These will be a few tips you can use to budget your kitchen remodeling.
Set the budget and then stick to it
It’s the most obvious advice to give but no one ever listens to it. The cost for the average upscale kitchen remodeling in NYC ranges around $50,000 to $60,000. To help you determine if you want to spend an amount like this, here are things you must ask yourself.
Are you ready to spend this much; how long do you intend to stay in your current home; and are you selling your home some time in the near future? Because if you are, remodeling your kitchen will increase the overall value of your home by as much as 15%.
Spend only what you think you can earn back should you ever sell your home. But if you intend to stay longer than half a decade then you may want to spend a little extra to make your home nicer.
Labor will cover around 25% of your total kitchen remodeling cost. Here is how the rest of your money will be distributed.
- 30% on your cabinets
- 20% on appliances
- 8% on windows
- 8% on fixtures
- 5% on decorative fittings
- 4% on miscellaneous
In many kitchen remodeling projects, unforeseen circumstances seem to find a way to make an appearance, most likely in older homes. For example, there could be water damage hiding behind your walls or maybe your wiring needs to be updated. It’s always best to prepare for these emergencies.
List down the things you definitely want improved for your kitchen remodeling. Make sure they are done before all the others so that just in case you run short of money, at least the most important things that matter to you have been taken care of.
One of the most popular ways to pay for kitchen remodeling is through home equity loans because these are tax deductible. You can also consider personal loans or loans on your retirement plan. However you pay for it, be sure you’ve got all you need and that your deposit is covered.