So you are all set to meet a contractor for your kitchen remodel. The first question that you can expect to be asked by any contractor is, ‘What’s your budget?’And most people are unprepared for this question. The answer is usually a prolonged silence or an awkward expression.

But, the answer to this question is what will decide the outcome of your remodel.

The problem is that most people think that it’s easy to decide on a budget and stay within that budget. But it’s not. It is very easy to get carried away by numerous things and go overboard though.

Here’s our guide to help you plan and execute your kitchen remodel with a pre-set budget.

What’s your budget?

Ask yourself this question before the contractor does. Analyze your finances. Think about why you want to remodel (better functionality, aesthetics, more space, reselling). If you are planning a remodel as part of increasing the value of the home, then remember that you will not be able to recoup more than 65-70% of what you spend. So ensure that you spend every dollar on what you must.

Budgeting to exceed

It is very important to budget to exceed. Because there will be unexpected budget busters in every kitchen. From busted pipes to worn out wires, you never know what surprises are hidden behind your walls. So if you are planning a complete remodel, ensure that you keep at least 15-20% of your budget aside to meet unexpected expenses.

Temporary Accommodation

Do you plan to stay in the home when the renovations take place? If yes, then you may have to setup a makeshift kitchen in one of the rooms. This will incur some additional expenses. Many families prefer to stay in a temporary accommodation. If you plan to move out for a while, account for the additional cost.

Eating Out

Despite having a temporary kitchen setup which can be used for an emergency, you will be eating out a lot during the renovations. Add this to your budget.

Cost Cutting

Is there any part of the job which you can do yourself? If you can, then by all means do it. You can cut costs which can then be allocated to other parts of the remodel.

The Temptation

If you are well on track with your budgeting, then you may get tempted midway to make additions to your project. For example, a new refrigerator that would look fabulous in your kitchen or an additional feature which would be great to have, are absolute budget-busters. Avoid it at all costs.

The Spreadsheet

Prepare a detailed budgeting spreadsheet before you begin with the remodel and keep tab of all expenses you make. If you notice that you are exceeding the budget that you set for any particular job, then analyze it and make amends.

Be judicious with your spending but don’t cut corners. With the right plan and research, you too can transform your kitchen without going overboard with your budget.

Budgeting for your Kitchen Remodel

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