Budgeting your
Kitchen Renovation
The kitchen is often the heart of any home, providing more than just a functional space to cook, but often serving many purposes including dining, lounging and social activities for the whole family. It is no surprise, then, that with the average mid-range remodel costing £46,000, deciding to renovate your kitchen is a big undertaking with many factors to be considered.
Whether you have spent years saving for your dream kitchen, or are trying to remodel as best as you can with what you have, considering all of the options available to you to suit your budget is an important part of the process when planning your home renovation. Here are our top tips on how to budget for your kitchen renovation.
1. Consider your needs
Before you even start thinking about contractors and obtaining quotes, it’s always a great idea to consider the needs of you and your family. Whether you research materials, create a moodboard of designs, or list the core purposes of how you and your family will use this space, all of these things will help you (and your contractors or designers) to create a space that functions best for you.
2. Set your budget
Set an exact budget, and consider creating a spreadsheet to keep track of your expenditures as you go, to ensure that you don’t overspend or waste valuable time and money further down the process. Be clear about what you can afford to spend on your remodel and factor this into your purchase decisions.
3. Get quotes… everywhere
Don’t be afraid to ask around and obtain quotes from various different suppliers, contractors and designers; it’s a great way to see what you are reasonably able to afford and can often give you leverage for discounts or promotions if you’re aware of the price range of competitors’ offerings.
4. Consider lifetime value
Not only should you consider the cost of the products and materials that you are buying, but also the long-term savings you will procure by going for higher-quality materials if you can budget for them. Some kitchen fixtures can last for decades, and with a little extra care and maintenance can stop you from having to remodel regularly.
5. Design with buyers in mind
Not only do you want your new kitchen to look great and serve your needs, but if you are considering one day selling your property, think about your remodel from a potential buyers’ perspective. An entire kitchen remodel can bring a huge return on investment if you can design it in a way that will appeal to future buyers.
6. Ask questions
It is incredibly important to ask contractors and suppliers questions – particularly in relation to understanding what you are paying for. When getting quotes, ensure you ask for a full breakdown of charges for labour, materials and installation, as well as tax/VAT costs. This will save you from dealing with any financial surprises further down the line.
7. Think about contingency
The worst thing that can happen is running out of money mid-project and realising you have to put the remodel on hold for a few months before completion. Regardless of what budget you set, consider having a contingency budget to ensure the renovation can be completed.
