The 3 Best Tips for Creating a Budget For Your Outdoor Kitchen
There’s no right or wrong amount of money to spend on an outdoor kitchen, but it’s possible to spend a bit too much on this project. There are a few things people forget when they plan a budget for a project like this, and it rarely pays off to forget the correct way to budget. Outdoor kitchens are a lovely extension to any home. It’s more entertainment space, it’s a great reason to spend more time outdoors, and it’s good for resale. If you’re in the market for an outdoor kitchen, you should know how to appropriately plan your budget before you begin the work.
Consider Your Location
Location is everything when it comes to figuring out your budget for an outdoor kitchen. Some people spend tens of thousands of dollars on a grand outdoor living space, and there’s nothing wrong with that if you live where you’ll get plenty of us out of it. Does it make much sense to spend $30,000 on an outdoor kitchen area if you live in Alaska and only use it three or four times a year? No, but you could spend $1,000 on a nice outdoor area in a place like this and get a good return on your investment.
If you live in Florida and spend every weekend outdoors in your pool, spending tens of thousands of dollars on an outdoor kitchen is probably a wise investment. You’ll get your money back and then some because you’ve enjoyed so much time outdoors. Where you live should be the starting factor when it comes to planning the budget for this project.
What Can You Afford?
The next step in planning the budget is affordability. You can’t budget for something you cannot afford, but you can figure out what you can afford to spend and see what that might buy you. If you can’t afford to spend what you want on an outdoor space, you either scale down the plans or you spend more time saving before you tackle this project. Sometimes your start date can be pushed back if you want to build more than you can currently afford, you can take on certain aspects of the project yourself to save money, or you can compromise. You can’t build what you can’t afford, but you can adjust your wants and needs.
Check Out the Comps
You know what you want. You know what you can afford. Now check out the comps. The only way you’ll get a good return on your investment is if you keep the addition of an outdoor kitchen in the same range as everyone else in your neighborhood. If you’re planning a full tiki bar with double sinks and a full bar for 12 seats complete with a pizza oven, you might be overdoing it unless that’s what everyone has. Check out the comps and what they’re getting for their investment before you begin. You never want to overbuild or you risk not getting a good return on your investment when it’s time to sell.
Budgeting for a home upgrade is never easy when you want more than you can afford, and that’s why it’s never wise to jump into anything. The best thing you can do is see what you can afford, what you can add, and what a good investment in your home looks like. The old saying about never wanting to live in the best house in the neighborhood runs very true. You limit yourself to no comps when you need to sell, and that leaves you with a loss on your home. Take your time, do the math, and really come up with a solid plan for your new outdoor kitchen.