Determining Your Kitchen Renovation Budget
The biggest and most important decision you will make, as a Loudoun County Homeowner, embarking on a kitchen renovation project is your budget. So where to begin?
The Current Appraised Value Of Your Home: On average 5-15% of the current appraised value of your home should be spent on your kitchen renovation project. According to Long and Foster the median sale price for a home in Loudoun County is $425,000 http://www.longandfoster.com/Market-Minute/VA/Loudoun-County.htm. To make the math easier let’s assume your house is worth $500,000. That means you should budget your kitchen renovation project anywhere between $25,000 and $75,000.
Your Neighborhood & Resale: Yes, you will need to see what the Jones’s’ are up to. If everyone in your neighborhood is going for the top of the line kitchen and spending closer to %15 or more, then you need to factor that into your budget. Think resale. If your house is on the market and you spent $25,000 on your kitchen remodel and the Jones’s spent upwards of $75,000, chances are they will be attracting more buyers. According to Money Crashers, http://www.moneycrashers.com/7-home-improvements-to-increase-its-value/ a well done kitchen remodel will recoup 60%-120% of your investment. This also makes a kitchen renovation one of the most important investments you can make in your Leesburg or Ashburn home. It also means it’s a good idea to see what’s going on in your Loudoun County neighborhood to help determine your kitchen remodel budget. Now, if you have the luxury of not worrying about resale than there are no resale rules.
According to The National Kitchen and Bath Association, https://www.nkba.org/Default.aspx the national standards for breaking down costs on specific items for your budgeted kitchen renovation is as follows:
• Cabinetry: 48%
• Countertops: 18%
• Appliances: 15%
• Fixtures: 6%
• Electrical: 5%
• Walls & Trim: 3%
Once you have determined the appraised value of your home and the kitchen renovation trends in your neighborhood you can better determine your budget for specific items.
And when you are ready to start your kitchen renovation call in Leesburg’s premiere construction company: JDS construction LLC! For more information on kitchen renovation click here: Building Your Dream Kitchen.