Realistic Budgeting

How can you set a realistic budget? First, determine the size of your flooring project. If you’re installing new flooring in a 10 ft. X 12 ft. kitchen, you’re covering 120 sq. ft. The new flooring material may be as inexpensive as $2 per sq. ft. or upwards of $10 per sq. ft. or higher. So the flooring materials will cost between $240 and $1,200. That’s quite a range. Add to this the cost of removing and repairing the old floor plus trim and the total price goes up another $100 to $600. If you need specialized tools to install the flooring, factor in buying or renting them. Maybe that’s another $50 to $200. So you now have a possible cost range of $390 to $2,000. Not much help, eh? 

Actually, it is helpful. You now have a high and low estimate. Take the average, about $1,200 or approximately $10 per sq. ft. installed and finished. Given your home expenses, other obligations, available cash and credit, does that sound reasonable?

From this ballpark budget you can add and subtract to get a better idea of how much you can realistically spend on the flooring job. For example, if you’ve determined that the existing flooring will be easy to remove and you have the tools on hand to install a vinyl tile floor in the kitchen, the total cost will be lower¾meaning that you can spend more on flooring material and still stay in your budget.

One important key to remaining within your budget is minimizing waste. The coming sections will help you better estimate your exact flooring material requirements as well as offer professional tips on cutting waste.

Trade Secret

If you’re planning a remodeling job that includes new flooring, experts suggest that you budget about 25 percent of the total budget to flooring. For example, a $12,000 remodel would include about $3,000 for flooring. Of course, the actual budget depends on how much your floor will contribute to the new design. If the flooring sets the mood, plan to spend more than if it is a function backdrop for other remodeling projects.

 
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