How to Budget for Your Kitchen Remodeling Project

by Jane VanOsdol on September 15, 2011

If you’re just embarking on a kitchen remodeling project, you may feel as if you’re entering uncharted waters. What should be a priority in this home improvement, and how much of your budget should you allocate to each part of the project?

Well, the National Kitchen and Bath Association (NKBA) has some great suggestions to help homeowners make wise choices. What do they suggest?

  1. Establish priorities of needs versus wants. The NKBA suggests that you make a Top 10 List of what your greatest needs are for your kitchen remodeling project. Take a good look around your kitchen and decide where you need to spend your money. Are your cabinets structurally sound and stylish, just in need of a new paint job? Will your current appliances work for now so that you can put that money into a new hardwood floor? What type of countertop do you have, and will you need to replace it? Honestly consider your budget and make your list based on what your true needs are. Then see how much money is left over for any of your extra wants.
  2. Shop within your budget. Before you go shopping for your appliances or supplies determine what your budget is and then stick to it. Do your homework. Study the sales circulars, look at online bargains and consider scratch and dent models to get the best price. Being prepared will help you to avoid looking at the out-of-your-budget models that you can’t afford. If you do blow your budget in one area, be prepared to cut in others so that you can still adhere to the master plan.
  3. Visit the showrooms. The NKBA reminds you that when purchasing materials from a company to be sure to go visit the showrooms and actually see the product before purchasing. You need to see and approve the quality, colors and materials before paying for them. Always have a detailed quote from your contractor specifying materials and labor before purchasing anything.
  4. Keep an eye on the spending. When working with a contractor, it’s customary to pay part of the price up front to fund the purchase of materials, part about half-way through and then the remainder after completion and inspection. Never pay the full price until the project has been completed and you have approved the work.

Following these recommendations from the NKBA should help your home remodeling project to sail through smooth financial waters with hopefully few, if any, surprises.

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