Budgeting for a Kitchen Remodel

It couldn’t be more true: the kitchen is the heart of the home. It’s where you gather with friends and family, creating some of your most cherished memories. Naturally, you’ll want your kitchen to be both functional and visually appealing.

However, the costs—real or perceived—of a kitchen remodel can often feel daunting. Fortunately, there are many strategies you can use to manage your expenses, set a clear budget, and ensure that your kitchen renovation doesn’t strain your family finances.

In this guide from Finch & Co., we’ll cover everything you need to know to make your remodeling project a success.

Set A Clear Kitchen Remodeling Budget To Avoid Overspending

Instead, start by looking at your finances and set a clear budget. 

To guide you, consider comparing different quotes, reviewing the price of materials and labor in your area, and ask your friends and family for recommendations. 

It is important to understand that expenses can vary significantly based on factors like the size of the kitchen, the scope of the remodel, and the materials chosen. Here are some key points:

1. Average Costs: The average kitchen remodel can range from $12,000 to $35,000, but high-end renovations can exceed $100,000.
2. Scope of Work: Costs increase with more extensive changes, such as altering layouts, replacing cabinets, or upgrading appliances.
3. Materials: The choice of materials—like countertops, cabinetry, and flooring—can greatly impact the overall budget.
4. Labor: Labor costs typically account for a significant portion of the budget especially when hiring skilled trades. 
5. Return on Investment: Kitchen remodels often offer a good return on investment, with many homeowners recouping a significant portion of their expenses when selling their home.

For the most accurate estimate, it's recommended to consult local contractors and get multiple quotes. Keep in mind to ask your friends & family for recommendations.

Consider The Cost of Labor and Materials

When planning your budget, it is important to understand the price of labor and materials. These costs have considerably increased over the past years, due to shortages and global supply change changes. Today, these prices are still higher than pre-pandemic levels, so you’ll need to budget for inflated expenses. 

However, there are ways to keep costs manageable. Consult with your designer to explore various design options and materials that align with your budget. Partnering with the right team is essential, as they have a network of trusted specialists. With the right kitchen remodeling ideas, you can find effective strategies to lower expenses while achieving your vision. 

Plan For Unforeseen Expenses During a Kitchen Remodel

Even if you have created a detailed budget, all kitchen remodels come with costs you may not have planned for. It may be impossible to foresee everything that can occur during a kitchen remodel, but a few possibilities you should take into account include:

● Hidden water and mold damage.

● Required electrical upgrades.

● The removal of hazardous materials in your old kitchen, such as asbestos.

● Structural reinforcements for heavier components.

● Permit & inspection costs

Of course, this isn’t a comprehensive list - your kitchen may have specific needs and challenges. To get an idea of which hidden costs you may face, the best option is to speak to a kitchen remodeling specialist and get an accurate quote after a thorough evaluation. 

Prioritize What is Most Important to Your Remodel

Kitchen remodel costs can quickly add up if you are planning a complete renovation. However, you can manage your expenses by tackling different aspects step-by-step. For example, you may consider upgrading your appliances for a greener, more efficient home while keeping your old cabinetry. If your current kitchen is made with durable materials, you may be able to give it a fresh look just by painting the cabinets or swapping the handles. 

Alternatively, if your goal is to increase countertop space and functionality, you may simply invest in additions such as a kitchen island. These features come with lower costs but can profoundly impact the aesthetics and functionality of your kitchen. 

Partner With A Kitchen Remodeling Specialist 

Looking to better understand the costs involved with a kitchen remodeling project? Get in touch with the team at Finch & Co. and get tailored assistance with your next kitchen design and remodel project.