It is a new year, and possibly time for a new kitchen. Why not start thinking about a kitchen remodel? The big question is just how much you will have to spend to get the kitchen of your dreams. The answer to that question depends on a multitude of factors. Do you wish for custom cabinets or standard (in stock) cabinets. Do you need to have profession grade appliances, or can you get by with a standard grade appliance such as GE or Kenmore. You need to think about the type of countertop you would like to install (laminate, stone, or other). Lastly the types of fixtures you will install such as sinks, faucets, and other plumbing accessories.
When remodeling, determining a budget can be difficult. There are two things to remember when you are planning your kitchen remodel. The homes properties (age, value, and location); and the time you plan on being in the house. We encourage you can spend as much or as little as your own personal financial situation will allow, but pre-determining a budget will give the project a direction. In general, for every dollar spent renovating your home, you can expect to get that back twofold if and when you put your house on the market. Inversely, if you plan to live in your home until you are old and gray, then spending whatever you feel it takes to get the look you want is reasonable.
A very convenient tool that can help you determine your personal budget for your kitchen renovation or remodel is the 5%-15% rule. Simply put, the entire renovation of your kitchen, including everything that you have planned (cabinets, appliances, flooring, countertops, trim molding, lighting, fixtures, wall covering, faucetry, and other miscellaneous needs) should cost no less than five percent of your home’s current market value and no more than fifteen percent. Of this budget, fifty percent should be allocated to cabinets, cabinet accessories and trim. If you are planning to keep your existing cabinetry, then you can automatically cut your renovation budget in half. Homeowners oftentimes choose to use their existing cabinets because they are of a good, sturdy wood that they love – and often refurbishing the existing cabinets and adding new trim or hardware is sufficient to give them a “facelift”. If your home is valued at a current market price of $100,000, you should devote no less than $5,000 and no more than $15,000 to kitchen remodeling. Many homeowners go somewhere in the middle of these two figures and budget eight percent of the home’s value towards a typical renovation (in this example, $8,000). Of course this is only a guideline; your budget may be bigger or small depending on your needs and what you have envisioned for your kitchen.
A high end kitchen usually features custom cabinets, granite countertops, professional appliances, multiple sinks and faucets including a pot filler faucet by the range or cook top, overhead recessed lighting, hardwood flooring, and detailed crown molding. When developing your budget, you should determine which if any of these renovations you wish to consider and which you can eliminate. For example, there are oftentimes beautiful countertops already installed in your kitchen – and by simply adding new faucetry you can give them a whole new look. Or perhaps installing a new sink will add a stunning visual impact to the countertops that will allow you to forego that expense. All in all, your kitchen renovation should be based on what you need and what you can afford.
Contact us today to schedule a consultation about your new kitchen!
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