You might dream about designing the kitchen of your dreams. It’s exciting to think about shiny new quartz countertops and perfectly organized cabinetry that could come with a major kitchen renovation.
However, a kitchen remodel can come with a high price tag if you aren't careful.
Avoid these 15 wallet-draining mistakes and lower your financial stress as you tackle this project.
Make Money: 8 things to do if you're barely scraping by financially
1. Making decisions based on Instagram
Open shelving, moody cabinet colors, and brick floors all look striking on Instagram. Perfectly styled kitchens start to fill your Explore page as you dive into more and more renovation inspiration.
But making decisions based solely on these tiny squares can be an expensive mistake. Think about what works in real life, not just on your feed.
Own a car? Here's 7 warning signs you're paying too much for car insurance. 2. Underestimating expenses
Whether you’re just replacing countertops or ripping out the entire kitchen, you might be tempted to seek estimates at the low end of the prices you find online.
But wishful thinking is not a good plan. Instead, get quotes from contractors in your area before you create a firm budget — and then add 20%.
From unexpected plumbing issues to electrical problems, there will inevitably be expensive surprises throughout the renovation journey.
3. Going in without a plan
If you neglect to adequately plan before starting a kitchen renovation, you might put yourself in a situation where you have to choose contractors, vendors, and supplies in a hurry.
That can prevent you from getting multiple quotes to find the best deal. It might also put you in a position where you have to buy whatever items are available rather than having the time to find budget-friendly options.
Are you a homeowner? Discover 8 savvy money moves to stretch your budget
4. Not hiring a professional
Even if you know exactly what you like and know how the renovation should flow, it’s still typically worth bringing in a professional to help guide the process.
That might mean hiring a contractor to help with tile installation or working with a kitchen and bath designer on the cabinetry. Spending the money on professional help can save you from costly DIY mistakes.
5. Selecting unfriendly flooring
Kitchens see a lot of wear and tear, as well as spills, crumbs, and everything in between. The flooring in this room needs to be durable.
That means the marble flooring you fell in love with might not be your most practical option. Flooring that must be sealed regularly will be expensive, so opt for tile, vinyl plank, or hardwood.
6. Buying the first materials you find
Don’t get carried away when you find a tile or flooring you love. Bookmark it, and then shop around.
You might find the material cheaper locally or even through a liquidator. There are almost always ways to save money shopping for materials, including waiting for sales around major holidays.
Get Out of Debt for Good: Try these 6 clever ways to crush your debt 7. Choosing an expensive backsplash
An eye-catching, trendy backsplash can be tempting, but it might also look dated within just a few years.
Instead, consider choosing something more timeless — and less expensive. Simple white subway tile or wainscoting are affordable options and never go out of style.
8. Moving appliances
Avoid moving any refrigerator, sink, oven, or other appliance hooked up to plumbing or electrical.
When you start moving these items, you need to bring in more professionals and might have to obtain permits. This can rapidly drive up the price of your renovation.
9. Buying fancy kitchen gadgets
You don’t need a built-in wine cooler in your fridge if you don't drink wine. And you probably don’t need two dishwashers unless you entertain regularly.
Most people don't need a specialized matcha maker or barista-grade espresso maker, and all of these may increase their expenses unnecessarily.
Grow Your $$: 11 brilliant ways to build wealth after 40
10. Doing things piecemeal
When you’re trying to save money, it’s easy to convince yourself that doing one small renovation at a time is the best way to make a remodel more affordable.
But this can lead to doing work twice if you damage a countertop when replacing appliances or ruin a backsplash when you install new cabinetry.
11. Not considering daily life
Many kitchen designers recommend planning a kitchen around the working triangle, which means the sink, oven, and refrigerator should all be within a few feet of each other.
These are the spots you’ll use the most often day-to-day, so a functional kitchen should prioritize their placement.
12. Skimping on counter space
Counter space should be a top priority if you cook or prepare food daily. This is one place where not spending money could cost you more money later.
For example, you might find that you need to spend more in a year or two to get extra countertop space that will make your daily life easier.
Are you a homeowner? Discover 8 savvy money moves to stretch your budget
13. Splurging on appliances
Unless you’re a gourmet home cook who truly appreciates the bells and whistles of a $20,000 French range, skip the fancy appliances.
Instead, buy from reliable, affordable brands. Rein in your magazine-worthy expectations and build a functional but also budget-friendly kitchen.
14. Unnecessarily replacing cabinets
Cabinets are one expense that can quickly drive up the cost of a kitchen renovation. Yet homeowners often believe that any remodel must include brand-new kitchen cabinets.
Take a look at your existing cabinets. Are they in good condition? Would a coat of paint spruce them up? If you prefer a Shaker style over the existing traditional look, could you get new fronts?
Either of these options can save you serious money.
15. Letting costs balloon
Once you start spending money, each additional expense can feel like a drop in the bucket. Upgrade the tile? Sure! Splurge on the fancy built-in coffee maker? Why not? What’s another few thousand at this point?
But each of those small decisions can cause your budget to spiral out of control. If you aren’t careful, you might soon find yourself looking for ways to get out of debt .
Bottom line
Kitchen renovations can be expensive, but they’re also one of the remodeling projects that can change your home life. They also can add value to your home.
Avoid the expensive mistakes on this list to keep more money in your wallet .
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
Local News
Comments / 0