When planning on a kitchen remodeling project, the budget is the first thing to consider. A realistic, thoughtful budget serves as a framework in deciding the extent of your kitchen remodeling project. Without a remodeling budget, your cost can easily exceed return on investment, not to mention affordability.
As a good rule of thumb, figure that 15% of your home value is a reasonable figure that you can expect decent return on investment. But the 15% figure is only a guideline. The actual figure would depend on individual circumstances. Personal enjoyment and livability are factors too, and you need to consider how long you intend to stay in the home.
One big budget factor is the ability of the homeowner to Do It Yourself or DIY. With a minimal skill level, any homeowner can save a great deal of money. Depending on circumstances, this could mean that more extensive remodeling becomes affordable. But DIY will take some of your time, and materials cost. It all depends on your ability, and the cost of labor in your area.
Don’t forget to seek advise from friends, or neighbors who might have already been through the process. Their outlook can save a great deal of time and money – especially if they advise you to avoid DIY and a particular job. Also they may know of any good deals, coupons, or promotions going on.
Speaking of coupons, you can always find some good promotions going on at home show fairs. For the tasks you do decide to hire a professional for, these fairs are a great source of package deals or coupons. Collect brochures from each company represented, and also think about which ones you feel most comfortable with. You may prefer a set, defined package deal, or you may prefer more flexibility with the offerings made available.
Even if you are uncomfortable with any level of DIY, there are still ways to save money and bring your budget in line with what you want to achieve. You can, for example, purchase the building materials yourself, which can save whatever markup the contractor might add. After all, it takes time to go out and load up on materials, so it’s perfectly reasonable for a contractor to do add a markup on materials.
After all the information is collected you can begin to put all the pieces together, and figure out how you can balance your kitchen remodeling project desires with you budget restraints. You’ll know where you can save money by using DIY or avoiding materials markup. There is one other thing to mention – and that is the satisfaction and pride of saving some money, and getting your hands a little dirty.