better idea of how the costs break down, take a look at the table below:
35% for the kitchen cabinets
20% for appliances that go into your design.
20% for hired labor.
10% for the new kitchen windows.
5% for the plumbing fixtures.
3% for the fittings.
7% other stuff you may need.
20% of your budget needs to be laid aside for unexpected expenses
If you have an older residence, then you should certainly expect some unpleasant surprise along the way. It could be that the floor beneath the washer is rotten or that the wiring in the walls is outdated. To cover these surprises, it’s recommended that you leave some wiggle room in your budget.
Set priorities and stick with them
It’s best to have a list that contains the things that are the most important for you, such as cabinets, appliances, electronics and so forth. Also, when you set your priorities, go through the importance of the little things such as hi-tech faucets and molding to the overall look and feel of the kitchen. While seemingly inexpensive, they can easily add up.
Paying for the kitchen remodeling project
A home equity loan is one of the best ways to consider when it comes to paying for your kitchen remodel and that’s because they’re tax deductible.
Also, you may have cash in hand to pay for the project, but before you go ahead and pull money from your investment account, you may want to consider the benefits of borrowing cash at a low interest rate.
Will you live in your home during the renovation?
If you want to reduce your stress, then it’s best to live someplace else while you’re home is being renovated. However, this means you need to factor in the costs of renting an apartment or home and how long you need to rent it for.
No kitchen – no Eating
Without a functional kitchen, you’ll need to consider eating out a lot and this means quite a bit of money is going to be spent on food. Because of that, this expense should be fit into your budget at the outset.
Monitor your budget closely and frequently
Make sure to have a spreadsheet where you keep tabs of every little expense you consider. If there are any cost overruns, then you’ll easily be able to stop them.
Lower costs by making your hands dirty
Taking out the old flooring, appliances and cabinets can be done by yourself, so how about you consider this in order to save some money?
Extras should be avoided
Make sure that you don’t deviate from your original plan, since it’s easy to spend a lot more money on the remodel by adding various kitchen features. The extras are just extras and they’re not required for you to use and enjoy your new kitchen .
