You have your new kitchen planned out in your head, you know what color scheme you want, and you have a contractor lined up to take the next step. However, before you pick up the phone to schedule that contractor, you will want to add another line on your to-do list: Setting up your kitchen remodel budget.

Even if you are working with a small kitchen design, you can easily end up spending more than you anticipated if you are not careful. Setting up a few guidelines and doing some comparison shopping can really help your pocketbook. Check out some tips that might help you:

• Give yourself a spending limit and do not go over it. For example, you adore an open kitchen design you saw in a magazine. Instead of adjusting your budget to fit the design, figure out how you can adjust the design to fit your budget.
• Learn what percentage of your money is going into various steps of the remodel. An article on hgtv.com shows the average breakdown is as follows :
  • 35%: cabinets
  • 20%: labor
  • 20%: appliances
  • 10%: windows
  • 5%: fixtures
  • 3%: fittings
  • 7%: other
• Prioritize what means the most to you in the remodel. Are upgraded appliances most important? Then budget those in adjusting where needed.
• Set aside money for all those unexpected expenses. Be sure to calculate that money from your budgeted money. Experts suggest about 20% is a good goal.
• Do some of the work yourself (like demolition or removing flooring) to cut out some expenses.
• Budget in the amount you might need to spend eating out or spending time away from home during construction.
• Compare prices and do not be afraid to ask for a lower price. Not all prices are set in stone. Ask if there are any hidden discounts or specials you may not know about.

Once your budget is set, you can get started on your kitchen remodel. At Equity National, we want to help our partners save time and money, be sure to let us know how we can help.