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Budgeting Tips for Your Kitchen Renovation

20 December 2018

Starting to budget for a Twin Cities custom home renovation can be difficult. If you’re having a hard time figuring out where to start, you’re not alone. Home reality television shows can present budgets that don’t jive with what is happening in your part of the country, as rates vary by market. Showrooms are great places to find inspiration, but do not always employ installers.  If considering a kitchen overhaul, we’ve got the details on how to make budgeting a less tedious task.

New kitchen

Components That Influence Budgets and Cost

When it comes to a kitchen renovation, it’s wise to allocate 1/3 of your budget for labor and the rest for materials.  Keep in mind kitchen cabinets often take up the biggest portion of your material budget and that’s why it’s imperative to select reliable cabinets that will stand the test of time.

Developing Your Budget

Start by figuring out your goals and arrange in order of most importance. The internet is your friend; put together an idea book of your preferences to share with the contractors you’re meeting with.  Houzz.com & Pinterest make this a breeze. Interview three reputable professionals to discuss your vision and build a plan.  Find out if your municipality requires a permit for the work being conducted. Remember to plan meals ahead, as access to your stove and refrigerator may be minimal.  Allow wiggle room in your budget to cover unanticipated surprises, usually about 10 to 20 percent.

Controlling Cost

Start by having one source to take money from; relying on multiple merchants can cost you more in the long run. Ask your contractor if they offer financing and find out what their recommendations are for acquiring a loan for your project.  Industry studies suggest that 1/3 of homeowners go over budget due to last minute changes.  Avoid these unnecessary fees by fully committing to your project prior to starting.  It’s perfectly acceptable to take some time for research and reflection in order to ensure you’re going to be happy with your kitchen renovation for years to come.  Hold off on any demolition until everything is in place and scheduled.  Stay in contact with your project manager and notify them ASAP if any changes to the original plan arise.

Be Sure Your Kitchen Renovation Has an End Result You Enjoy for Years to Come: 

Common Ways Budgets Are Blown

With home renovations, surprises may appear. Tear down can uncover some electrical, plumbing, or ventilation of structural systems that may need upgrading because they are not up to code or could use some upgrading. Prior remodels may have been the cause, but by being prepared by giving yourself some extra cash for the budget, you won’t be left in the dust. You might come upon deterioration of the existing space that was unseen before beginning the project, thus changing the scope of your project to adjust to the issues. Remain satisfied by expecting the unexpected and having a plan in place in case your project’s scope of work needs to be adjusted.

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