Budgeting for a Kitchen Remodeling Project in Milwaukee
Is your kitchen aesthetically boring and outdated? Looking to make a change? Are you considering a full-kitchen overhaul? If so, you might want to start by putting together a budget. After all, overhauling your kitchen is far from cheap.
Need help creating such a budget? We’ve got you covered. Below, we will discuss all the factors that you should consider.
Determine Maximum Expenditures
One of the first things you’ll want to do is determine the maximum amount you’re willing to spend on the various parts of your kitchen. There are expert-recommended maximum amounts on all of the necessary items, which we’ll explain below.
In general, cabinets will cost more than any other part of your remodel. At the most, cabinets should take up around 35% of your budget.
If you’re using the services of a home remodeling company (if you’re not experienced in these matters, we recommend it), you should budget around 20% of your funds toward labor costs.
If you’re going to upgrade your kitchen appliances (ie. New refrigerator, oven range, etc.), you should set about 20% of your budget aside for them.
Kitchen fixtures consist of everything from sinks, to lighting, to backsplashes, and more. These fixtures should take up no more than 5% of your total budget.
If you’re adding new windows in your kitchen, you should use around 10% of your budget for them.
Fittings & Hardware
Kitchen fittings include the many fixtures that you have throughout your kitchen. These accessories include everything from storage implements, to cabinet hinges, to drawer handles, and more. In most cases, you shouldn’t use any more than 3% of your budget on these items.
It’s also wise to set around 7% of your budget to the side for miscellaneous items. These are usually decorative items that you place around your kitchen a unique aesthetic.
Have Additional Money on Hand
It’s rare that a kitchen remodeling project will cost less than what you actually expect it to cost. There is almost always additional money needed in order to bring the project to fruition. This is because, when remodeling, you’ll usually encounter a number of problems (ie. warped flooring, poor insulation, etc.).
To account for these surprises, you should reserve 15 to 20% of your total budget. If you don’t need it, great! If you do, you’ll be happy you saved.
List Your Priorities
While you hope to be able to pay for a full kitchen renovation, things don’t always work out that way. Unforeseen circumstances can take away from some of your budget, making it necessary for you to choose between new cabinets or new flooring, for example.
To ensure that you get the kitchen you absolutely want, it’s important that you list your priorities. After all, new cabinets are typically seen as more important than a new sink.
Plan Out How You Will Pay for the Project
Before you start remodeling, it’s vital that you work out your payment method. This will ensure that you do, indeed, have the funds necessary to finish the project.
Whereas some individuals have enough money saved so that they can spend out of pocket, other individuals utilize personal loans, home equity loans, and various other types of loans. If utilizing a loan, it’s important that you do your research. Make sure to choose a loan with a low interest rate.
Need Help Carrying Out a Kitchen Remodeling Project in Milwaukee?
Now that you’ve set a budget, you’re almost ready to get started. However, maybe you need a company to help you carry out your remodeling project?
If so, and if you’re interested in utilizing the services of a kitchen remodeling company in Milwaukee, we here at JM Remodeling are the people to see.
Contact us today to discuss your project!