Budget and Finance For Kitchen Renovation 01

Kitchen And Bathroom Renovation : Budget and Finance For Kitchen Renovation 01

Any successful kitchen remodel starts with dreams and becomes reality. Which means that at some point, after you’ve spent time wishing and dreaming, you’ll have to figure out where reality lies for you. Dream kitchens can be very expensive, in some cases. But before you panic, take a deep breath and read this posts. You’ll discover many practical ways to control costs and reduce the financial sting of remodeling.

Although you probably have an idea of how much you’d like to spend on your dream kitchen, you’re likely to find that the figure is too small to cover everything you want. To avoid disappointment later, you might as well know upfront: when budgeting for a kitchen remodel, you need to be prepared to pay a bit more than you’ve planned and be willing to settle for a bit less than you’ve dreamed. Compromise is inevitable in the remodeling process, but with perseverance and a bit of luck, you can spend reasonably and still end up with a beautiful new kitchen that you’ll love to use.

Determining a budget depends primarily on the extent of remodeling needed in your kitchen. When budgeting for a kitchen remodel, you must also consider how much an updated kitchen will add to the value of your home. Kitchen remodels have the highest rate of return over every other room in the home, so that you can expect to recoup up to 80 or 90 percent of your investment in added real estate value. Something to consider when shopping for a loan to finance a kitchen renovation is that if you choose to take out a home equity loan, the interest may be tax deductible.

Whatever your projected budget, comparison shopping can help keep you within your budget. Be sure to get three to four estimates for any work you hire out, and ask that the estimates be broken down by materials and labor costs. The same goes for appliances; a simple online search can help you determine the lowest rates for standard appliances, which will often be honored by any subsequent seller you find. A visit to your local supplier allows you to touch and feel the products before buying. Be sure to quote the lowest rate for the same model and style, to see if they can match it.

As a guide, here are a few of the projected prices for standard kitchen appliances and fixtures in brand new
condition. This does not account for top-of-the line imported models available at the luxury end of the spectrum or bargain-basement discontinued models at the lowest end.

Dream kitchens, even modest ones like this, can be shockingly expensive. Realistic decision-making, comparison shopping, and strict budgeting can feel like they’re dampening your dream kitchen at times, but they are important aspects of turning your dreams into a real kitchen.