Kitchen renovations can add value to your home and have a good return on investment. Before you begin with design, demolition, and construction, you need to create a budget. Four Elements Construction is a reputable and experienced renovation company in Edmonton. They share tips for creating a budget for your kitchen renovation:
Know how much you want to spend
Knowing how much you want to spend seems obvious, but there are still many things to consider. There is an enormous range when it comes to kitchen renovation costs. You can do a minor cosmetic upgrade for a few thousand dollars, or a major upscale remodel for $80,000 or more.
Decide what you want to do and how much you can afford. If you plan on moving within the next few years, ask your renovation contractor what types of upgrades you should do to help get a return on your investment. If you are in your forever home, renovate in a way that will best benefit your family.
Decide what is most important to you
When you know how much you want to spend, make a list of things that are must-haves for your Edmonton kitchen renovations. Do you want new energy-efficient appliances? A new kitchen layout? New cabinets, or do you want to reface your original cabinets instead? This list will help determine how much or how little you wish to spend on the various components of the renovation.
Get a detailed cost breakdown
An experienced general contractor in Edmonton will give you a detailed cost breakdown of your potential kitchen renovation once they determine the project’s scope. This breakdown will show you where the money in your budget will go. New cabinets, for example, can make up 35% of your budget or more. It will also factor in costs like permit fees, labour, materials, and supplies.
Add a contingency budget
Unfortunately, home renovations can have hiccups. Things like finding mould or faulty electrical work behind the walls could mean extra repair costs. You might have to change your plans on product selection if there is a shortage of something you initially chose. Having a 10-20% contingency budget will ensure you’re financially and mentally prepared for those extra costs.
Stick to the plan as best you can
It will be easy to add new features and plans to the kitchen remodel as the project is underway. Change orders are costly, and they add up fast. When you work with Four Elements Construction, they will help you create a design plan for your kitchen remodel that best matches your budget. Changing your mind, and adding things throughout the project, is a sure-fire way to go over budget. If you feel tempted, go back to the “how much do you want to spend?” stage and remind yourself that your original, well-planned budget is there for a reason – and that you have a kitchen design plan underway that will give you the beautiful kitchen you’ve always wanted.
If you’re ready to start the kitchen renovation process, contact Four Elements Construction!