Everybody would like to renovate his or her kitchen and give it a better look, but money is always an issue. Kitchen renovations in Calgary can be expensive, making homeowners abandon some of their remodeling plans. However, you can still do quality renovations on your kitchen without having to break the bank or compromising too much on quality. Below are a few tips on the steps to take in order to renovate your kitchen on a budget.
1. Decide on your budget and stick to it
It might seem quite obvious and easy, but putting together a budget and sticking to it may be more difficult than you would anticipate. The average cost of remodeling an upscale kitchen runs in the upper side of tens of thousands. You have to look at your finances and reasons for doing the renovations and decide whether it is worth it or not. Of course, another determining factor is whether you can afford it at all. Another factor you need to keep in mind is the length of time you intend to stay in the house after the remodel. If your reason for remodeling is to increase the value of your home so you can sell it, then you should not spend more than you can get back after selling the house.
2. Plan for the breakdown of the costs
For your plan to work and for you to able to stick to your budget, you have to break down your expenses into visible categories and chunks. Labor might cost you anything between 20 to 30 percent of your total cost for the project. The next big expense will be cabinets, which might take up a little more than 35 percent of your project costs. The rest you can distribute to windows, fixtures, fittings, and appliances according to their specific needs. It is well known that every project will always have some surprises for you so make sure you put about 20 percent of your budget aside for unforeseen situations. You probably have not checked under the floors or behind the walls for years and do not know what is there. There is a high chance you will find some nasty surprises there so be prepared financially.
3. List your renovation priorities
Go over the house and know, beforehand, what must be done no matter what and list them as priorities. What matters to you most? Is it the cabinets or better appliances? Once you figure this out, you can put them down as priorities. This way, even if you are hit by surprises and you find yourself out of cash, you can still get the things that are important to you done. During your budgeting, have in mind that those little things add up. You might want some fancy faucets or counter tops but if you add up the costs of the little things, you might be shocked. Go over your budget keenly and see if there are less costly alternatives. At times, after second look, you will realize that you can do without some of the items entirely.
4. Make a detailed finance plan
There are several ways you can chose to finance your kitchen project. However, the most popular method is to use the home equity loan. Most people like to use it because it is tax deductible. The other options available to you can be taking a loan against your retirement plan, re-financing your home, or taking a personal loan. You might have the cash in hand but it is unwise to take money from an investment account that is probably generating more interest. Instead, borrow at a lower interest, get the job done, and pay in small bits. You should factor in the fees associated with processing a loan if you decide to go down that path. You must also figure out when your loan will be issued out since you might need to pay the contractors up front and buy some materials.
5. Decide whether to live in your house during renovations
Depending on how much renovation is being done, the process might actually cause you stress due to the constant noise, smells and even just the disorientation that comes from having a central part of your life altered. You should make plans to stay away during the period. During your planning, factor in the cost of living in an apartment or hotel, the cost of moving the things you need to these locations and storage. You will need some place to put your kitchen equipment and that is where storage comes in.
Alternatively, if you decide to stay in the house, for the sake of your sanity, try setting up a temporary kitchen somewhere else in the house and factor in this cost when planning. More often than not, you will be bringing food in or eating out during the renovations. This might prove expensive so plan for it when making the budget initially.
