Between the dozens of Pinterest Boards and Houzz inspiration photos you have complied your version of the perfect kitchen. You have found the ideal countertop with the complimentary backsplash; the right tone of cabinetry and the most beautiful cabinet hardware but to make all of this happen you must first “pick-out” your budget.
The kitchen, in most homes, is where we spend most of our time and is usually where we spend the most amount of money when it comes to a renovation project. The industry standard for a kitchen budget is directly related to the metropolitan area the project resides in, the scope of the project and the quality of products being selected. According to Home Advisor, homeowners typically spend 5-15% of their home’s value on their kitchen renewal.
No matter where you live or how large your kitchen space is, knowing how much to allocate per category will help you build an appropriate size budget for your kitchen project.
· 30-35% Cabinetry – Weather you are working with a design and build company or managing your renovation on your own, the cabinetry portion of your budget will be the largest. Keep in mind there are various types of cabinet lines and construction series; be sure to ask a cabinet professional when you begin the design phase
· 10-15% Countertops – Granite and quartz are the two most popular countertop materials today, but there are various other options out there such as concrete, solid surface and natural stone that can sway this average.
· 15-20% Installation – The second largest category is labor. Be mindful of unexpected finds and potential change orders as work begins. It is a smart idea to set a small portion of your budget for any contingencies. If you are working with a contractor, be sure to ask how they handle their change order process.
· 10-15% Mechanicals – Electrical, plumbing & HVAC can vary depend on how extensive your renovation is. If you are keeping the basic footprint of your kitchen the same, your cost allocation will be minimal. The more you change from what is existing the more this percentage of your budget will increase.
· 10% Appliances – Today home appliances have so many options and upgrades that can influence your final total. Seek out an appliance specialist when making selections to ensure you are picking out appliances that make sense for your lifestyle. This category can easily eat up more than 30% of your budget if you’re not mindful.
· 5% Miscellaneous Additions – Upgrading interior doors, new paint and possible design fees are added together in this last category. Typically most design and build companies factor in a design fee for their services.
Starting a renovation of any kind can be very daunting if you are not prepared ahead of time. Discuss financial options and stick to your guns when it comes to making final selections.
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