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Budgeting for your Kitchen
According the
National Association of Realtors, the kitchen is the single most
important room when making a purchasing decision for a home.
(Bathrooms are the second most important) Investing in your kitchen
is always a good decision. The question many consumers have is “How
much should I budget for my kitchen purchase?” The following
information will assist you in your budgeting decisions:
How much should your new kitchen cabinets cost?
That depends on many factors: whether the cabinets are standard, semi
custom or custom, the construction cost and wood species and
finishes. Kitchen remodeling costs range between $16,000 to $60,000,
according to the NKBA. The amount spent on cabinets varies from
$6,000 to $35,000 with the median price being $15,000.
How should I calculate my Kitchen Budget?
The 5% to 15% Rule is a handy tool to help determine how much you spend on your
kitchen project. Basically, the rule states that the entire kitchen
project (including cabinets, appliances, countertops, flooring,
etc,) should typically costs no less than 5% and no more than 15% of
the current value of your home ... with approximately 36% of the
total cost allocated for cabinets.
5% to 15% Rule for Sample Kitchen Budgets
(Typical Budget is 8% of Home Value)
How should I calculate my Kitchen Cabinet Budget?
Obviously the budget needs to be in the range of what you can
afford to spend. The National Kitchen and Bath Association says that
the typical budget for cabinets will vary from $8000 to $12,000 for
semi-custom cabinets to $18,000 to $40,000 for custom cabinets. The
following is a breakdown of a total kitchen remodel as estimated by
the NKBA:
| Cabinets | 36% |
| Countertops | 14% |
| Appliances | 12% |
| Installation | 11% |
| Interior Design | 6% |
| Hardware/Fixtures | 6% |
| Flooring | 6% |
| Lighting | 5% |
| Other | 4% |
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