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How to Plan the Budget for Your Kitchen Renovation

Setting a budget for your kitchen renovation project requires more than just crunching numbers. So do your research before grabbing the calculator. You should visit showrooms, read magazines, attend trade shows and research online resources to learn what’s available today. Make a wish list and then transform it into a “reality list” that includes price tags. Choosing Plan A and Plan B options for appliances, countertops, tile, and just about everything else is a good idea. Maintain a running list of alternatives so that a designer can add or remove items to fit your budget.

However, a kitchen renovation is one of the most expensive home improvement projects. Astaneh Construction is a reputed general contractor service offering the full range of work for a complete home renovation Toronto work and a kitchen renovation service. According to Home renovation Toronto experts from Astaneh Construction, on average, kitchen renovation projects start around $40,000 and go up to $150,000, depending on the kitchen cabinet size, countertop quality, and extra fixtures. You can easily double that cost if you go high-end. It is imperative that you set a budget and stick to it in order to control costs. Here are some tips for planning the budget for your kitchen renovation. For a whole-house renovation, we charge our customers a rate from $100-200, depending on the materials to be used.

  1. Define the scope of your project

Defining the scope of your kitchen renovation is the first step. Do you plan to refinish and update some items, like sinks and countertops, but leave others intact? Or do you plan to remodel your kitchen from top to bottom? It is easier to estimate the cost of a renovation when you know what you want to accomplish. A contractor can help you identify all the costs involved in your remodel early in the project planning stage.

  1. Create an itemized list of materials

Make an itemized list of the supplies you need to get a sense of your materials’ cost.  You should list multiple brands and prices for each item you want to sell. You can therefore play around with the numbers to determine how much you should allocate. Identify which items are essential and which are nice to have. As you plan your budget, you’ll know what you can’t let go of and what can be downgraded or lost altogether. You should consider that there may be hidden costs you need to factor into your project, such as dealing with building code issues or eating out while your kitchen is being renovated. Home renovation Toronto experts from Astaneh Construction suggest setting aside 15% of your budget for hidden costs.

  1. Know how much you can spend

Now that you have an idea of your materials costs, you can determine how much you can afford to spend on your project. Create a budget you can afford. No matter the situation, you do not want your renovation project to interfere with your financial stability. It may be necessary to alter the scope of your project to make it more affordable.

Loans are an option for people who have equity in their homes and want to finance renovation projects. It would be better to pay for your renovation out of your pocket unless you are certain it will significantly increase the resell value of your home. Keeping costs low will motivate you to avoid paying interest on a loan.

  1. Shop around for contractor quotes

You should get quotes from multiple contractors instead of hiring the first one you contact. There is a risk of overpaying or hiring someone who won’t be a good fit.

  1. Look for cost-cutting opportunities

Staying on budget is possible if you cut costs. Anything you can do yourself, whether it’s repainting your walls or replacing lights, will save you money in labor costs. In addition, consider repairing old appliances instead of replacing them completely. Homeowners are estimated to pay between $200 and $300 on average for service calls, which include not only the service call but also the parts and clean-up. The homeowner would have to pay approximately $1,400 to 1,600 to replace that same appliance, such as a refrigerator. Home renovation Toronto experts from Astaneh Construction recommend hiring a technician to diagnose and repair (when possible) any appliances under 15 years old.

  1. Stick to the plan

The cost of a renovation can skyrocket if you change your plans mid-project. Although some changes cannot be avoided, limit large deviations to a minimum. It can lead to unmanageable costs.

  1. Be prepared for some sweat equity.

You can save money by doing some of the easy work yourself. What’s the point of hiring someone to remove cabinets from the wall or remove tiles from the floor? After demolition, let the professionals handle the demolition-after all, tearing stuff up is pretty easy.

  1. Break down costs.

Your remodeling budget should allow you to allocate a specific amount for each component of your project. According to Home renovation Toronto experts from Astaneh Construction, costs associated with a kitchen remodel are typically broken down as follows:

  • Cabinets- 30-35%
  • Labor- 20-25%
  • Appliances- 10-15%
  • Flooring-8-10%
  • Electrical- 7-9%
  • Countertops- 6-8%
  • Plumbing- 5-7%
  • Demo- 2-5%
  • Permits & Other- 1-3%
  1. Save the extras for later

Be careful not to stray off your budget during the kitchen remodel. It’s always possible to add small, unnecessary details later. The proper functioning of your kitchen does not require crown molding. It may look stunning in the showroom, but marble countertops are astronomically expensive and maintainable. How about those fancy under-shelf lights in hard-to-see corner cabinets? Stick to your budget as you can always add them later.

Adding a new kitchen to your home can completely transform how you live, and create a space to gather and prepare meals. Additionally, it can increase residential resale value and make your home more attractive to buyers. It can be hard to budget for your kitchen remodel, but staying within that limit is especially challenging. Consider your options and prioritize your needs. For more information on budgeting your kitchen remodeling project, please feel free to contact Astaneh ConstructionKitchen renovation and home renovation Toronto experts from Astaneh Construction are always happy to help you with your kitchen renovation project.

 

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