HOME VALUE x 15% = TOTAL BUDGET
CABINETRY....................................36%
COUNTERTOPS..............................14%
APPLIANCES..................................12%
INSTALLATION................................11%
INTERIOR DESIGN............................6%
HARDWARE FIXTURES.....................6%
FLOORING........................................6%
LIGHTING..........................................5%
OTHER..............................................4%
Once the groundwork for design has been laid, creating a realistic budget is the next step in making your vision a reality. To help determine what you should be spending, KNOW THE VALUE OF YOUR HOME. Acoording to Mick DeGiulio, CKD, in Consumer Reports magazine, A kitchen renovation should cost no more than 10 to 20 percent of the value of your real estate. Whether you are planning new construction or a kitchen remodel, your cabinet budget will be structured about the same. Approximately Fifty percent of that amount should be allocated for the cabinetry, including its design and installation. “According to the National Kitchen and Bath Association, current costs to remodel a kitchen range from $15,000 to $45,000, with an average price of almost $27,000.” Whereas an average bathroom cost was determined by Wellborn to fall somewhere between the $7,000 to $12,000 range, which included design, products and installation. Although cost can vary based on design and budget factors, money spent in the kitchen typically sees a very high rate of return, sometimes exceeding 100 percent, if spending is relative to the home’s value. As much as Fifteen percent of your project’s budget can be expected for countertop. The remaining 35 percent should be spent on lighting, flooring, plumbing, appliances, etc. Use this guideline suggested by the NKBA, to determine a rough budget for your new construction or remodel.