How to Budget Your New Kitchen

New kitchen budget

So you have decided to commit your time, ideas, and money to creating a beautiful new kitchen. Good for you (and your home). Now we have some tips to help you set, manage, and maintain a sound budget for the work. Perhaps the most important budget decision is, well, to have a budget in the first place.

Make sure you know what you can spend (wisely) and establish a firm contract with your designer and installer that includes current expected costs as well as estimates on any potential future costs associated with product or project changes or upgrades.

Here are some more kitchen makeover budget considerations.

Set a Maximum Budget
A typical budget for a major kitchen redecorating project should not exceed 15 to 20 percent of the total value of your home.

Stick to Your Budget
Costs for major kitchen makeovers vary, of course, but many top kitchen project managers suggest that your final bill will run about $15,000 to $26,000, including expenses for design, products, and installation. (For comparison, most major bathroom remodeling costs run between $12,000 to $30,000 for similar services.) These are fairly wide ranges, but whatever budget you set, be careful not to exceed your estimated costs, or you may regret allowing last minute add-ons.

Itemize Your Budget
Make sure that you identify specific fees for as many components and services of your kitchen project as possible (certainly confirm your itemized estimate). You can categorize the work into minor cost items that can be readily added or removed as needed or desired, like paints, wallpapers, and decorative hardware, as well as major ones that may be especially difficult or too cost prohibitive to change, like cabinetry, appliances, and counter tops.

Favor Quality or Cost
Do not choose a kitchen redecorating product or service just because it is cheaper, though it always make sense to work with your designer to get the best value for a reasonable price. It is certainly tempting to save money wherever you can on the small stuff, especially as costs may mount for some extensive projects. But if you opt for, say, an inferior faucet and a shortcut installation, you may later regret the lackluster decorating match and perhaps the poor plumbing performance, too.

Roll The Cost Into Your New Home
If you are in the process of purchasing the house and you are also planning to redesign the kitchen with custom components, you may prefer to negotiate the cost of your project into the mortgage payments.

Guard Your Remodeling Investment
It pays to upgrade and maintain your home with sensible and long term improvements. Most real estate and home remodeling experts today estimate that as much as 85 percent of the money you spend on your kitchen makeover may be recuperated.

Breaking Down The Budget
The National Kitchen and Bath Association estimates a typical kitchen redecorating budget includes these percentages of materials and workmanship:

  • Cabinets, 36 percent
  • Counter tops, 14 percent
  • Appliances, 12 percent
  • Installation, 11 percent
  • Interior Design, 6 percent
  • Hardware/Fixtures, 6 percent
  • Flooring, 6 percent
  • Lighting, 5 percent
  • Other, 4 percent

Your budget will surely have different proportions, but it is safe to say that whatever your anticipated expenses, these are the components you are most likely to have fixed and/or replaced.

Consider cabinets as a measure of your costs.  Because the cabinets you choose will account for approximately one third of the total cost of your kitchen project, you can use this factor as an example of how to choose the right component for the right price.

Depending on the cabinet construction, features, accessories, and style you favor, your cost varies widely, but that gives you added choice and more say in what you spend. The following are some specific selection criteria for you to determine.

Number of Cabinets
One 48 inch wide cabinet costs less than two 24 inch wide cabinets, but consider that the extra cost might be worth the extra storage convenience.

Door style
Typically, solid wood, raised panel doors cost more than veneered, flat center panel doors.

Construction
The quality of the construction differs from very affordable furniture board to pricier plywood for cabinet installations.

Finish
Most glazes and paints, certainly any custom colors or textures, are more expensive than simple stains.

Storage
Choosing how much space you need for your kitchen items involves more than planning extra cabinets. You will want to select cabinets that offer logical and efficient storage areas and stacking systems.

Decorative Accessories
Here is where it is so very easy and fun to go off budget. There are thousands of kitchen decorating accents to choose, from cabinet facings to drawer dulls to window treatments, so you just need to be sure what you are willing to spend for personal finishing touches on your kitchen makeover.

As you can see in our simple example of cabinet selection, you can carefully balance your kitchen redecorating budget or you can unconsciously balloon your costs, depending on your attention to project details and progress. The best advice is common sense: make a budget, stick to it, and enjoy your new kitchen with peace of mind.

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