The kitchen has fast become the top room American homeowners want to remodel. The National Association of Home Builders reports that 81% of jobs involve a remodel of the kitchen. However, with the average cost of a brand new kitchen coming in at $64,000 finding the best way to cover the cost of your new simplistic kitchen interiors is a must. So, if you’re after a Scandinavian inspired monochrome design or a room full of Scandi wooden features and accessories, here's how to foot the bill.
Release equity to get the perfect worktops
Scandinavian kitchens are typically complemented with stylish solid wood worktops or jet black glossy granite worktops. However, these are fairly costly as Forbes reports that a basic design will cost approximately $3,000. Due to homeowners opting to renovate their homes rather than move, the nation has 14% more home equity today than they did a year ago. The benefit of having equity in your home is that you can release funds from your home to help cover the cost of your new kitchen worktops. For the older generation, a reverse mortgage could be your best option as you’ll receive a regular monthly sum to spend on your kitchen’s new features.
Take out a home improvement loan to achieve simplicity
Integrated kitchen appliances are an integral part of any Scandinavian themed kitchen as they ensure the overall design of the room is simplistic, clean and sophisticated. Globally, built-in kitchen appliances are becoming increasingly popular, with sales expected to increase by 6.1% by 2025. Taking out a home improvement loan is a great way to cover the cost of your kitchen renovation. One of the biggest benefits of taking out a home improvement loan is that the funds will be released to you immediately, allowing you to achieve the integrated kitchen of your dreams in no time at all. And, by keeping a close eye on your funds, you may even have some cash left over to add a simplistic white splashback to your design.
Maximize your savings to complete your design
As soon as you decide that a kitchen remodel is on the cards, review your finances and move as much as you can into a high-interest savings account. While you're busy planning and designing your new kitchen, your cash will be gaining interest, thus boosting your overall budget. These additional funds can then be used to purchase hanging lights which are a staple in any Scandinavian inspired kitchen or to buy bright pieces of furniture, such as a table and chairs to add color to your simplistic white design. And, don’t forget to lay a bold and mesmerizing rug on the floor to boost the room’s overall appearance.
With homeowners typically spending $64,000 on a brand new kitchen, finding ways to fund the entire remodel and to create a stylish design is key. Thankfully, there are various ways to get your hands on the cash required. By simply utilizing the equity in your home, taking out a home improvement loan and maximizing your savings, you can achieve the kitchen of your dreams.