Estimating Your Kitchen Remodeling Costs

Estimating Your Kitchen Remodeling Costs
“remodeling costs” “kitchen plans” The first question most people ask is: How much is it going to cost? What you end up paying depends on three things that you can choose and one that you can’t. First, the material you select for your kitchen plans will have the biggest impact on the price; it’s also where you have [...]

“remodeling costs” “kitchen plans”

The first question most people ask is: How much is it going to cost?
What you end up paying depends on three things that you can choose and one that you can’t.

First, the material you select for your kitchen plans will have the biggest impact on the price; it’s also where you have the most choices.

Then there is the cost of installing the materials you have selected. For this you can take the lowest bid.

Finally, how much you pay will vary with where you live. You can’t do much about this! Construction costs vary widely throughout the country so the geographic location you are in will pretty much dictate the going rates.

When doing a remodeling project figuring out how much to spend can be the big question.

Some things to consider would be:

What condition is the house in and what era does the current style suggest and what would you like it to be?

What is the current market value of your house before remodeling and what is the average market value of comparable sized homes in the neighborhood? How long do you actually plan to stay in the home? Is it a flip? Are you planning to live there for 2-4 years? 10 years? Forever?

Whatever amount you feel comfortable spending…or that your budget will allow…you should keep in mind that your home is still an investment…possibly your biggest investment…and you want to have the highest return possible on your investment, especially if your turn around time is sooner rather than later.

You don’t want to remodel all of your equity away. Some projects add value to the home and others just eat away your equity with no return at all. Fortunately a kitchen remodel is something that recaptures nearly 100% return if you stay within the maximum 15% of the home’s current market value.

It’s always a good thing to check out other homes in your neighborhood and see what the competition is with comparable homes so you can stay in the game and even have an edge when it comes time to sell. You want to make sure yours compares best to others in the same price range, however, your net profit is still the end game.

But on the other hand, if this is the home you plan to be in for many years to come, the pleasure you would receive from having your perfect dream kitchen, experiencing delight and appreciation on a daily basis, should never be underestimated either.

I personally believe we should all do things that bring us pleasure and joy into our lives on a daily basis….but it’s all a balancing act so the purpose of your remodel needs to be taken into definite consideration.

The 5% to 15% Rule is a handy tool to help determine how much you spend on your kitchen project.

Basically, the rule states:

The entire kitchen project (including cabinets, appliances, Countertops, flooring, lighting, trim molding, & wall coverings) should cost no less than 5% and no more than 15% of the current value of your home … with approximately 50% of the total cost allocated for kitchen cabinets (including accessories and trim).

kitchen cabinets remodeling
Remodeling Costs * Kitchen Cabinets

Planning a kitchen remodel?

Find out the secret to remodeling your kitchen the easy way PLUS insider information that will save you 1000’s on materials, give you a more realistic way to estimate remodeling costs AND help you get your kitchen remodeling project done weeks faster! To find out more…..CLICK HERE

Tags

Custom Remodeling, Discount Kitchen Cabinets, Do it Yourself Home Improvements, Home Design, Home Designs, Home Improvement & Maintenance, Home Improvement DIY, Homes Renovations, House Remodeling, Ideas for Kitchens, Kitchen Cabinets, Kitchen Designs, Kitchen Plans, Kitchen Remodel, Remodeling, Remodeling Costs, Remodeling Houses, Remodeling and Construction

How Will You Complete These Home Improvement Projects?
Homeowners are often faced with an overload when they try to remodel their house and property. With so many elements going into the remodel, they may begin to think they have overdone it or have gotten in over their head.

Home Equity Loan or Equity Home Line of Credit for Home Improvement Projects
“home equity loan” “equity home line” “credit equity line” “consolidation loan” “debt consolidation credit” Home Equity Loan or Equity Home Line of Credit to Double as a Home Improvement and Debt Consolidation Loan With any remodeling and construction projects you do on your home there are many payment options available for most home improvement remodeling projects. For [...]

“home equity loan” “equity home line” “credit equity line” “consolidation loan” “debt consolidation credit”

Home Equity Loan or Equity Home Line of Credit to Double as a Home Improvement and Debt Consolidation Loan

With any remodeling and construction projects you do on your home there are many payment options available for most home improvement remodeling projects. For example, you can get your own loan such as a home equity loan or credit equity line or ask the contractor to arrange financing for larger projects. For smaller projects, you may want to pay by check or credit card.

For the larger projects a home equity loan, or a credit equity line also known as an equity home line of credit, can be a good solution because the interest rates are often better than other types of loans or credit and, depending on the amount of equity you have in your home, you might also be able to use it as a debt consolidation loan at the same time to pay off high interests credit cards and other high interest debt so you can be relatively debt free with just the equity home line of credit at a lower interest rate and improve your home and bring up its value at the same time.

What is the Difference between a Home Equity Loan and a Home Equity Line of Credit?

A home equity loan is a loan that is secured by your home. It is also sometimes referred to as a closed-end home equity loan or a second mortgage and is a fixed amount of money that must be repaid over a fixed term just like your original mortgage. You get the entire loan amount upfront all at once. You have predictable, consistent monthly payments.

A Home Equity Line of Credit in many ways is similar to a credit card. It is a a form of revolving credit in which your home serves as collateral. You can borrow as much as you need, whenever you need it, by writing a check as long as your total borrowing does not exceed your credit limit. Because it is a line of credit, you make payments only on the amount you have actually borrowed, not the full amount available. What makes a Home Equity Line of Credit so popular is that interest paid is usually tax deductible under federal and most state income tax laws.

Whether you use a home equity loan or a home equity line of credit for a home improvement project or as a debt consolidation loan or both it’s a great way to make your debt tax deductable and improve the value of your home at the same time.

Planning a kitchen remodel?