Any home improvement project, including kitchen remodelling, necessitates the establishment of a budget.
To gather information for this post, I spent several hours studying kitchen remodelling costs and budgeting on the internet. I came across a couple of websites that offered prices for kitchen remodelling based on square footage. While I sympathise with their efforts to come up with a clear method for determining remodelling costs, this form of advice is not grounded in fact. Remodeling jobs are so unique to the building’s condition and the homeowner’s expectations that no square footage pricing would ever be practical. I also came across a variety of websites that didn’t include any actual budgeting tips but instead clearly interpreted Hanley Wood’s annual Remodeling Cost vs. Value survey. You’re much better off going to the Cost vs. Value report’s website and assessing the findings for yourself. Feel free to find more information at Kitchen Design Solutions – Beaufort kitchen cabinets
A kitchen remodel, like anything else in life, can cost more than you expected, and the amount you will spend depends entirely on your preferences. The budget for remodelling is determined by a number of factors.
There are many resources available online to assist you in establishing a simple budget number to begin with. Remodeling Magazine’s Cost vs. Value Survey, which is distributed annually by area and major city, is my personal recommendation. The great thing about this study is that it has a rundown of the “average” project so you can see if your kitchen remodel would be higher or lower than the average. I also find their average pricing to be an accurate representation of our company’s pricing, so suggesting that clients look at this report before I meet with them would help them create a reasonable budget that we can work within to give them a fantastic kitchen.
Semi-custom cabinets were used to build a custom hutch.
Although Remodeling Magazine’s study is extremely useful, it also takes a one-size-fits-all approach to budgeting. If you want to improve your math skills, keep reading.
As you go through this list, get out a pad and paper and jot down a few notes about each factor:
Factor 1: Home Value- Take into account not just what you believe your home is worth, but also the value of similar homes in your neighbourhood that have already undergone renovations. Zillow.com is my go-to place for testing home values; simply enter your address and you’ll be taken to an interactive map with home values and other information displayed right on the map. Take note of may homes are close in size to yours, have been purchased more recently, but have a higher value, and then peer inside their windows to see how they look. I was just joking, of course. If you don’t know them, it’s time to introduce yourself and ask for a tour.
Factor number two Wow! – This is directly related to your objectives and motives. Make a list of all the motivating factors that are vital to you in a kitchen remodel. Here are a few examples of what you should do: The kitchen is in disarray. You enjoy cooking, but the layout is inconvenient for you. You enjoy entertaining and want to make the kitchen a gathering spot. You want a kitchen that will impress your visitors. You’re about to put your house on the market, and the kitchen is a stumbling block for potential buyers… After you’ve made your list, consider which motivations are the most important and reorder them in that order. Imagine your budget beginning in the “middle,” and remember which factors may cause it to rise or fall…for example, having to remodel to promote a sale might cause it to fall, remodelling to wow visitors might cause it to rise, and so on.
– Did anyone say AGA? – Factor 3: Did someone say AGA? Make a list of some “must haves” for you to consider a kitchen remodel worthwhile. Granite tiles, an island with a second sink, a second dishwasher, a commercial-grade gas range, and so on are all possibilities.
Factor 4: Longevity- Determine the amount of time you plan to own the home to the best of your ability.
Factor 5: Scale Does Matter- Decide how much of your home your kitchen takes up. The average kitchen square footage was found to be 7% of the home’s square footage in a sample of over 100 modern home floorplans ranging in size from 1000 to 3000 square feet. If your kitchen is larger or smaller than the national average, you may need to change your budget.
Factor 6: Layout- If you already know you’ll like the sink relocated, an island sink installed, an interior wall moved, and an exterior door installed, you’ll need to budget even more than a simple facelift.
A tricky layout: a sound-wrapped drain pipe is hidden behind the decorative column.
Factor 7: Financial Support- Calculate the maximum amount of money you can spend. You can guess how much a lender would possibly lend you if you’re funding your project. A debt-to-income ratio (DTI) of.36 or less is preferred by lenders. Divide all of your recurring debt commitments (credit card payments, auto loans, mortgage payments, and so on) by your monthly salary to get your DTI. Multiply your monthly income by.36 to get your full healthy monthly debt. Subtract your current monthly debt from this figure to arrive at your monthly budget limit. Here’s a link to a calculator that can help you with the math: calculator for mortgages.