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Establishing a Remodeling Budget for your planned kitchen or bathroom project is key in avoiding hours of wasted time and impending frustration with the process for both remodeling professionals and yourself. The planning process of a kitchen and/or bath remodel can and will extend over a period of weeks, and will consume hours of your valuable time. To spend the time required to accurately plan and estimate such a project and not establish a budget, (and communicate the budget to your targeted remodeling professional), is simply inefficient and a recipe for disaster on several levels.
A competent remodeling professional will discuss a budget with you, and assist you with establishing that budget if you are uncertain how to do so. A remodeler who does not ask and discuss a budget with you is simply unprepared for the process ahead, and will more times than not lead you down the road to frustration and disappointment. Most of our clients, when initially asked “the budget question” are reluctant to answer. They fear that by divulging the information they are letting down their guard and opening themselves up to price gouging. On the other side of the aisle, most remodelers and sales people are afraid and uncomfortable approaching the subject because they do not know how to respond when met with resistance to the question. As a result, budgets are often times not divulged or discussed. The likely result is that after both parties invest considerable time in the process, the home owner is presented with an estimate that either exceeds their budget. The other possibility is that the remodeler presents a project estimate that does not meet the home owners expectations because he/she was afraid of the price they were quoting.
There are many ways to establish a budget for a remodel. There are several free on-line resources for obtaining both national and local averages for the cost of remodeling projects, such as this one for a Kitchen Remodel from Home Advisor: Kitchen Cost Link or this one for a Bathroom Remodel: Bathroom Cost Link. Also, when considering the re-sale value of your home, you should consider spending approximately 10% of the value of your home on a kitchen remodeling project. When re-sale is not a consideration, the sky is the limit.
In cases when your budget is based on available disposable income, and the project cost out-weighs your available funds, MasterCraft Kitchen and Bath has several financing options available to you, including fixed rate term loans that require no home equity, and no down payments. If this is something you are interested in now is the time to discuss it with your MasterCraft representative.
In closing, When considering any major purchase in our lives, we all have a budget. I like to use the purchase of a car as an example, because everyone can relate to this. If you are in the market for a Mercedes, you would not go look at a Chevrolet. If you are in the market for a Chevrolet, you would not go look at a Mercedes. If you walked into an Auto Mall that handled many brands of vehicles with varying degrees of quality and price, you would not just tell the sales representative that you wanted to look at cars, you would tell him you came to look at Mercedes, or you came to look at Chevrolets. If you came to look at a Mercedes and they gave you a price for a Chevrolet, you would think they were nuts! Purchasing a remodeling project is no different. MasterCraft has a product for every budget. To make the best of your valuable time, and give you a memorable and pleasurable experience, we need to help you establish a budget.
We will discuss costs and establish a general budget plan, later we will provide you with detailed work specifications, ensuring that you know exactly what you will get, and that we got it right.
Finally, you will receive a completed proposal from our team. The proposal will contain detailed designs based on your budget, desire, and needs. You will know exactly the cost of the project up-front, as well. Following the final review meeting, we sign our contracts, you receive a set of the designs, and we set a date to begin the project.