When a person starts to think about remodeling, one of the most important things to figure out is how much to spend on the project. To decide how much you want to change, including the amount of construction involved, those things in the construction that will be changed and the level of specification of the materials to be used, it is essential to have a number (your spending threshold) in mind. Kitchens and bathrooms are major projects and usually require a larger investment. Depending on the customer needs and wishes, this kind of remodeling job can end up being more expensive than necessary.
When planing your remodeling budget, the value of your home is an important factor to consider. Things like how long you plan to keep it, how much personalization you need to do to fit your lifestyle such as adapting the house to a person with a disability, for example, have an ultimate bearing on how much you should budget. In terms of resale value, some things add costs but not value to a home. For instance, improvements that may increase the budget for the project beyond what the house may be worth. Knowing the real estate market in the area will help to adjust the following charts and get the initial number for a kitchen or bath renovation. The charts below are based upon percentages recommended by the National Kitchen & Bathroom Association (NKBA). Many professionals in the Kitchen and Bathrooms industry use these charts as a guideline to help customers determine their remodeling costs.
|Add your personal numbers to figure out how much you should spend to have your dream kitchen or bath. One thing to keep in mind, outside kitchens do not follow the same parameters.|