Tips on Creating an Appropriate Kitchen Renovation Budget

kitchen renovation with beam ceilings

When it is time to prepare for your kitchen renovation project, the first thing you should do is layout a budget for the upgrades. This is a great way to help plan the final look of your kitchen without going over your budget or running out of materials halfway through. Most people think that setting a budget is just setting a final dollar amount. In actuality, it requires careful consideration of various aspects of your planned changes. Sultacon Construction has created an easy to understand guide that will help you budget for your kitchen renovation project affordably.

Define the Project’s Purpose

Understanding why you want to remodel will help you plan your budget in a way that supports your goals. If you are looking to make your kitchen more efficient, then budget for better appliances. For those looking to increase the space or overhaul the appearance, plan your budget around fixtures and trim. If your purpose is to increase your property value, rest assured that no matter what budget track you choose, upgrades tend to have a 60% to 70% ROI.

Spend Your Money Wisely

Understand what each part of your kitchen renovation cost. Tiles, appliances, cabinets, and additions will all have different price points. Try to create a specific budget for each area to ensure that your project has the highest chance of success.

Follow The 20% Rule

Most kitchen renovation contractors will tell you that you should add 20% in padding, if not more, to any home improvement project’s budget. This padding will give you the leeway you need to manage setbacks or other unexpected expenses. Sometimes there is extra work you need to complete in order for the main renovations to move forward.

Don’t Splurge on Everything

When adding things to your kitchen during upgrades, think about how you will use it and if it is worth budgeting money for. This will help you reduce expenses and save money for more important features. Also, instead of buying name brand everything, opt for affordable options that have the same or similar quality.

Plan Your Kitchen Renovation Setbacks

When you are renovating the most used space in your home, chances are you will need to make some adjustments. Consider planning a temporary kitchen area to use during your project. If you don’t have space, think about pre-cooking meals or even eating out. Plan for these changes in advance to help control your cost and make your project run more smoothly.

Make a Budgeting Spreadsheet

Making a list of details and assigning a budget to each will help keep your expenses on track. When you put your list in the form of a spreadsheet, you can compare your planned cost to the actual amount that you have spent. When a line starts to near or goes over your estimate, you can look at your overall budget to see if you can make adjustments.

How Sultacon Construction Can Help

Renovating your kitchen is an exciting endeavor that has a lot of small details to consider. Making a list and planning your expenses will help you stay on track and on budget. If you need help with your Oakville kitchen renovation project, give us a call at (416) 433-4242 to see how we can help bring your ideas to life.

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