If you’re thinking about remodeling your kitchen, you likely have a long wish list. You probably can’t afford to make all those changes, at least not right now. Here are some strategies to help you prioritize.
Figure Out How Much You Can Spend
Be realistic about your budget and make sure that you and your spouse are on the same page. Decide how much you’re comfortable spending for the project and how you’ll finance it.
Don’t plan to pay for renovations with a credit card. You’ll wind up spending a lot more in interest. It will be better to save up money over time or use home equity.
Set Clear Priorities
You probably won’t have enough money available to cover all the things you would like. Being clear about your priorities can help you figure out which changes to put at the top of your to-do list.
Write down all the things that are important to you and identify which are needs and which are wants. That can be difficult, especially when two people are planning a renovation and they have different viewpoints. If you and your spouse disagree on what bothers you about your kitchen and what you should change first, hear each other out and look for common ground.
Think about how to get all or most of the things you need, plus some of the things you want. For example, you might prefer new cabinets but realize that you can keep your current ones, spruce them up with some fresh paint and new hardware, and have enough money left for new flooring. If your kitchen is too cramped, you might decide to change the layout and settle for new countertops that are less expensive than your preferred ones, but still attractive and durable.
Get Quotes
Homeowners often have no idea how much cabinets, countertops, flooring and appliances cost. Compare prices for different products and get quotes for installation from a handful of local contractors. Once you have some realistic numbers to work with, you’ll be able to make informed decisions.
Prepare for Unexpected Costs
Homeowners often find that making one change requires them to make another. For instance, if you decide to replace the cabinets, you might have to install new flooring because the area under your current cabinets doesn’t have the same flooring material as the rest of the kitchen. Removing a wall might require you to have a contractor move some electrical wiring. Workers might discover problems, such as outdated wiring, after they start renovating. Leave room in your budget for those sorts of unanticipated expenses.
Remember That You Don’t Have to Do Everything All at Once
If you can’t afford all the items on your wish list right now, that doesn’t mean that you’ll never be able to have them. You can upgrade your kitchen in phases, focusing on your top priorities now and postponing other projects so you don’t get overwhelmed financially.
