The most important part of any remodeling project is making sure you don't go over your budget. The project we are worried about right now is the kitchen budget. Going over budget can lead to settling for unexpected options, disagreements with contractors and in the worst case...an unfinished room.
What's the total amount you are willing to spend? Break down your priorities and figure out what you are willing to spend the most money on.
According the National Association of Realtors, the kitchen is the single most important room when making a purchasing decision for a home. (Bathrooms are the second most important.) Investing in your kitchen is always a good decision. The question many consumers have is "How much should I budget for my kitchen purchase?" The following information will assist you in your budgeting decisions.
Most of your kitchen budget will most likely go towards things that you can't live without i.e. cabinets, appliances, countertops. The guideline is you get what you pay for. Make sure you see exactly what you are buying and check out the quality for yourself.
The cabinet budget depends on many factors: whether the cabinets are RTA (ready-to-assemble), stock, semi-custom, custom, luxury, bespoke, the quality of construction, wood species, door styles, and finishes.
Kitchen remodeling costs range between $16,000 to $60,000, according to the NKBA. The amount spent on cabinets varies from $6,000 to $35,000 with the median price being $15,000.
When we are speaking of luxury or bespoke quality cabinetry the budget for the cabinetry alone can easily exceed $100,000. These discriminating buyers still have an interest in getting the most value for their dollars spent.
The 5% to 15% Rule is a handy tool to help determine how much you spend on your kitchen project. Basically, the rule states that the entire kitchen project (including cabinets, appliances, countertops, flooring, etc,) should typically costs no less than 5% and no more than 15% of the current value of your home ... with approximately 36% of the total cost allocated for cabinets.
5% to 15% Rule for Sample Kitchen Budgets
The typical Budget is 8% of Home Value
Obviously the budget needs to be in the range of what you can afford to spend. The National Kitchen and Bath Association says that the typical budget for cabinets will vary from $8000 to $12,000 for semi-custom cabinets to $18,000 to $40,000 for custom cabinets.
Cabinets = 36%
Countertops = 14%
Appliances = 12%
Installation = 11%
Interior Design = 6%
Hardware|Fixtures = 6%
Flooring = 6%
Lighting = 5%
Other = 4%
Therefore, selecting quality appliances, cabinets, and countertops that will give you the most for your money is essential. There are many brands, colors, styles and technology out there. Although the task may be overwhelming you still need to weed out the good vs. the bad and pick what's best for you.
With the proper help from an experienced kitchen designer, all your needs will be addressed and you budget will be set.