Lise Simms gives you tips on how to budget for your big kitchen remodeling.
Tags:how to budget for kitchen remodeling,hgtv,how to budget for your kitchen remodeling,kitchen remodeling budgeting essentials,kitchen remodeling budgeting knowhow,kitchen remodeling budgeting tips,kitchen remodeling financing options
Grab video code:
Lise Simms: Hi everybody! Lise Simms here with five facts on budgeting for your kitchen remodel, you are not kind of want to miss this. So, fact number one decide how much you want to spend and stick to it. Oh yes, that’s sounds so simple I know but little things always crap out surprises for instance you take in to the electrical and discover it’s old and you need all outlet all around, surprise. Or better yet you pull out that nasty or dishwasher and find out before board underneath to rod it. Surprise that happen to me, what you want to do is sit aside 20% over your budget to handle just this surprise it will be so glad you did. And then the fun part, let’s create a lists of your renovation priorities, so if your budgets does that cut at least you can make sure that this top priorities stay intact. Did you know that cabinets can be the most expensive kitchen remodeling cost followed by labor? You want to know how it breaks down loosely depending on the scope with your project, here is where your money goes. About 37% or more are going to go to your cabinets, 20% to labor, 19% for your appliances, 3% for fittings, 8% for windows, 4% fixtures and about another 5% for other and other can really get you to be careful there which lead us of course to fact number two. What is your source of funding, if it is a person alone or home equity loan or any kind or funding doesn’t forget to factor in those little hidden cost, interest, loan origination fees, things that kind of really take about to your budget in the end. And also make sure you are getting the best rates available, find out too when is that funding going to roll out to me because you will have to make deposits with your contractor in your kitchen designer for materials you’re going to be paying for upfront. So on the fact number three, should I stay or should I go. It’s a big fact that you consider whether or not you want to stay in your home when renovation are taking place. If you decide to go and will be very glad you did, you have to taking the cost of renting an apartment, any moving fees, any storage things that you might incur. And if you stay like I did with my kitchen remodel there was a cause to your sanity, yes. But also there are maybe some causes to setting up a temporary kitchen in your dining room or your living room or on your porch. And also promise, you will be eating out more, you will be ordering more take outs so that is expense as well to fit in to your budget. Which takes us to fact number four, create a spreadsheet and updated often, creating a spreadsheet on your computer and checking it as often as necessary can really save your budget. And excel you can actually create separate spreadsheets which means you can compare your original budget to your actual spending. Of that way if your budget goes out of that you can take action immediately and accordingly. Also ask your contractor if there is any work you can do to lower his cost. I just have three little words for you, demolition is fun. Fact number five, avoid adding any extras on the flood and I mean it this is really big if you heard nothing else listen to this, when you hear yourself say the phrase, you know while we’re add up, why don’t we just— this is what your contractor hear. These means you will be spending money that wasn’t in your original budget. And all of that that just goes back to do your homework before you start to remodel, is that easy so don’t’ forget next time you need five facts on how to make your dream kitchen of reality, come right back here. I’m Lise Simms I’ll see you then.
On HGTV you'll find ideas and inspiration to transform your space, and the experts that will help you to accomplish it. Of course, sometimes you'd rather dream than do. That's when you can join us for a peek into extraordinary homes around the world