Kitchen Remodeling and Your Budget
by Gary Foreman
Description: Tips for deciding whether or not remodeling your kitchen is in your budget.
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Dear Dollar Stretcher,
We have kitchen doors from the 70's or earlier. We would like to change
the
color but don't know whether we should stop there or go as far as
changing
cabinets.
John
John's got a lot of company. Kitchen & Bath Business Magazine forecasts
that there will be 6 million kitchens remodeled this year at a total
cost
of $79 billion!
It isn't surprising. Kitchen remodeling projects generally recover
nearly
all of their costs when you sell your home. MSN House & Home released a
report showing that projects costing up to $25,000 returned 90% or so
when
the home was sold.
So that's a good reason for redoing your kitchen. Another is that it's
one
of the most used rooms of your home. And, if you listen to the people
who
study such things, the more time your family spends in the kitchen the
healthier and happier your family will be.
OK, so you're thinking about doing something. But, like John, you
wonder
how much to do. The best place to start is to figure out what you can
afford. Kitchen projects can quickly get out of hand. Once started,
it's
easy to upgrade to a more expensive drawer pull or cabinet door.
There's a
lot of pressure to go just one step further. And then one more after
that.
But those decisions can be very expensive. Have a dollar limit in your
mind
based on what you can afford. Hold on to that boundary. Just about
everyone, including your own ego, will want you go spend more.
And, expect some unanticipated expenses. It's prudent to only plan to
spend
90% of the money you'll have available. Save the 10% for mid-project
surprises.
Next you'll need to decide how extensive your remodel will be. It may
be as
simple as repainting wood cabinet doors and walls. Perhaps new
countertops
and faucets. Or it might be a matter of gutting the entire kitchen and
starting from scratch.
Naturally, more extensive means more expensive. This is the stage to
get
some rough pricing for different aspects of the job. Bounce the costs
against your budget. You should have enough information to decide how
much
you want to take on.
Some people will argue that it's ok to borrow for a kitchen remodel.
After
all, you're making your home more valuable. That's true. But you'll
still
end up repaying the loan when you sell. And that means less money in
your
pocket. If you do borrow consider repaying the loan while you still
live in
your home.
If you're going to be making major changes, be sure to consider the
three
major functions of a kitchen: storage, preparation and clean-up. Think
about how your family uses the current kitchen. Make major decisions
before
you start construction. Remember making adjustments once work has
started
will be expensive.
New cabinets are generally the most pricey part of a fully new kitchen.
Choose them carefully. Their style and color will have a major impact
on
the room. And, your budget.
In fact, choose all your materials carefully. You'll find that quality
varies considerably. The fact that there are lots of choices means more
work for you, but does provide a greater opportunity for savings.
Don't assume that the big home center store is the cheapest or best.
Check
with specialty kitchen and cabinet shops. Ask if they have any cabinets
that they were unable to deliver. You may be able to benefit from
another's
mistake.
If the job is beyond do-it-yourselfing, ask around for a handyman or
contractor. Unless the job is fairly simple (read inexpensive) you'll
want
to get three bids.
Check out contractors thoroughly. Ask for references and contact them.
Ask
the contractor about licenses, insurance and bonding. You don't want to
make a mistake here. Under normal circumstances a full kitchen remodel
will
take about 2 months after planning and materials have been ordered. The
wrong contractor could drag that out indefinitely.
Talk with the contractor before starting. Ask lots of questions. The
way
they answer will tell you a lot about how they'll perform. For
instance,
some will encourage you to skip getting required permits. Better you
should
skip that contractor. Yes, the permits will cost you. But they'll also
guarantee that the job is planned and done correctly. The building
inspector can be your best insurance against shoddy work.
Finally, expect disruption. Eating all your meals out for two months
can
get expensive. So some families load up the freezer with meals that can
be
reheated in the microwave. It's easy to prepare extra portions of the
meals
that you're already making during the weeks before your kitchen is off
limits.
Updating a kitchen can make a big difference in your home. Whether it's
just painting cabinet doors or a full blown new kitchen, it takes time,
consideration and money. Hopefully whatever John decides will bring his
family together and make many fine memories.
Gary Foreman is a former financial planner who currently edits The
Dollar
Stretcher.com. If you'd like to stretch your day or your dollar visit
The
Dollar Stretcher.com. You'll find hundreds of articles to help you
"live
better...for less".
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