Making dollars – n – $ense in your kitchen and bathroom remodeling project

There are many ways to make your dreams a reality.  You might decide to use personal savings or take out a personal loan.  Some kitchen and bath dealerships work with lending institutions to offer financing options similar to a car dealership.  If you are purchasing the house house while you are considering remodeling, another option would be to incorporate the cost of your project into the mortgage.  Whatever your situation, there are financial solutions to make your dream a reality.

 

Some things to think about

Make concrete decisions up front.  Changing your mind can cost you more than you think.

It is important to note that when considering a budget for your total kitchen project, it should not exceed 15 – 20% of your homes total value.

If you should ever decide to put your home on the market, it is estimated that 85% of any money spent on kitchen or bathroom remodeling is regained.

An average kitchen costs somewhere between $15,000 and $26,000, including design, products and installation. Of course you can spend more or less depending on your selections.

An average bathroom costs somewhere between $7,000 and $12,000, including design, products and installation. Of course you can spend more or less depending on your selections.

Differentiate your budget to reflect anything that can easily be changed like wallpapers, paints and decorative hardware as opposed to hard to replace items such as cabinetry, appliances and countertops.

And, always, when considering ways to save money, do not sacrifice quality for a cheaper route.  The worst thing you can say after the completion of a project is “I wish we would have …”

My Budget

The cost of your remodeling project or new construction depends on many variables: materials, appliances, accessories and labor.

The National Kitchen and Bath Association estimates a typical kitchen budget breakdown like this:

Cabinets . . . . . . . . . . . . . 36%

Countertops . . . . . . . . . .  14%

Appliances . . . . . . . . . . .   12%

Installation . . . . . . . . . . .  11%

Interior Designer . . . . . . .   6%

Hardware/Fixtures . . . . . .   6%

Flooring . . . . . . . . . . . . . .  6%

Lighting . . . . . . . . . . . . . .  5%

Other . . . . . . . . . . . . . . . . 4%

Which of the following ways can you choose to trim your costs?

Reuse your hardware?

Reuse your countertops?

Reuse your appliances?

Doing your own painting/wallpaper?

Using your existing lighting?

Other budget factors . . . . . . .

• Cabinetry: will account for about one third of the total cost of your project.  That cost will vary due to the cabinet construction as well as the features and styles you select. 
• Number of cabinets: One 48” wide cabinet cost less than two 24” cabinets, but sometimes the extra cost is worth the extra storage convenience.
• Door Style:  Traditionally solid wood, raised panel doors cost more than those with veneered, flat centered panels.
• Construction:  Construction varies from furniture board on the less expensive end to plywood on the higher end.
• Finish:  Generally glazes and paints come with a premium charge and therefore, cost more than stains.
• Storage features:  Obviously, added features will increase the price, but they will also increase the efficiency of your kitchen.  Decide which features are most important to you and be sure your designer weaves them into your kitchen.
• Decorative accessories:  Similar to storage, more decorative accessories mean more money:  however, sometimes a few finishing touches will complete the perfect look for you kitchen.