How to Set a Budget for Your Kitchen Renovation
Creating a kitchen of your dreams may seem impossible. The kitchen is the gathering place of the home and where your family spends a significant amount of time throughout the day. You deserve this space to be beautiful, functional, and perfect. However, a kitchen renovation can be daunting and quite expensive. In Canada, the average kitchen remodel costs approximately $25,000 and if you are considering a luxury kitchen for your home, you could spend up to $50,000 when the final project is complete.
Creating a budget for the kitchen renovation in your Toronto home can be challenging but it’s necessary. This will help you prepare financially for this change and it will help to reduce some of the included stress. Plus, when spending such a significant amount of money on a kitchen renovation, you won’t strain other aspects of your lifestyle just to pay for this one project.
Managing your budget and expenses is quite easy if you prepare ahead of time. Here are seven tips to help you set a budget for a kitchen renovation and to stay within it.
1. Determine What Projects To Complete
One of the first things you must do is determine exactly what type of work you want complete during your kitchen renovation in Oakville. Sit down and establish a list of both your wants and needs. However, don’t make this a vague list of projects like “update the flooring,” “replace cabinets,” etc. Do some research to truly know what is available and the type of materials you want to use.
By providing a more detailed list, you will be able to more accurately set your budget. For example, let’s take a look at the floors. If your kitchen flooring needs to be replaced, the type of material you choose can drastically impact your budget. Here are a few flooring options you may consider and their price:
Vinyl Sheet – $1 to $5 per square foot
Vinyl Tiles – $1 to $4 per square foot
Hardwood Floors – Up to $15 per square foot
Stone Tiles – Up to $20 per square foot
Additionally, the labor and installation for each type of material will also range in cost as some materials, such as stone tiles, are a lot more challenging and time-consuming to install than vinyl.
2. Determine Your Priorities
Once you have a list of all the tasks you want to complete during your kitchen remodel, separate your list into three or four priority tasks that must be done. The rest of the projects you want to complete can be left out if necessary but would be nice when transforming your living space. Unexpected costs can occur in any type of renovation and to stick within your budget, you need to focus on the tasks that mean the most to you and are of the highest priority.
3. Consider Your Future
The future for your family and the home should also impact your kitchen renovation and budget. If you have no plans to move from the home in the near future, you want to consider your needs now and in the future. Will you have space for your family to grow? Will it have all the meal prep and kitchen features that you desire? If this is your long-term residence, you should create a kitchen area that best suits you and your family.
If you don’t expect to live in the home forever and you have plans to move within the next several years, you don’t want to put too much money into the remodeling project. You don’t want to spend more than you will receive when you sell the home. This means you should only focus on those tasks that must be done to create a space that impresses potential buyers and will increase your home’s value.
4. Have Some Wiggle Room in Your Budget
As you look through your finances and determine your budget, you want to be prepared. Ideally, you should set aside 15% to 20% of your budget for unexpected costs that will arise during the kitchen remodel. You never know what could be hiding behind the walls of your home or under the floors. You could find that there are plumbing issues, wiring problems, etc. You may also find challenges such as mold or water damage in this room as well. If you don’t have money set aside to cover the majority of these expenses, you will go over your budget very quickly.
5. Determine How You Will Pay for the Project
Knowing how you will pay for your home remodel in Markham will also make a difference in your budget. If you can afford to pay in cash, this is ideal. You will have the money upfront and you will not have to worry about receiving financing from the bank and working through the application process. However, saving up to complete your kitchen remodel can take several years and will require much self-discipline to ensure you have money needed to complete the project and to do it well.
Receiving a loan through a lender is a common way to pay for the remodel. This option allows you to receive the money at a much faster rate than when paying in cash. However, if you choose to take out a loan, there are additional expenses you must prepare to pay. For example, you must add a little extra money into your budget to cover the interest that accumulates on the loan. You will also have processing fees and other lender fees that will add up and eat at your budget if you are not prepared for them.
6. Decide What You Will Do During the Remodel
It is no secret that a kitchen remodel can be inconvenient and stressful for a family. This essential area of your home is out of commission for several weeks. The type of work you wish to complete will greatly affect how long your kitchen remodel will take but you can expect a minimum of six weeks or longer. For kitchen renovations that require extensive work on the plumbing, electricity, etc., it can take several months to complete.
During this time, how do you plan to care for your family? Will you remain in the home and live around the mess? Will you live with family members for a few weeks? Stay in a hotel? If you choose to remain at home, how will you eat? Will you go out for the majority of your meals? The increased eating out and additionally housing accommodations of your family can add up quickly. These are additional expenses that you will not want to leave out of your budget or it can put you several hundred or even thousands of dollars behind.
7. Talk to a Contractor
Once you have determined the type of work you wish to complete and you know how much you can spend, request bids from several contractors. Talk to these professionals and let them know exactly what you want, the type of materials you desire, etc. Make sure they understand your list of priorities and what you want to accomplish. By gathering bids from multiple contractors, you can not only find a company that will offer you an excellent price, but you will also find a contractor who you trust and who you will enjoy working with for several months.
To help you transform your kitchen area and create the space you’ve only dreamed of, contact The Renovators of Canada today for a full consultation. You will see how they can work with you to create a gorgeous, functional, and well-designed kitchen space for your entire family. No matter what projects you wish to complete in this area of your home, they have plenty of ideas to truly customize the space and make it your own.