An important step in the kitchen remodel process is creating a Project Budget, which we recommend at the early stages of planning to assist our clients determine the total cost of the project they have envisioned. This is the fourth step in our process of renovating a kitchen.
What should be included in a kitchen remodel’s Project Budget? Here are five items to focus on to insure you cover all the budget basics:
1. Decide how much you want to spend on your remodel?
A cosmetic refresh including: painting existing cabinets, new laminate counter-tops and vinyl flooring, one or two appliances plus replacing a faucet & hardware, could be done for $5,000.
A complete remodel including: top-of-the-line appliances, new cabinetry, high end surfaces, as well as changes to walls, plumbing, wiring, and duct-work, could cost $50,000 – $80,000.
2. Make a list of your kitchen remodel priorities? Maybe you’ve always dreamed of a professional range or custom handmade tiles, well now is the time to make a complete list of all the items you’d like included in your remodel. The with your partner or family members rank priorities, rank of #1 Most important through rank #10 as Least important.
3. Know the details on how you will pay for the project? Possible options are tapping into to your families’ savings, refinancing your mortgage or obtaining a home equity loan.
4. Determine whether you are going to stay in your home while renovations are taking place? If you are planning a complete redesign of your kitchen, then factor in the cost of alternate lodging, such as a rental apartment or extended stay hotel. In addition include the cost of eating out, whether for a week or few months, put a number in your budget for take-out or restaurant dining.
5. Create a detailed budget spread sheet and update it regularly. What should be included in your kitchen remodel’s budget? The cost of construction, appliances, furniture, fixtures, delivery, installation, sales tax, professional services of an architect, interior designer, contractor (fee typically 20% of construction cost), plus factor in the cost of lodging and meals. Finally, we advise our clients to include an additional 10% contingency in your project budget, which allows for the unknowns cost that may arise.
Once your Project Budget has been determined, you will be able to proceed with the remaining details for your kitchen remodel without the fear of costly surprises to your projects bottom line.
The JOY of Design.