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Tips for Budgeting when renovating your kitchen

Kitchen remodeling is known to be quite expensive. The good news is that if your smart, with the right help it doesn’t have to break the bank. Whether it is major remodeling update or a minor facelift, it is possible to stay on budget if your flexible and priorities are in order. If you’re unsure about how much your renovation will cost you, its best to speak to the professionals at wonderful kitchens. Sydney has much to offer when it comes to kitchen renovations, but leading the way with over 30 years of experience are the team at wonderful kitchens.

Below are some helpful tips on staying within your budget and keeping the costs down.

  • Setting a budget for a kitchen renovation and sticking to it is easier said than done. A factor that a homeowner should consider is how much he or she can afford. Another factor is how long one plans to live in the house. If the homeowner plans to sell the home soon, the remodel should be viewed as an upgrading on a real estate investment. Therefore, he or she should only spend only what will be recovered once the house is sold. If one plans to stay in the home for a long time, the remodel should be aimed at making it more comfortable for your own living and you might even consider spending that little bit more.
  • Creating a list of the kitchen renovation’s priorities is advisable. Each homeowner knows what is more important to him or her, for instance new cabinets or new appliances. Writing down priorities can help as it will enable someone get the top things on the list done in case unexpected costs plague the budget. When determining priorities, it is worth considering that little things usually add up. Minor accessories are known to add to a kitchen’s overall function and look, and are not expensive.
  • A homeowner should always know how he or she will pay for the remodeling project. Home equity loans are popular since they are tax deductible. The homeowner may have cash in hand. However, it would be wiser to borrow money at a lower rate as opposed to accessing it from an investment account that is receiving a higher return. For someone taking a loan, costs such as interest should be factored in. the individual should also find out when to access funding from the loan in case contractors for the project ask for upfront payments.
  • A significant percentage of the budget, approximately 20% should be set aside to fund unexpected expenses. It isn’t uncommon to encounter surprises during a kitchen remodel particularly in older homes. All kinds of budget-busting surprises await someone under floors or behind walls. For example, an older residence may have outdated electrical wirings. A segment of the project budget should be allocated to cover such surprises.
  • Deciding to stay living in the home is another factor to consider. Depending on the extent of renovations happening it might be a wise choice to move out until the knockdowns are finished. Finding somewhere else to live while contractors go about their jobs is recommended as it minimizes stress. However, one should take into consideration the cost of a hotel or apartment, moving and storage fees. Another factor to consider is the cost of eating out. This expense should be fit into the budget at the beginning.

As you can see there are many factors to consider when creating a budget for a kitchen renovation if your uncertain how to do this, one of our team at Wonderful Kitchens would be more than happy to help achieve a accurate evaluation for your kitchen remodel or renovation.

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