Achieving your dream kitchen doesn’t have to break the bank. It's usually an investment worth while because of the value it adds to your home. Let’s face it, nobody likes an outdated kitchen stuck in the 90’s, why not enjoy the aesthetics and functionality of your kitchen since this is one of the most high traffic areas of your home.
We understand you may not have 30 grand to splurge. There are ways to achieve a stunning kitchen without breaking your wallet. Here are five ways to ease the financial aspect of a kitchen remodel:
Do Your Project Little By Little.
Don’t feel obligated to tackle a large project all at once. Find a contractor that will honor your request to do the project step by step. For example you can start with a backsplash now and in a few months replace or stain the cabinets. Doing a reno in segments ensures you are seeing the kitchen come together without spending so much money at once. Make a list of your priorities, and remember you don’t have to replace every inch of your kitchen to get good results.
Create A Plan Based On How Long You Plan To Live There.
If you plan on selling the home within 3-5 years, then you should improve the kitchen as a real estate investment that you plan on getting back when you sell the house. If you intend on living in the home longer than that, then you should remodel your kitchen based on your needs and wants to make the space most comfortable and functional for you and your family.
Figure Out How You Will Pay.
You may want to consider a home equity loan since they are tax deductible and can save you more money than other types of loans. You may also take a personal loan or use the funds from a refinance. Maybe you have the cash set aside already, that also works. Either way make sure you can afford it before you even call any contractors for quotes. If the quotes you receive exceed your budget, take some time to grow your budget or see where you can cut down in your remodel priority list. If you don’t have a fully funded emergency fund or have a lot of other debts, maybe it’s not the best time to tackle a remodel.
Do The Demo Yourself
If you are more on the handy DIY side, you may want to consider demoing your kitchen yourself. This usually isn't overly complicated and doesn’t require specialized tools. You will save a lot on contractor expense if you start the demo and then your contractor can just pick up where you left making sure the specialized details are done correctly. Don't DIY your remodel if you don't have any prior experience, mistakes can be costly.
Get A Few Quotes For The Best Deal
If you are planning to do a partial or full kitchen remodel. Make sure you get a few bids before making a decision. You don’t just want to go with the first quote you get, you need to see what is out there and make sure you are getting the best return possible. Also, price isn’t everything. If you get a cheap quote, it’s probably cheap for a reason. Maybe lower quality work and higher risk for liability issues. Anybody can say they can help you do your kitchen, but a reputable contractor with good reviews will take you a long way. Pay attention to what workmanship warranties they offer as well. Ask for pictures/videos, references and proof of insurance to ensure that you will be in good hand if you decide to hire them. Finally, you want a contractor to be as transparent with you as possible and prevent you from experiencing hidden costs in the process.
If you are looking to remodel your kitchen and have taken the appropriate measures, go for it! It is rewarding process that will pay off in the long run.