If you are planning a kitchen renovation, you may have lots of big ideas. But before you move forward with your plans, you should create a renovation budget to ensure your project is feasible.
Here are some tips for creating a budget for a kitchen renovation:
Determine how much you can afford
After you’ve decided to remodel your kitchen, you must determine how much money you have to spend. It would help if thought about where the money will come from as well. Will you tap into your savings, apply for a home equity loan or use a line of credit?
Be realistic about renovation costs
Once you know how much you can spend, be realistic about what that money can get you. The best way to know how much you can do with your money is to get estimates for the project. So, speak with local renovation contractors and ask for quotes.
Prioritize your kitchen renovation needs
If you discover after receiving quotes that you cannot tackle everything on your wishlist, you may need to rethink your kitchen design. Focus on things that are necessary for your kitchen to function well and consider what design aspects you can live without.
Add a buffer to your budget
Even with a detailed budget, home renovation projects almost always cost more than initially planned. Experts recommend that you reserve 10 to 20% of your budget to cover unforeseen problems. Issues such as water damage, shoddy wiring and bad plumbing are often not evident until after a kitchen renovation has already begun.
Are you planning a kitchen renovation in Vancouver?
If you want to renovate your kitchen in Vancouver, contact Vancouver renovation contractor at Blue Ladder Projects. For over 20 years, we have helped families in the Metro Vancouver area create their dream homes through home renovation projects.
At Blue Ladder Projects, we limit the number of jobs we take at the same time so that we can assign you a dedicated reno team for the duration of your project with a contact person you can consult with every step of the way.
So, what are you waiting for? Give us a call to discuss your options.