Proper budgeting is an important requirement for a kitchen remodel. Below is an easy 4 step process to help you financially plan for your large remodel project.
Step 1
You should have a specific figure in mind for how much you want to spend on your kitchen remodel and stick to it. Although experts suggest that your remodel should be around 5% to 15% of the current value of your home, you should take into account your current obligations and what you feel comfortable spending. Spend more if you plan on staying in your home for a while and spend less if you plan on selling in the near future.
Step 2
Set aside money for unexpected expenses. We suggest about 15% to 20% of your kitchen budget.
Step 3
Meet with a kitchen design professional who can help you anticipate costs (material and labor) and will break down your remodeling project for you.
Step 4
Decide how you plan to pay for your kitchen remodel. Home equity loans are commonly used due to their tax deduction benefits, but there are other ways to fund your project like personal loans or retirement loans, and special financing available through many vendors.
Contact New Design Inc. to learn more.
