Home Remodeling Guide >>  Kitchen Guide >>  10 Easy Steps

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Planning a Budget for Your Kitchen Remodeling Project

First, conduct a thorough and honest examination of your finances to reveal how much you can afford to spend. Than ask yourself how long you are going to stay in that home. If you plan to live in a home for five years or less then the improvements should be viewed as improvements on investment. If you're going to be there for a longer period of time, you want to look at what's going to make you and your family the most comfortable. Depending on how you answer that question, your budget might need to cover a kitchen facelift (for example, a new countertop and a fresh hue for the walls) or a complete kitchen overhaul.

No matter how long you are going to stay in the house, give careful consideration to what value the kitchen remodeling will add to your home. Look at your neighborhood--whether it's a very expensive neighborhood or a modest neighborhood. That will help you to determine the limit not to over-improve your property.

Spend Smart

To keep costs down, evaluate how important extra "goodies", such as interior fittings on cabinets and intricate crown moldings, are to the overall look and function of a kitchen. Mostly a cost-saving alternative does exist.

Also, when budgeting, don't forget a line item for labor costs, which usually end up around a third of a project's total budget.

Unexpected Costs

Always leave a little room in the budget for the unexpected. There are all sorts of budget-busting surprises lurking behind the walls and floors of homes (especially if it's an older residence). Last minute changes, known as change orders, cost time and bust budgets, too. You might elect to upgrade your choice of countertop halfway through the project. Though you can't predict the unknown, you can prepare for it financially. To be on a safe side, add about 10 percent of whatever number has been budgeted for labor costs

And the last, very important thing: keep track of your actual spending, compare it to the budgeted amount.