Factor 5 Size Matters- Decide what percentage your kitchen contains in your house. A sampling of more than 100 new home floor plans of 1000 to 3000 square foot homes found that the average square footage of the kitchen was 7 percent of the square footage of the home. You may need to raise or decrease your budget accordingly if your kitchen is greater or smaller than this average.If you’re looking for more tips, BB Trade Kitchens & Bedrooms Newcastle – Newcastle Kitchens has it for you.
Factor 6 Layout-If you already know that you’re going to want to move the sink, add an island sink, move an interior wall and add an outside door, then you need to add money to your budget well beyond what it would cost to have a simple facelift.
Tricky layout: a sound-wrapped drain pipe conceals a decorative column Funding factor 7- Evaluate the maximum amount of money that you can afford to invest. You can measure what a lender is willing to lend you if you are funding your project. Lenders want a debt to income ratio(DTI) of.36 or less to be seen. By taking all your monthly debt obligations (credit card payments, auto loans, mortgage, etc.) and dividing them by your monthly income, your DTI is created. Multiply.36 times your monthly sales to calculate your overall stable monthly debt. Subtract your current monthly debt from this amount now and you have a full monthly budget. Here’s a connexion to a calculator that’s going to do the math for you:
Putting all together
The trick to calculating your budget is identifying the percentage of the value of your home you can use as a guideline for your budget. I came across guidelines for using percentages ranging from 10 % to 25% of home value when researching this post. I find something less than 15 percent to be a very questionable amount for a kitchen remodel of any substance that involves new flooring, appliances, cabinets, sink / faucet, lighting and getting energy up to code. I think 10 percent on a million-dollar house would be a workable budget, but a 20k budget on a 200k house is marginal at best for a full-blown kitchen remodel.