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.