Wednesday, October 30, 2013

Knowing Your Budget

Jumping into a remodel can really get the best of our imaginations sometimes. We all dream about having a grand kitchen, but some of us are on a more restricted budget. The excitement, choices and chaos of it all can really get us going, or bring us down. When getting ready for your kitchen remodel, one of your first steps should be to decide how much you want to spend on your project.

That sent some of you running for the hills, didn’t it? One of the first steps in a remodel is to understand your budget and how much you can afford to spend. And don’t take it personally when your designer starts asking questions about money. By asking, you’re helping them create a space that is within your means without feeling like you had to give things up to get the price right.

What budget means to your remodel

Why do you need to know your budget before you start to “window shop”? It’s pretty simple actually; remodeling projects can get out of hand very quickly if you aren’t consistently thinking about your budget. Every product you can use in a kitchen remodel comes in a good, better or best quality. Set your sights on all of the best quality items and you might run yourself up a pretty big bill. Let you designers know what you plan on spending; that way they can show you what is in your range. The best approach is to know exactly where you stand on your budget and what that “wiggle room” is, so that when you do enter a showroom, you’re not influenced by the sales, luxury finishes and upgrades. Having decided on a set price range, you have set an expectation for your designer and they can work to give you what you want.

Be prepared for a little more or a little less

When talks turn to budgets, many people pick a fixed number and say they are spending exactly that. But when it comes down to it, the best way to approach your remodeling budget is to have a range. Creating a range for your budget, say plus or minus $10,000. You have created room for opportunity, or a safeguard for a crisis. With the complexity of a kitchen remodeling project, you might come across something that is structurally wrong with the home and needs to be fixed. Having the budget range will let you fix the issue without having to give anything up.

Your budget range will also allow you to upgrade in areas once decisions have been made on large items such as cabinet styles and hardware. Being able to upgrade to the bigger range or the luxury backsplash is definitely a fun treat. Your designer will be able to show you where those upgrades can be made and how it will affect your bottom line.

Knowing where you want to start with your budget, and sharing that with your designer when the time comes, are two components of a happy remodel. The process can be overwhelming and get out of control if you aren’t prepared to talk the tough stuff with your designer, and your budget is included in that.

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