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The rule of thumb says that the kitchen remodel job should not exceed 10 to 15% of the value of a house – but, of course, rules of thumb have exceptions as well. Still, this is a good value to start budgeting for a kitchen remodel job, and will save you from over-spending on the long run.
The first question to ask yourself, before you embark on any such project, is how much you can realistically afford to spend. After all, you don’t want to end up paying for your new kitchen for too many years after the project is completed, and to end up taking another loan for a new remodeling project as soon as you’re done paying for this one.
If you’re going to take a loan, shop around first to get the best terms. If you have the money saved up, make sure you also have some flexibility, a you can borrow a bit, if needed, as such projects tend to slip out of control easily.
Since kitchen remodeling is one of the most popular projects today, it’s fairly easy to get an estimate on the market and see what you can expect, based on the experience of others. Most homeowners spend between USD 10,000 and 30,000, although some have been able to obtain great results with USD 5,000 as well. When it comes to the upper limit, of course, some have put in a lot more, depending on what they had available and what luxury appliances they felt they needed in their kitchen.
So, you want to invest in your kitchen, that much is clear, but what for? Do you hope to increase the market value of the house? In that case, you should check your neighborhood, and see what’s generally available. Each neighborhood has its own set of expectations, and, as any real estate agent can tell you, it’s a good idea to meet all these expectations when you sell, but to avoid going overboard. If you don’t plan to sell, and you’re doing the remodeling for yourself, try to estimate how long you’ll be staying in the house – no point in imprinting your personality too deep, if you may have to move out in a couple of years.
You need to know which will be the greatest sources of expenses before you start: if you need to pull down a wall, to draw new pipes, to install new windows, or to purchase new cabinets and appliances – it’s more than fair to say you won’t be doing all of these at once, so make sure to prioritize and decide what you need right now, and what can wait for another year or two.
Deciding how much you’re going to spend is worth nothing, if you don’t actually stick to your decision. It’s easy to get sidetracked; you’ll find materials that look better, appliances that fit like a glove, finishing that shines like you’ve always wanted, and so on. Make sure you don’t divert from your initial plan, and you should be safe and enjoying your new kitchen design in no time.