Set your Budget
Setting a realistic renovation budget can be difficult.
On average, homeowners spend about $20,000 during a kitchen remodel. That said, unexpected changes, unavailable materials, and spur of the moment adjustments can all lead to an inaccurate budget. Just the same, looking at the cost of everything you’d like to include in your kitchen upgrade will help you get an idea of just how much your dream kitchen will cost, and what features/appliances you’re willing to compromise on.
Set your budget by:
- Writing down a list of everything (yes, everything!) you would like to include in your kitchen remodel.
- Find the average costs of each item on your list. Do this by reviewing online stores like Amazon, Home Depot, and Lowes. Write the average cost of each item to the right of the item name.
- Total the cost of everything on your list.
If the total cost for your dream kitchen is more than you’re ready to spend, do one of these three things:
- Remove items from your list until you reach the desired total dollar amount.
- Keep all the items on your list, however switch product styles and manufacturers to more cost-effective options.
- Set your renovation date further out to give you time to save for the additional features.
Think About Resale Value
While creating your budget, consider your plans for moving or staying in your home. Many homeowners choose to renovate their kitchen because it is said to bring up to a 70% return on investment when the home is sold.
But beware: some homeowners overspend during their kitchen renovation and lose money on the project rather than making an ROI.
While it’s possible to slightly increase your home value with kitchen upgrades, you can’t force your home value to rise by installing a high-dollar kitchen. To ensure your renovation doesn’t exceed the amount you can expect during resale, we recommend using this simple renovation calculator to determine what percentage of your home’s total value should be spent on a kitchen.
Track your Spending
Once the renovation is underway, you’ll be swamped with things to do. During the commotion of a full kitchen upgrade, it will be hard to remember exactly which products have been purchased and at what cost. Don’t leave budget maintenance up to your memory – instead, use a template like this one to track your spending.
Budgeting for any home improvement project is essential.
By taking the right approach to your finances, you give yourself the opportunity to transform you Colorado Springs kitchen into the beautiful cooking space you’ve always wanted.