|
How should I set my budget?
|
Your goals for the project will set the pace for your budget. You’ll want to tip toward the lower-priced end, for example, if you’re just looking to refresh your current space for resale. But if you’re after your dream kitchen in a home where you plan to stay for a while, you’ll want to invest more.
A rule of thumb says your kitchen should represent 10 percent to 20 percent of the fair-market value of your home. So if your home would sell for about $300,000, then spend between $30,000 and $60,000 on your kitchen improvements. If you spend less than 10%, then the kitchen won’t meet potential buyers’ expectations. If you spend more than 20%, then you’re less likely to make your money back at resale.
|
|
