Remodelling your kitchen not only gives a total transformation to your house, but it also gives you an all-new space for cooking and gathering together. Not only this, but it also boosts the aesthetics and increases your property’s resale value. But this is applicable to a fitted kitchen only. Components of an unfitted kitchen have no value to your property, as you would take them with you when you leave the house. They also look mismatched and unorganised and do not make maximum use of the available space.
So, if you plan for a fitted kitchen, you would need to be prepared to spend a good amount on it. Here are a few tips to help set a budget for your kitchen renovation so that you can get the best from it without breaking your account.
Decide on an Amount that You Can Spend Comfortably
Setting a budget for the kitchen renovation is obvious, but it’s not that simple. First of all, look at your finances and decide how much is affordable for you. Secondly, think about whether you will live in this house for a long time or resell it soon.
If you plan to resell it, spend only the amount you think you can get back later. If you plan to live in it, you may spend more to make it a comfortable space for you and your family.
Break Down the Costs
Know how much each component of your kitchen overhaul will consume your budget. For instance, cabinets, appliances, and labour will consume the biggest part of your budget while you will need to keep aside some amount for windows, fixtures, fittings, and other expenses too.
Keep Some Amount for the Unexpected
During the actual process, there may be some surprise expenses that may come up all of a sudden. For example, when the labour rips out the walls, you may discover that your electrical wires are outdated. When they pull out the dishwasher, the floor underneath may have rust or water leakage. So, you must keep some budget for such surprise expenses as well.
Prioritise
While remodelling your kitchen, think about what’s most important for you, whether they are new cabinets, appliances, fixtures, faucets, flooring, walls, or anything else. Write what you want to get done and prioritise according to your individual preferences. Look for cheaper alternatives wherever possible without compromising on the quality and performance.
Make a Payment Plan
There are several ways with which you can pay for your kitchen renovation, including taking a personal loan, refinancing, loan against retirement plan, home equity loan, etc. Even if you have enough cash to handle the renovation, taking a loan at a low-interest rate would be a smarter move than spending money from your investment account.
Plan for the Cost of Accommodation and Meals
While your kitchen is being renovated along with the other parts of the house, you may need to vacate your house and make arrangements for accommodation at another place. You may also need to factor in the cost of a hotel, apartment, moving fees, storage fees, etc. Even if you are staying at your own house, you may not be able to cook in your kitchen under renovation. So, you have to fit all these expenses into your budget.
Avoid Extras
Please stick to your budget and don’t deviate from it midway. The plan that you made at first must be what you actually need. Don’t get distracted by little extras, as they must be little extras that you don’t need.
So, these are a few ways that can help you create a budget so that you can have your fitted kitchen without going overboard. Just remember, don’t get lured by little extras that come your way. Just stick to your initial plan and let the experts do their work.
