Budgeting for a Kitchen Remodel
If you are anticipating a kitchen remodel, you are likely wondering just how much you will have to spend to get the kitchen of your dreams. The answer to that question depends on a multitude of factors, including whether you wish to order standard (in stock) cabinet or have them custom made or semi-custom made, whether you want standard or professional grade appliances, as well as the type of countertops you are electing to install in your new kitchen (laminate, stone, or other), and what types of fixtures you will install such as the types of sinks, faucets, and other plumbing accessories that you wish to have in place in your new kitchen. In addition, if you plan to install add-ons to your kitchen like a disposer or water filtration system, this will add to the total cost of your renovation.
Do You Need a Budget?
Your kitchen renovation costs will also be best determined by how much you want to spend or have allotted for the projects that you have in mind. Are you setting up an allowance with your builder or maybe even planning a custom home? If so, your budget may be already set in stone. If not, forming a budget can allow you to determine how much you should spend and what you should spend it on to get the most for your renovating dollars. This kitchen renovation budget guide will help you get a good feel for making your renovation budget and (more importantly) will give you a guide by which you can stick to your planned budget.
If you are about to undertake a kitchen remodel, why not give us a call here at Faucet Depot? (Toll Free: 888.328.2389) We can assist you with choosing products, installation tips and anything else you may need answered before or during the remodel. We are always willing and happy to negotiate lower prices through our Big Order Program if your total order size is over $1500.
Determining How Much You Can Spend for Your Kitchen Remodel
When remodeling, determining how much you should or must spend can be difficult. Factors to consider when you are making out your kitchen remodel projects are the age of your home and its value, and if you plan to stay in the home for very long (although upgrading your kitchen can add to the value of your home on the resell market as well). And while you can spend as much or as little as your own personal financial situation will allow, having a budget will keep you on the right track. If you are planning to resell your home in the next few years, spending too little may cause you to not get back the investment you make in the remodel or may even lower the resale value of your property when it is compared by potential buyers with other homes in the area and in your home's price range. Spending too much on your renovation only to move out a few short years later, however, may see you not getting your entire investment back. In general, for every dollar spent renovating your home, you can expect to get that back twofold if and when you put your house on the market. Inversely, if you plan to live in your home until you are old and gray, then spending whatever you feel it takes to get the look you want is reasonable.
The 5% - 15% Rule for Kitchen Renovations
A very convenient tool that can help you determine your personal budget for your kitchen renovation or remodel is the 5%-15% rule. Simply put, the entire renovation of your kitchen, including everything that you have planned (cabinets, appliances, flooring, countertops, trim molding, lighting, fixtures, wall covering, faucetry, and other miscellaneous needs) should cost no less than five percent of your home's current market value and no more than fifteen percent. Of this budget, fifty percent should be allocated to cabinets, cabinet accessories and trim. If you are planning to keep your existing cabinetry, then you can automatically cut your renovation budget in half. Homeowners oftentimes choose to use their existing cabinets because they are of a good, sturdy wood that they love - and often refurbishing the existing cabinets and adding new trim or hardware is sufficient to give them a "facelift". If your home is valued at a current market price of $100,000, you should devote no less than $5,000 and no more than $15,000 to kitchen remodeling. Many homeowners go somewhere in the middle of these two figures and budget eight percent of the home's value towards a typical renovation (in this example, $8,000). Of course this is only a guideline; your budget may be bigger or small depending on your needs and what you have envisioned for your kitchen.
Determining Your Wants & Needs for Your Kitchen
A high end kitchen usually features custom cabinets, granite countertops, professional appliances, multiple sinks and faucets including a pot filler faucet by the range or cook top, overhead recessed lighting, hardwood flooring, and detailed crown molding. When developing your budget, you should determine which if any of these renovations you wish to consider and which you can eliminate. For example, there are oftentimes beautiful countertops already installed in your kitchen - and by simply adding new faucetry you can give them a whole new look. Or perhaps installing a new sink will add a stunning visual impact to the countertops that will allow you to forego that expense. All in all, your kitchen renovation should be based on what you need and what you can afford.