Video 1 out of 5: How to Plan your budget
We’ve had lots of you reach out and ask us to answer the biggest questions on creating a plan to navigate through this kitchen remodeling craziness, which is why I am starting a new Video series today on how to plan a kitchen remodel. Today’s topic will be how to Plan your budget.
Whenever I plan a kitchen remodel with my clients, there are 5 main steps, which I’ve broken down into 5 different videos for you.
Make sure to watch all 5 videos to learn tips and tricks on, finding a reliable contractor and designer, the biggest mistakes to avoid and how to keep your sanity during the actual remodel.
And make sure to stay to the end to find out where you can get your free kitchen planner blueprint to download and start planning your own kitchen remodel.
The 5 main steps of planning a kitchen remodel
There are 5 main steps whenever you are planning a kitchen remodel, which are 1. Plan your budget (which we will talk about in todays video), 2. Plan your kitchen footprint, 3. Find your Designer & Contractor, 4. Make your selections, and 5. Schedule your kitchen remodel & start remodeling.
How to plan your budget for your kitchen remodel
Step 1. is planning your budget and this is super important because it is the foundation on planning correctly on all of your other steps that will follow. You need to set yourself a realistic budget on the max amount you are willing to spend on this project. In reality you should also leave yourself about 8-10% in backup funds, for unforeseen issues that (I promise) will occur. This can be anything from finding rot underneath your old kitchen sink base cabinet which now your contractor will have to replace your subfloor, finding old plumbing connections that are not up to code and need replacing, or specialty trades like your electrician needing more time than initially allocated after opening up your drywall and actually getting to take a look at your current electrical lines.
Leaving a 8-10% backup in funds that you should really stick to, will help you cover some of these unforeseen expenses throughout your kitchen remodel.
Have you ever thought about what a full kitchen remodel in your area costs? I think a lot of people underestimate the work, time and materials that go into a large-scale project like a kitchen remodel and with that have some sticker shock when they first start pricing out their projects. Something that can help you is this amazing yearly report by remodeling.com. Every year they will create a free Cost vs. Value report for the entire US reporting you average costs of home remodeling projects. I am putting a link below for you so you can quickly pull the report for your area.
According to the 2019 Cost vs. Value report in the Pacific NW, a minor kitchen remodel starts at about $25,000 dollars which doesn’t include any changes in your existing footprint and major kitchen remodels average about $60,000 in remodeling expenses.
(You can get the newest version of the Cost vs. Value Report right here for free)
Some of your largest expenses during your kitchen remodel will be cabinets & installation at about 20-40% of your overall budget, followed by Appliances with 10-20% of your overall remodel.
Now, please comment below if you have any questions about this and if it all makes sense give me a thumbs up. I want to make sure that all of your questions about this topic are getting answered.
Don’t forget to subscribe to our channel and mailing list to learn more about kitchen design and remodeling and get notified whenever we post new videos, especially Video 2 in our 5part video series on how to plan a kitchen remodel. In our next video / blog post I will cover “How to plan your kitchen footprint” and cover questions on how much it really is to remove a wall!
Thanks for watching and I’ll see you next time!
Contact us if you need help with your next Kitchen Remodel!