‘Tis the season for lazy afternoons on the sand and out of office messages on email. Wishing you had planned a little more down time this summer especially with your big renovation ahead? Here’s the best news you’ve heard all day: Your kitchen remodel can pay for next summer’s vacation. Really. Just be smart about how you spend. Here’s how.
Recycle Your Existing Kitchen
Before you bring in those gorgeous new cabinets, see what kind of money your existing kitchen can net you. Nonprofits like Renovation Angel will take a look at photos of your outgoing luxury kitchen and if it qualifies, will send a professional team to carefully, meticulously dismantle and remove your old kitchen for free. They’ll sell it, which means you get a hefty tax credit (they help with all the paperwork). That’s of course in addition to all the money you’ll save on your demolition costs. Renovation Angel uses the profits from your kitchen sale to donate to all kinds of great charities in the areas of addiction recovery, at-risk-youth and job training. This is what we call a win-win.
Use the Right Credit Card
In a renovation year, your wallet gets a workout. Make sure you’re putting all that kitchen tile on the card that gets you to Mexico fastest. Cards like the Chase Sapphire Reserve or an airline card that helps you rack up miles where you already have equity, are really good bets. If you spend $50,000 in materials on your renovation this year, that can easily translate into two round trip domestic tickets, or 2-3 free nights in a hotel depending on the card you use. If you factor in credit card sign-up bonuses, your renovation windfall could easily exceed that.
Want to really win? Do both! Donate your existing kitchen and be smart about how you spend for the new one.