Fortunately, there are ways that you can remodel your kitchen on a budget and still achieve a stylish, and efficient end result.
How Far Will Your Budget Take You?The average homeowner recoups roughly 93 percent of the cost of a kitchen remodel when they sell their home. Therefore, it is important to approach a kitchen redesign as an investment in your home value, but you don’t want to go broke in the process.
First, you must determine how much you are comfortable spending. If you are using a home equity loan or line of credit, be sure to work with your bank to understand what your monthly payments will be, and always account for fluctuations if the loan has a variable rate. If you will be utilizing a savings account, be certain you (and your spouse) are sure of how much you’re willing to withdraw to invest in a new kitchen.
While you must remember that every project is unique, typically, you can use these guidelines to determine how far your budget will take you:
- $5,000: This is a typical DIY budget that will get you a facelift. You can replace your hardware and kitchen faucet, put up new window treatments, purchase new chairs or bar stools, paint the walls, install new lighting fixtures, etc.
- $5,000 - $15,000: This budget will allow you do facelift projects and will allow for some space to look into replacing your countertops and/or upgrading your appliances.
- $15,000 and above: This budget range will get you a full kitchen remodel that includes cabinets, counters, floors, backsplash, etc. The amount you spend will depend upon your choice of materials, the amount of demolition and reconstruction required, and the scope of the work.
Line Item Secrets to Sticking To Your BudgetIf you are working with a smaller budget for a full kitchen remodel, you will want to pay close attention to the choices you make when it comes to choosing your materials. Here are some tips to help you save money along the way:
- Demolition – If you do the demo work yourself, you won’t have to pay the remodelers to do it for you. Remember, you will have to rent a dumpster and pay for the materials to be removed.
- Kitchen Cabinets – Cabinets eat up the majority of all kitchen budgets. While you may yearn for custom cabinets, there are plenty of gorgeous stock options to choose from. Work with your designer to choose materials that work within your budget range.
- Countertops – Granite is nice, but it’s not your only option. Laminate countertops of today are not what they used to be, and there are lots of budget-friendly options in the market. Tile is another affordable option that creates a beautiful and clean end-result. You might even consider mixing materials. You could splurge on stone for your island, but use laminate or tile on the remainder of the countertops.
- Appliances – If you want to save on appliances, you have to do your homework. Shop around for sales, compare prices, and then compare some more. Experts agree that there is not much difference between high-end and other appliances, outside of fancy bells and whistles that most home cooks don’t require.
- Flooring – This is another area where you should consider your options. Tile is an extremely practical kitchen flooring material and costs less than hard wood or stone. Laminate and even vinyl flooring are also highly affordable, and thanks to advancements in technology, there are some man-made materials that look exactly like stone, tile or wood, with a price tag that can be almost half the cost.