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Budgeting and Prioritizing for your Kitchen Remodel

Posted by Lydia Solis on May 15 2013

The most common question asked is “how much should I budget for a kitchen remodel?”kitchen remodel budgets Well to answer everyone’s question, it depends on what your plans are for your kitchen and the time span you would like it done.

Here are a few questions to answer to get you started on setting a budget:

·         What are your plans for your home? If you purchased your home as fixer upper, then remodeling was probably already factored into your budget.  Is this a starter home? Your dream home? Retirement? Are you expanding your family?

·         Is this a long or short term investment? If you plan on selling your home within 5 years, you will want to plan your kitchen remodel to appeal to prospective buyers. If you plan to live in the home for a longer period of time, you may want to add amenities that you will be able to enjoy over time.

·         Is a return on investment a priority for you? If it is, you will want to maximize the equity of your home by considering the recent sales of comparable home in your homes area, what you paid for your home, and the money you have already invested?
For a reference guide, refer to the Pacific- Los Angeles Value Report published by Remodeling Magazine; the average for a small kitchen remodel is about $23,603 and the return is around $19,854. For a major kitchen remodel, the average cost is $65,686 and the return is $50,556. For an upscale kitchen remodel, it will be about $123,012 with a return of $81,201.

·         Are you going to rent out your home in the future? If this house is an investment, then you should have an idea of how much you would like to charge the renter. Some of your investment can be recouped but also thing about making a profit on it. The kitchen should address the renter’s basic needs as well as the amount of time you would like your investment paid back.

·         What do you like about your current kitchen? There are probably items that you will want to continue using. Listen to your likes and dislikes, this will help you visualize a design for your kitchen.

·         What do you loath most about your kitchen? Your answer to this question will help you decided what major changes you will want to prioritize when planning the budget.

The next step in figuring out a budget for your kitchen remodel project is setting priorities; determining your “needs” and “wants”. Needs are the things that are an essential part of your kitchen remodel. Wants are the optional things that you desire.

Here is a checklist to help you easily separate your needs and wants:

 

Need

Want

Maker

Price

New Cabinets

 

 

 

 

New Countertops

 

 

 

 

New Flooring

 

 

 

 

New Oven(s)

 

 

 

 

New Refrigerator

 

 

 

 

New Freezer

 

 

 

 

New Cooktop

 

 

 

 

New Microwave

 

 

 

 

New Dishwasher

 

 

 

 

New Sink(s)

 

 

 

 

New Lighting Fixtures

 

 

 

 

New Cutting/Chopping Surfaces    

 

 

 

 

Waste Disposal System

 

 

 

 

Trash Compactor

 

 

 

 

Recycling Bins

 

 

 

 

More Workspace

 

 

 

 

More Storage

 

 

 

 

Pantry

 

 

 

 

Wet Bar

 

 

 

 

Window(s)

 

 

 

 

Eating Area

 

 

 

 

Media/TV Center

 

 

 

 

Other:

 

 

 

 

The final thing to consider in setting your budget is, when do want to start your kitchen remodel project and by when would you like it to be completed?

By answering the following questions above, will really help you when it comes time to speak with a contractor.

For a more detailed step by step from being to end of your kitchen remodel, check out our FREE kitchen remodel guide:

 

kitchen remodel planning

Topics: kitchen, costs, kitchen remodel

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