Keeping your existing kitchen appliances can save you money in the short-term. If your stove, oven, dishwasher or fridge isn't Energy Star-certified, however, you should consider upgrading them. Energy-efficient appliances pay for themselves over time by lowering your utility bills, and they help to preserve the environment, too. Additional electrical rewiring may be required to accommodate Energy Star appliances.
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.
Sadly, most home remodeling projects do not return 100% of your investment. In fact, according to Remodeling’s 2017 Cost Vs. Value report, only one project will return a positive investment (attic insulation). Nonetheless, that doesn’t mean you should skip all remodeling projects. After all, if you plan to live in your house for another 10 years, you will enjoy those long overdue upgrades. You’ll get a higher sale price down the line and a higher quality of life living with a remodeled kitchen.
With $10,000 and $15,000, you'll need to do some work yourself and hire a professional for the specialty work. If possible, purchase some of the materials before calling in the professionals. While contractors can get some materials for wholesale prices, it’s customary for them to charge extra for the purchase and labor. Save time and money by getting materials in advance and then paying for installation.
Come to us with a stack of dog-eared design magazines, idea books, or a Pinterest board full of ideas. Do you want an open layout? An island? Better cooking stations? If you don’t know precisely what you want or you have countless ideas that need to be combined into your dream kitchen, that’s OK! We can work with your interior designer or introduce you to our award-winning in-house design team to create the ideal kitchen design.
Before you apply for a loan, price out every component of your kitchen remodel cost including materials and labor. If you’re working with a contractor, they may take care of this task on your behalf. Keep in mind that you may also want to factor in another 10 percent in costs for any construction overages, new kitchen decor or any related expenses that pop up.
There are several elements in your kitchen with storage capabilities. Most homeowners start with their cabinets. If you need new cabinets, now is the time to update storage capacity with drawer inserts, roll-out trays or more shelves. You can also choose a closed cabinet design, a glass face to display the items in the cabinets, or even have open shelving.
While home equity loans and HELOCs can come with low interest rates and fair terms, it’s important to understand that not everyone qualifies. According to the FTC, you can typically borrow only up to 85 percent of your home’s value with a first mortgage and second loan, for example. This makes home equity products a poor option for anyone who has been a homeowner for a short time and doesn’t have a lot of equity built up.
Be Smart About Countertops: Selecting and purchasing new countertops is a big project, but there are ways to simplify the process. If you want new counters, but are worried about how much they cost, then consider materials that look nice but don’t come with a high price tag. Installing ceramic tile is a great choice for a budget-friendly kitchen countertop.