There’s no doubt that renovations are one of the most exciting things you’ll do in your home. Whether you’re looking for a fresh feel in your master bedroom, are converting an old den into that perfect home theater, or are completely overhauling a main space like the living room or kitchen, there’s a certain joy and rejuvenation that comes from putting your own touch on a new home. However, it’s important to make sure you don’t get completely lost in the process and wind up committing to something that ends up being a lot more than you bargained for.
We’ve talked about remodeling the one room that you’ll be using every day, your kitchen, before, but today we’re looking at one of the most expensive parts of the process: appliances. Let’s dive deeper into how appliances can affect your next project and what you should consider before diving into that kitchen remodel.
Your Current Budget
The biggest impact appliances will have on you is your budget. This is the obvious one. For those of us who don’t have endless funds for a renovation, upgrading appliances will likely take up a significant portion of what you’re prepared to spend on the whole project. With that in mind, you’ll need to do some serious evaluations about the state of your current appliances. How long have they been in the home? Are they still under warranty? What’s the cost of the new appliances you’re interested in and how much of your budget is that going to consume? Keep in mind that some refrigerators these days can cost as much as $4,000!
Appliance Costs Later Down the Road
The initial impact purchasing appliances will have on your project budget is the easy one, but there’s more to it than that. Like many other large purchases that we use daily, appliances are likely to have further costs in the future, sometimes ongoing. Just like your car needs regular preventative maintenance (think oil changes, brake pad replacements, etc.) so too do large appliances in the kitchen.
Unfortunately, this aspect of the renovation process is often overlooked. If you aren’t planning on replacing any appliances during your kitchen remodel, then it’s crucial that you’re prepared for possible issues in the future. When cared for properly, appliances are able to do their job for years to come but make sure you’re ready to handle an unexpected bill when it comes in the future, and it will — it’s a matter of when not if.
When that expense does come up, it won’t necessarily be the cheapest either. Fixing a broken can run you between $200-$400 and should you lose an icemaker as well, be prepared for an additional $300 bill!
If you’re going the new appliance route then you’ve got more options to consider. This is where thinking ahead becomes important. While you can stick to the same plan as those not replacing appliances (putting money aside for the inevitable repair bill that will pop up), you can also look to a more proactive approach via warranties.
Though I wish it did, homeowners insurance won’t cover that pesky broken dishwasher or oven that seemed to unexpectedly quit working at the worst possible time. However, if you prepared in advance, then things will be a lot less painful on your wallet. One of the ways to prepare includes taking advantage of warranties.
Extended Warranty: This warranty, also known as an “extended factory warranty,” is exactly what it sounds like. An extended warranty is a coverage plan you pay for that covers your appliance for an extended period of time beyond the original warranty that comes with the purchase. You’ll find these offered from companies like KitchenAid, MayTag, and other major manufacturers.
Home Warranties: Another option is a “home warranty” which is a little different. Unlike extended factory warranties, home warranties like Total Home Protect’s Gold Plan can cover multiple appliances or even systems within your kitchen. Like the factory warranty, this is a service plan purchased ahead of time that will cover the costs of repairs during the period it’s covered.
Regardless of what your plans are for that new kitchen, it’s always a good idea to take a step back and consider what the real costs will be not only now but in the future as well. Look at the annual costs for different warranties vs how much you can save for an unexpected expense and don’t forget to look at specifics like service fees, cancellation fees, and what is and is not covered under the policies. Renovations should be an exciting change to your home; don’t get stressed by not preparing ahead of time.