Are you planning a major kitchen overhaul or a budget kitchen remodel? It can help to have an idea of the depth of your project before you dive in. You may be able to keep costs at minimum if you’re able to do some of the work yourself and don’t need high-end finishes or appliances. However, you’ll need to plan a sizable budget if your project is a gut job or you have expensive tastes.
Case in point: Photographer and designer Erin Kestenbaum transformed her kitchen as part of this fall’s One Room Challenge and thoughtfully included enhanced storage space. Kestenbaum’s creative solutions included vertical tray storage above the fridge, a narrow drawer for oils and spices by the range, and a coffee bar built into a full-height cabinet. "I love designing upfront ways to hide the clutter and appliances that, without a home, will inevitably end up on your countertop occupying space," she says.
Once you have an idea of your kitchen remodel budget, play around with a loan calculator to figure out your next move. Determine how much your monthly payment may be considering your credit score, how much you borrow and how long you are willing to pay your loan. Also consider how your new monthly payment will affect your monthly cash flow and personal finances overall.