How much should you invest in your new kitchen?
One of the questions asked by those renovating or remodelling their kitchen is how much they need to spend. The answer to this question is: it depends. There are a number of factors that need to be taken into account, beginning with ‘logical’ estimates.
Logical estimates on your kitchen renovation project
Before you read further, stop to consider that even a fairly minor kitchen renovation is going to cost at least $10,000. In order to get the most out of your renovation by using quality materials and installing good appliances, however, you may need to invest anywhere from 5% to 10% of your home’s value into the renovation.
If your home is worth $1,000,000, then your kitchen renovation budget might be between $50,000 and $100,000.
If your home is worth $2,000,000, then your kitchen renovation budget could be as much as $100,000 to $200,000.
But of course, there are variables that will influence the price. Keep in mind that the kitchen is often the most expensive area of the home to renovate. This is not only because of the materials being used but because of the depth of knowledge required to create the kitchen of your dreams. Our professionals at smarterBATHROOMS+ have experience in working with all appliance brands, wiring and gas requirements, and associated trades to ensure that your kitchen renovation project will go without a hitch.
Understand the breakdown of costs
When we meet with clients here at smarterBATHROOMS+, we provide them with a detailed estimate that explains exactly how much each project is likely to cost, and why. Below is a general guideline of the average cost breakdown for certain items, starting with joinery:
- Joinery: 40% of your overall costs
- Labour: 30% of your overall costs
- Appliances: 15% of your overall costs
- Benchtops & splashbacks: 10% of your overall costs
- Lighting: 5% of your overall costs
Bare in mind, however, that your design choices have a large impact on the percentage of these costs.
For example, if you choose factory-built cabinets, you will save a lot more. But, if you choose to have joinery custom made out of the finest timber, it will likely account for more than 40% of your overall costs.
Be prepared for the unexpected
When we provide estimates to clients, they are as detailed and accurate as we can make them at that time. But, as any experienced renovation company – or anyone who has renovated before – knows, surprises can arise at any time throughout the renovation project, adding extra expense. This is especially true if you live in an older home.
Such unexpected surprises, which may be lurking behind your kitchen walls, could have an impact on how much your kitchen renovation project will end up costing.
One example we have encountered is out-of-date wiring. If your old wiring is unable to handle the load of the new lighting and appliances being installed into your new kitchen, then updating that wiring could be an unexpected expense. For instance, installing an induction cooktop may require a new circuit.
It is easy to get carried away with all the fabulous options available to you. Source expert advice to ensure you not only create a space perfect for your daily living, but also to maximise the return on your investment, spending where it really counts.
Not sure where to turn? The Melbourne-based smarterBATHROOMS+ team is here to help. We have a number of innovative solutions in store for you and your kitchen. Call us on 1300 662 838 today to book your Free In-Home Consultation with one of our Interior Designers.
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