Creating your kitchen remodel on a budget

Remodeling can be extremely costly, so the very first step to take during any home remodel project should be to nail down the budget. For kitchens, which can cost in the tens of thousands to overhaul, creating and allocating a budget is especially important. If you’re about to embark on a full kitchen remodel but aren’t sure how to get started, take a look at these ways to help plan your finances for the project:

Find a balance
You may have a mile-long list of things you want to change in your space to create exactly the kitchen you want, but you have to make sure your ideas don’t break the bank. In other words, you have to find a balance between the amount you can spend and the projects you can accomplish. After figuring out the exact budget number you can’t exceed, start prioritizing the projects you want to take on. That way you can start at the top with the most important projects, then work some of the lower-priority projects in if there’s wiggle room when you’re finishing up.

Know where the costs go
Finding your overall budget is the first step, but knowing how to allocate the money is a little more complicated. Here’s how the costs generally work out for a total kitchen redesign:

• Around 30 percent: Cabinets
• Around 20 percent: Installation and labor
• Around 20 percent: Windows, walls and floors
• Around 15 percent: Appliances
• Around 10 percent: Counters
• 5 percent: Hardware, smaller fixtures like kitchen faucet parts, and other costs

This is a good place to start, but your budget allocation may be different depending on your design preferences and the projects you’re taking on. Do plenty of research on the costs of each project, including labor and installation, before beginning your remodel, and create your own budget allocation chart. Not only will this help you plan, but it will also give you an idea of any wiggle room if, say, your oil rubbed bronze kitchen faucet is a little more expensive than anticipated.

Plan for things to go wrong
Even the most seasoned remodel professionals don’t usually make it through a project without something going a little wrong. And between plumbing, electrical wiring and other construction woes, these unexpected problems or small snafus can be pretty costly. Leave about 20 percent of your budget available for any problems that arise during the project, just in case. If nothing goes wrong, you’ll be way ahead of budget and able to take on a couple more small changes!

Keep unexpected costs in mind
Many people don’t plan for the daily living costs they can accrue during a kitchen remodel. Since the kitchen is generally out of order for several days during an overhaul, families usually have to either do a lot of eating out or find alternative lodging during that time. Work these costs into your budget as well, so that you’re completely prepared.

Refrain from making changes
Flip-flopping mid-project is one of the biggest reasons people go over budget, because design changes and extra labor and materials cost a lot of money. Make sure you are completely sure of your design decisions before the project begins, so that you won’t be tempted to make changes halfway through.