Renowned Canadian designer Candice Olson was quoted as saying: “Today’s kitchen is all about a well-planned space that makes cooking a completely interactive experience among family and friends.” A kitchen has always been seen as the heart of the home where food is prepared, stories are shared after a long day and new friendships are forged. The state of our kitchen has also been found to have a direct impact on our health and well-being with nearly a third of homeowners reporting that their kitchen renovation inspired them to prepare more home-cooked meals and follow an overall healthier diet. Due to the sheer amount of planning and work that goes into a kitchen makeover, it is imperative to conduct sufficient research and ensure you have the necessary funding available to make your project a success.
1- List your priorities
When undertaking a kitchen makeover it is very easy to get carried away with everything you want to have done which is why it is so important to make a list of your priorities. Any makeover is bound to present a few unexpected costs and by drawing up a list, you will be able to still get the most important things done regardless of whatever hiccups may occur. When trying to determine what needs to be prioritized, try to envision the final product and ask yourself whether you really need the latest imported Italian floor tiles and crystal chandelier when there are equally-attractive alternatives available at a fraction of the cost.
2- Draw up a budget and stick to it
Creating a budget for your kitchen makeover and sticking to it is of vital importance. After drawing up your list of priorities you need to have a good, hard look at your finances and decide exactly what you can comfortably afford. As nice as it may be to have a gorgeous, upmarket kitchen to show off, you don’t want to struggle financially for the rest of your life because of it. Obtain quotes from a number of contractors and browse through magazines for budgeting hints. As tempting as it may be, do not exceed your budget, not even if you can vaguely justify any additional impulse purchases. Once you have decided on your budget, you can set out to acquire the finances required.
3- Ways to finance your kitchen makeover
Remodeling your kitchen is undoubtedly one of the most expensive home renovation projects that any homeowner can undertake, averaging anywhere between $12,589 and $33,067 according to HomeAdvisor’s Chief Economist, Brad Hunter. Unless you have a stash of money under your mattress or in the bank, you will need to employ one of various financing options to enable you to create the kitchen of your dreams. An increasing number of kitchen contractors offer their own convenient financing options to their clients. As appealing as this may sound it does have its shortcomings as it only provides you with a single option to consider and nothing to compare it to.
4- Apply for a home equity or personal loan
If you don’t want to make use of contractor’s finance, you can finance your kitchen makeover with a home equity loan (HEL). A HEL is very similar to a second mortgage where you borrow the equity against the value of your home in order to receive a certain amount of cash that you can then use to pay for your renovations. Home equity loan repayments are charged at a fixed interest rate with the interest paid possibly being tax deductible. If a HEL also does not seem like a viable financing option, applying for a personal loan might be the best course of action to take. Personal loans are generally easy to apply for and once approved, the waiting period for the money is minimal. Personal loans furthermore offer longer repayment terms than other finance options, adding to their convenience.
As long as you stick to your budget and don’t deviate from your original vision your kitchen makeover won’t be nearly as harrowing as you once feared. Remodeling your kitchen can prove to be a life-changing experience that not only adds substantial value to your house but boosts the morale everyone living in the house as well.