Kitchen remodeling has gained the spotlight in home improvement for a good reason. With all the delightful benefits that such project has to offer, more and more New York homeowners are tempted to jump into the renovation bandwagon. However, undertaking such can be a costly endeavor. To make things work out and finish off the project in a timely and cost-efficient way, it is important to know the costs involved and ways that you can save money. This article discusses just this with tips ideal whether you are in Manhattan, Long Island, Staten Island, Queens, or Brooklyn.
Kitchen Remodeling Cost
As they say, no two houses are exactly the same as well as the taste and personal preferences of homeowners. Other than these, other factors that will affect your overall kitchen remodeling budget include the size, condition and current layout of the room. Some of the major areas where your money goes include the kitchen cabinets, appliances, countertops, flooring, and labor. Total expense can range from an average of $20,000 to around $115,000 for an upscale renovation.
Financing
When it comes to financing your kitchen remodeling, you can either take it from your personal savings, apply for a loan or combination of both. Investigate which way would best fit your financial conditions and would offer the best deal. There are various lending institutions and companies that offer such services, thus doing research is crucial not only to land with the best deal but to avoid scams as well. Some of the options you can consider include:
Mortgage refinancing
Personal savings
Retirement funds
Home equity loans
Online communities fund alternative (like Prosper or Lending Club)
Kitchen Remodeling Budget
Busting the budget is among the most feared yet common thing to happen when kitchen remodeling. Though working on a dream kitchen, it is important to be realistic when establishing a budget. Setting a budget is important not only to avoid overspending but to also allow your hired contractor to get the best value for the money that you are willing to invest into the project. Your best source of the closest estimate is from a qualified contractor. And it is advised to extend your budget to 12%, this will cover overruns and keep the project going.
Ways to Save Money
In kitchen remodeling, there are many ways in which you can save money without cutting corners. Smart spending is the key and not to opt for cheap labor and products. Here are money-saving ideas that you cab take advantage of to save money on your kitchen remodeling project:
A well-detailed contract and well-drafted kitchen remodeling plan will avoid additions to the original scope of the project.
If possible, reuse existing appliances.
Opt for RTA kitchen cabinets that afford you the same quality and appeal that you can get out of traditional pieces, but for a fraction of the cost.
Discuss with your contractor the tasks that you can do yourself to cutback on labor.
Avoid major changes in the layout such as moving appliances and utilities that would require a re-route in plumbing and electrical system.
