Designing the kitchen of your dreams will be an investment, so it's critical to keep track of the costs. However, while handling a remodeling budget may seem like an enormous undertaking, proper planning makes it entirely manageable. Follow these tips to help budget your kitchen remodeling project.

How to Budget Wisely for Kitchen Remodeling

1. Understand Cost Breakdowns

To ensure you're setting a realistic budget, you must understand what professional kitchen remodeling entails. When broken down, you’ll spend approximately 30% of your budget on cabinets, 17% on labor, 10% on countertops, and so on. Keep these factors in mind when creating your budget.

2. Leave Room for Extra Expenses

It’s not unusual to run into unexpected problems when redoing your kitchen. Set aside extra money in case of issues like mold, outdated electrical wiring, or rotting floors and walls from water leaks. Your kitchen will also likely be out of commission for some time, so be sure your budget includes the costs of dining out.

3. Create a List of Priorities

You don't need to handle all aspects of remodeling immediately, so write out a list of your priorities. Consider what's most important to you and what needs to be done now. For instance, a refrigerator that's on its last leg should take priority over fancy new lighting fixtures. If your budget runs out before you reach the bottom of the list, save those projects for a later date.

4. Work Out a Payment Method

Make sure you have a payment plan worked out for your project, and that you'll receive funds in time to make required payments. Common payment options include home equity loans, personal loans, and refinancing. If you decide to take out a loan, compare interest rates and loan origination fees before deciding on one.

5. Keep Track of Spending

It can be challenging to stick to your budget without seeing how much you're spending. To accurately keep track, create a spreadsheet complete with an itemized list of expenses. This will help you adhere to your budget and cut back on areas where you may be overspending.

Once you’ve set your budget, start designing the kitchen you’ve always wanted with Today’s Kitchens in Hartsdale, NY. For over 30 years, this high-end remodeling company has provided stylish and functional luxury kitchen designs for homeowners across Westchester County, NY, and Fairfield County, CT. Their talented specialists will work with you every step of the way, from the design process to the finishing touches. Call (203) 536-1222 to schedule your first consultation, or visit them online to learn more about their kitchen remodeling services.