How Much Is Enough for Your Remodeling Budget?

So you’re thinking about remodeling your kitchen or bathroom. Have you thought about a budget? Setting a budget is often the first step of the remodeling process and one of the most stressful. You find out the cabinets you fell in love with on Pinterest are slightly out of the realm of possibility, what do you do now?

Set a budget and stick with ithidden refridgerator
This task in and of itself can be difficult if this is your first remodel, but it doesn’t have to be. First look at your personal  finances and see how much you can spend. The next question is, is this (your current home) your forever home? Or are you planning on selling in the next 5 years? If so, think about all your remodels as improvement to a real estate investment. If you’re in your lifetime long home, the average percentage to spend on a kitchen remodel is anywhere between 8% to 16% of your home’s value.

Know the cost breakdown 
There are endless options of cabinetry, backslash, and accessories that it almost seems impossible to select the right combination to stay within budget. Here are 3 samples of realistic costs for a kitchen redesign/remodel:

Budget: 20K                                       Budget: 30K                                              Budget: 40K

Cabinetry: $10,000                          Cabinetry: $10,000                                 Cabinetry: $12,000

Counter Top: $3,000                       Counter Top: $3,000                              Counter Top: $3,500

Back-splash: $800                            Back-splash: $800                                  Back-splash: $800

Flooring: N/A                                     Flooring: $1,000                                      Flooring: $2,500

Labor: $2,000                                    Labor: $6,000                                          Labor: $9,500

Demolition: $500                              Demolition: $1,000                                 Demolition: $1,500

Appliances: $2,500                            Appliances: $3,000                                 Appliances: $3,000

Construction Materials: N/A           Construction Materials: $3,500            Construction Materials: $5,000

Fixtures: $700                                    Fixtures: $800                                           Fixtures: $800

Contingent: $500                              Contingent: $900                                      Contingent: $1,400

Make a list of must-haves for your renovation

What are you wanting the most out of your new space? Is it new appliances, new cabinets, or a gorgeous farm sink you saw on Pinterest? No matter what it is, if it’s important to have in your kitchen, budget for it and save money in other places.

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