Most renovation projects go over budget. There are many reasons for this! Some may be because they were doing “hopeful budgeting” and not looking at real numbers. Another common reason is the cost of contractors charged more than estimated. However, the biggest culprit is actually your design choices. Design changes and finishes are generally the biggest reasons renovations go over budget.
Here are the upgrades and finishes people chose, which caused them to go over budget, according this survey.
Custom Cabinets
It’s very easy to fall victim to the beauty of custom cabinets. Cabinetry has a very wide range of costs, depending on a lot of factors. Cookie cutter cabinets typically cost $50 per linear foot, while custom cabinets can run up to $2,000 per linear foot. That sounds crazy, right?
The trick is to either, enjoy the layout you have and just reface your cabinets, or plan everything out to where you can use stock cabinets from a big box store. That will save you a ton of money and time.
Extra features
There are many really neat features a kitchen can have, but these do add up and tend to cause a remodel to go over budget fast. These features include: Soft close hinges, soft close drawers, pull out cabinet shelving, pull out spice racks, integrated trash and recycling bins, wine racks etc.
While these features are definitely all about luxury, they come at a cost. These features can add up to an extra $10,000 if you aren’t careful!
Countertops
Countertops can really make or break a kitchen, so it make sense that this is one of the many things that can cause a reno to go over budget. Cheap laminate countertops can run as cheap as $8/sqft. But most people don’t want laminate anymore. Stone countertops can start around $70/sqft, and the higher the quality, or more unique the slap, the cost goes up. All part of the cost of a remodel.
Try to be realistic in what you can afford for countertops, consider mixing materials if you have an island to shave off some of that cost.
