Establishing a Budget
Determining a budget for your kitchen remodel can be a very intimidating process. Research shows that the average person remodels a kitchen only once in a lifetime and therefore may have a limited knowledge of the cost that goes into such a project. Continental Cabinets, Inc. can offer you a few good tips for establishing and making the most of your budget to achieve your dream design.
Because a kitchen remodel should positively impact the value of your home, Continental Cabinets, Inc. recommends you invest between 5 and 15% of your home's current market value. If you invest below 5%, you will struggle to make enough changes to qualify your project as a remodel, while investing more than 15% may impair your chances of recouping your investment.
How much between 5 and 15% should you spend? This will be determined by the selections you make for your home. For example, granite and laminate countertops each improve the aesthetic appearance of your kitchen; however, granite is a more expensive finish, which adds more value to your home but also requires more of your budget.
The next thing to consider is how you will allocate your budget. Typically, 1/3 of the budget is allocated to cabinetry, 1/3 on products (such as appliances and countertops), and 1/3 on installation. However, you may opt to spend more in areas that are most critical to you. At the end of the day, it helps to be creative in order to make the most of your budget and achieve your overall vision.