How to Create a Budget for Your Kitchen Renovation
Investing in a kitchen renovation is no small feat, and in our experience, you probably won’t do so more than every 10+ years or so. This means that investing wisely is essential — in quality, functionality, and of course, style you love.
So, how do you build a budget for your kitchen renovation? And when should you start? Today, I’ll be answering those questions and more, including:
The difference between an investment and a budget
The updates that impact your budget the most and least
A renovation cost breakdown based on our years of experience
How we solidify your budget for your project’s launch
Come take a look and bookmark this post for future reference!
Investment vs. Budget
I often see the terms “investment” and “budget” used interchangeably, but these are actually two different concepts:
Your investment is the overall amount you’re willing to dedicate to the renovation. This is 100% a personal choice, and we will leave it to you to tell us the amount you’re comfortable investing.
Your budget is an itemized breakdown of how we allocate your investment funds. It’s typically more fluid and variable based on the style, quality level, and functionality you want. For example, the investment for your renovation may be $90K, and then we budget that money into categories like cabinetry, appliances, flooring, and countertops.
Which Kitchen Updates Impact Your Budget Most & Least?
Medium- to High-Impact Decisions:
Appliances have a considerable impact on your reno budget. For example, cooktops range from $500-$5,000. Both ends of the spectrum will do the job — it’s a question of what you like!
Choosing materials for the renovation is another key area that can greatly influence and affect the overall cost of the project. For example, quartz versus granite countertops.
Low-Impact Decisions:
Decorative lighting does not usually swing the numbers much either way…so we’ll have plenty of creative freedom to create an aesthetic you’ll love!
There are many cost-effective and quality options for hardware, as well.
The official budget is compiled during the design phase, after we have drawn the new plans for the project, but more on that in a bit!
Kitchen Renovation Cost Breakdowns by Investment Level
Once we’ve established the scope of your project, we use the general cost categories listed below to create ballpark budget figures. We base the ballpark ranges on our years of experience renovating kitchens in homes of a similar age in the Florida market around the Emerald Coast.
NOTE: These numbers may look higher than you’re used to seeing. In the last 2-3 years, skilled labor, qualified trades, and materials and goods have seen increased costs across the board and industry-wide.
High-End Luxury Kitchen
A high-end luxury kitchen includes premium grade products (which will also have longer wait times), such as…
Appliances | Wolf, Sub-Zero, Bertazzoni
Countertops | Quartz, Marble, Silestone, Caesarstone
Cabinetry | Shiloh, Poggenpohl
Lighting | Terzani, Hubbardton Forge, Fine Art
Estimated Investment: $200K to $300K+
Mid-Level Luxury Kitchen
A mid-level luxury kitchen includes quality, moderately priced products. These will still have wait times, but likely not as long as the high-end products. These could include:
Appliances | Bosch, KitchenAid
Countertops | Silestone, Caesarstone, Granite
Lighting | Arteriors, Circa Lighting, Currey & Company
Estimated Investment: $90-$150K+
Affordable Kitchen
An affordable kitchen renovation includes quality, economically priced products such as…
Appliances | Frigidaire, Whirlpool, GE Appliances
Countertops | Granite, Silestone, Caesarstone
Lighting | Kichler, Minka Lavery, Possini
Estimated Investment: $60K-$120K+
How to Create Your Official Kitchen Renovation Budget
The most crucial step in creating a reasonable budget is measuring the space and creating a comprehensive design plan. The plan will provide a snapshot of the new space and provide important data like the square footage for countertops, backsplashes, cabinets, flooring, and appliances.
After we prepare the design plan in accordance with your desired investment, we’ll review the plan and budget. Then, we’ll discuss priorities further and, if needed, make revisions. At that point, the budget is finalized, and we’re ready to start making progress on the renovation itself!
Pro Tip: If you are discussing a kitchen renovation with a company and there is no drawn plan for the new kitchen, carefully rethink that option! Similarly, if the budget sounds too good to be true…it probably is.
Final Budgeting Words of Wisdom
Creating a budget for your kitchen renovation isn’t as easy as you might think. However, experts who consistently work in the industry will help you budget for things you may not even know you need.
We want to represent our clients authentically, create their dream kitchen, and make the process as enjoyable as possible. The only way to do that is to plan for it. The same is true whether you’re doing this with us, another professional, or on your own. Budgeting properly from the start is invaluable.
Is your kitchen ready for an update? Contact us and schedule your complimentary discovery call and let’s see if we’re a good fit.
Yours,
Sarah