How to Budget for an Interior Design Kitchen Makeover
There are many legitimate reasons why you might want to do a kitchen interior design makeover. Maybe you want to improve the functionality of your kitchen, or upgrade the kitchen’s features to better meet your needs. You might want to put your home on the market in a few years and a makeover of your kitchen interior design will improve your home’s resale value.
There are many reasons why you would want to do a kitchen interior design that might include improving the functionality of your kitchen and improving your home’s resale value.
Whatever the reason, when it comes to budgeting for your kitchen remodel, there are many important factors and considerations at play that will impact how much money you will spend. It will require much planning for both the work and the renovation costs.
We understand that setting a firm and ideal budget for your kitchen remodel can be a challenging and even daunting process. Afterall, each project comes with its own unique needs, features, and idiosyncrasies.
Although it is difficult to know the exact cost of your kitchen remodel project at the outset, you should begin thinking about your remodeling budget as early as possible.
Beginning Phase of Creating a Kitchen Makeover Budget
Budgeting for your kitchen remodel is critical. It tells you what is possible with your kitchen, from the materials you select to the professional services that you hire.
A good place to start when it comes to determining a baseline for how much your kitchen interior design makeover will cost, is with the National Kitchen and Bath Association (NKBA). The NKBA has recommended that a major remodel of your kitchen should be roughly
15 percent to 20 percent of the value of your home.
For example, if you live in a home with a value of $250,000, you should allocate $37,500 to $50,000 for your kitchen makeover. If you have a home worth $450,000, then plan to spend anywhere from $67,500 to $90,000.
The good news is that a kitchen remodel could reward you with an 85 percent return on your investment.
3 Factors that Influence How Much You Will Spend on a Kitchen Remodel
Knowing that you will be spending many thousands of dollars on your kitchen interior design makeover, it is worth exploring three important areas that will shape the total amount of expenditures.
- How much can you afford to spend?: Assess your financial situation to come up with a realistic and workable dollar amount.
- How long do you plan on staying in your home?: If you intend to put your home on the market in a few years, then your kitchen renovation should be considered an improvement on a real estate investment. Just spend what you believe you will get back when you sell your home. Conversely, if you want to live in your home for many years – longer than five years, for example – then it is best that you do a kitchen remodel that will make you and your loved ones the most comfortable. The Research for Cooking & Kitchen Intelligence revealed in a survey that 40 percent of homeowners said that they wished they had spent more money on their kitchen remodel. Their main regret was not including more organizational features.
- The last consideration is your neighborhood: Do you live in a community that is upscale or modest? You will likely lose money on your investment if you end up with an opulent kitchen in a working-class neighborhood.
What Types of Kitchen Remodels are there?
There are a few different types of kitchen interior design makeovers that you can choose from. They include doing a refresh, a minor remodel, or a major remodel.
A refresh will likely cost you anywhere from a couple thousand dollars to more than several thousand dollars. Think of a refresh as making slight, subtle changes to your kitchen – touch ups that brighten and enhance the décor.
This type of a kitchen makeover could include adding new cabinet hardware, putting in a new sink, installing new lighting, or getting some new window treatments. You might paint your cabinets or install modest new cabinets.
A minor kitchen remodel is a slightly higher level of a makeover. A minor remodel could cost you approximately $10,000 to slightly more than $20,000.
For this type of remodel, you could focus on new countertops and backsplash, or new lighting. You might opt to put in ceramic tile or laminate flooring, as well as new window treatments.
For your convenience, you may want to include new budget-friendly appliances. A new sink and faucet could also be included in a minor remodel.
For a major kitchen remodel, you are likely looking at paying well in excess of $25,000. This type of remodel resembles more of a renovation that might include major upgrades to your appliances, in addition to stone flooring that is matched with stone countertops, multi-level lighting, and designer window treatments.
NKBA’s Suggestions for a Typical Kitchen Remodel
The NKBA offers guidelines for what proportion of costs will be devoted to various aspects of your kitchen remodel. They are as follows:
- Cabinetry and Hardware – 29 percent
- Installation – 17 percent
- Appliances and Ventilation – 14 percent
- Countertops – 10 percent
- Flooring – 7 percent
- Lighting – 5 percent
- Walls and Ceilings – 5 percent
- Design Fees – 4 percent
- Doors and Windows – 4 percent
- Faucets and Plumbing – 4 percent
- Other – 1 percent
Set Aside 25 Percent of your Kitchen Remodel Budget for Unforeseen Costs
You inevitably will run up against unexpected costs during your kitchen interior design makeover. This is especially true in older homes that may have unidentified structural, plumbing or electrical wiring issues.
There could be budget-busting surprises waiting to be discovered such as asbestos, or rotten floors and walls from water leaks, for example. Set aside this extra money as a cushion so potential unexpected occurrences won’t significantly inflate your original kitchen remodeling budget.
Look to Spencer Carlson to Keep Your Kitchen Interior Design Project within Your Ideal Budget!
Our expert interior designers at Spencer Carlson Furniture & Design will work closely with you as we help you create a workable budget for your kitchen remodeling project. We will ensure that the changes you make to your kitchen will enhance your investment, and the results will exceed your expectations.
We will make sure the kitchen remodeling process goes smoothly from start to finish. No matter how complex or sophisticated your kitchen makeover is, our highly trained and experienced interior designers will help you create your dream kitchen while staying within your ideal budget!
Spencer Carlson – Helping You Design Your Dream Kitchen
From furniture to window treatments, artwork, and accessories, Spencer Carlson Furniture & Design is the only place in the Tri-Cities area where top-quality products are combined with passion and designer knowledge to transform your home into a stylish, customized environment!
Our designers will work with you to develop a new direction for your home or room design. We work with you throughout the entire design process, from conceptual design to implementation.
We have proudly served the Tri-Cities area since establishing our business in 1993. With over 50 years of combined experience, we can make your home one of a kind.
We invite you to schedule an interior design consultation with Spencer Carlson today!
