Budgeting for a Kitchen Renovation- Analysing Quotes and Costs
Friday, August 3, 2018, 6:00 AM | Leave Comment
Setting a kitchen remodeling budget and sticking to it may sound simple and obvious but it can be challenging.
There are a number of factors that determine how much you will spend on the project. These begin with knowing how much you can actually afford to spend according to your financial situation.
You also need to consider how long you will be staying in your home. If you plan to sell it within a few years, a kitchen renovation should be regarded as improving your real estate investment. Spend what you believe you will be able to get back after selling the house.
If you plan to live in your home for several years, remodeling your kitchen should make you and your loved ones as comfortable as possible.
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Breaking down the Costs
The percentage of projects costs that labor consumes will vary. Items such as cabinets may take up a substantial chunk of your budget. Break down the cost of your project according to aspects such as fittings, fixtures, windows, appliances, labor and cabinets.
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Unexpected Expenses
You can expect to come across a few surprises during your kitchen renovation, especially if your residence is older. There are several surprises that may lurk under the floor or behind walls and these could potentially disrupt your budget.
For example, ripping out your walls might reveal that your electrical wiring is outdated. Pulling out your dishwasher may expose a rotten floor beneath due to a water leak that you were not aware of. Consider leaving some room in your kitchen remodel budget to cater for these surprises. Click here for free quote Brisbane kitchen.
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List of Priorities
Think about what is most essential to you, which may be new cabinets or new appliances. Write a list of your priorities in case unexpected costs arise. This will ensure that the top jobs on your list will not be compromised. While setting priorities, consider how important certain things are to the overall function and look of your kitchen. You can identify some cost-saving alternatives as well as items that you can do without.
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Paying for the Project
There are various ways to cover the costs of a kitchen renovation, including loans. Depending on your finances, you may be able to use cash or opt to borrow money at low interest rates. If you want to get a loan, consider factors such as interest. It is also important to find out when the funding from the loan will be provided. You may be required to make deposits with various contractors and upfront payments for materials.
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Moving during Renovations
Living somewhere else during a renovation is often a good idea that can minimise your stress. Take costs such as staying in a hotel renting an apartment, moving fees and storage fees into account. You can consider setting up a kitchen for temporary purposes in another room.
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Monitoring your Budget
Keep track of how much you are spending by putting your budget and actual expenditure on spreadsheets. You can stop costs as soon as they start to overrun. You have the option of paying someone to do everything or handling a few simpler tasks on your own such as taking out the flooring, appliances and cabinets. However, if you are not sure about what you are doing, leave it to the professionals.
