Wondering what your budget for your upcoming kitchen or bathroom remodel should be?
Don’t feel alone, there are many people that do not know either.
TV Ads and TV Shows are partly to blame for so many people unsure what their budget should be.
TV Ads most of the time are displaying too good to be true pricing. Flooring at Thirty-Three cents a foot! Free Basic Installation! ( Just be sure to have the furniture moved, old flooring removed, new flooring delivered, base molding removed and jambs cut. You can make all the transitions and floor register cutouts later! Oh and by the way – don’t use the new flooring too much.) Cabinets for Twenty Five Dollars each (Be sure to buy glue, screws and clamps to hold them together) Granite Counters for Twenty Dollars a Foot (edging, polishing, cuts-outs, seams, installation, face filling, support rods, template – EXTRA)
TV Shows sometimes manipulates the viewer. One show pretended to complete an entire bathroom in one day? There is no humanly way possible to gut and remodel a bathroom in a day. That’s the magic of editing folks. Can you imagine having a laborer, plumber, electrician, hvac contractor, dry wall installer, dry wall taper, tile setter, painter and a carpenter in your bathroom at the same time?
These shows toss around numbers like a washer tournament at a tail gating party. Are these contractors I just mentioned going to show up to your home in order to split twelve hundred dollars? Not each … but to split??
I will give the shows some credit. They do expose homeowners to a lot of ideas and products. That inspiration leads to fantastic projects once a realistic budget is set.
What should your budget for a kitchen or bathroom should be?
Two formulas – one for the bathroom and one for the kitchen.
For a bathroom remodel multiply the value of your home by 15%
For a kitchen remodel multiply the value of your home by 25%
These formulas will give you a reasonable and realistic budget for your home improvement.
I will explain those two formulas in greater detail in my next article.