The kitchen is the room in your home where people gather and spend the majority of their time. Being able to remodel your kitchen is an exciting opportunity that allows you to choose exactly how you want your kitchen to look. But how do you even begin to know how to budget for such an expense? Below, we have outlined some good pointers to keep in mind when trying to establish a budget.
First, determine how much you want to spend overall for your kitchen. Once you have a number, take 20% off of the number right away. This 20% will be allotted for any unexpected expenses that might pop up during the remodel. By having a 20% cushion in your back pocket, you will be sure to not go over budget.
Next, assume that of your remaining budget, about 30% of it will go toward new cabinets. The cabinetry is the backbone of the kitchen, so it makes sense that this is where a good chunk of your overall budget will go. If you have a tight budget and quality cabinets in your existing kitchen, maybe think about simply resurfacing existing cabinets. While you will not be able to change the overall layout of the kitchen, you will be able to give your kitchen cabinets a brand new facelift and new appearance.
Decide on what you are going to do with appliances. Sure, brand new appliances are beautiful for a new kitchen, but they are not always necessary. If you have newer appliances already you may be able to reuse them in your new kitchen design and replace a few years down the road as needed.
It is also important to have multiple options for what you like in your kitchen. An ideal scenario would have you selecting every "Plan A", but sometimes unaccounted expenses come up that force you to switch to the "Plan B". Knowing that you have a solid "Plan B" that is slightly cheaper and still fits within your overall kitchen design will help you stay on track with your kitchen remodel budget.