How much to spend of the budget for the "new kitchen" is a key question and is undoubtedly a cornerstone for many home refurb projects. With the world changing at a rapid rate you everyone wants to make sure they don't overstretch the budget and make the most of the money they have set aside for a project. Here are the 3 Key things to consider when starting conversations about buying your new kitchen from conversations at home with family to conversations with companies you are thinking of buying a kitchen from.
Budget Planning
Budget plays a vital role in what you’re able to achieve and will shape what you eventually choose, or don’t choose. Setting out your budget early on will help you make practical and informed decisions, to ensure that you get the best possible end result. Work through these various stages of budget planning to get started.
How much should you spend?
This is generally an open-ended query, and much depends on your own personal circumstances, your future plans, and what you hope to achieve through your kitchen renovation. As a guide, it’s usually 5%-10% of the value of your home. When outlining your budget, first consider how long you intend to stay in your house. Is this your forever home? Is this a one-off project and therefore an opportunity to create your dream kitchen?
Or might you move in a few years time? If you are renovating your kitchen to sell soon after, while a quality kitchen will be a huge selling point, you might not spend as much as if this is your forever home. If you are creating your dream kitchen, it’s worth spending that little bit more to make sure you get it right, as altering and changing things in the future can be costly
Making a worthwhile investment
If you’re renovating your kitchen to sell a property, potential buyers will be aware of the difference between a quality and well-thought-out kitchen, and an off-the-shelf option. It’s estimated that a new kitchen can increase the value of a property by around 6%, so do the maths and look at what kind of budget this gives you. Of course, you should avoid spending more on your kitchen than the value that a new kitchen will add to your home, but there’s potential there to find a buyer quickly and even make your money back plus extra.
Budget Breakdown
Once you have settled on a budget, it’s essential to plan smart to make sure you get the most out of your investment. This is the case regardless of whether this is your forever home or you plan to sell in the future. There are lots of costs to consider when it comes to fitting a new kitchen, so look into all of these before you set your budget for your units and worktops.
Lots of consumers question whether they should share with their kitchen company how much they intend to spend. Generally, the preconceived idea is that you shouldn’t, but reputable kitchen designers and manufacturers are trained to help you make the most of your budget. Sharing how much you have to spend helps them better understand what’s achievable and ensures you’re working on the same page.
The average breakdown of a £30,000 kitchen
Furniture
£9000 - £11,000 = 30-35%
Worktops
£4500 - £6000 = 15-20%
Appliances
£4500 - £6000 = 15-20%
Delivery & Installation costs
£4500 - £6000 = 15-20%
Sink & Taps
£900 - £1500 = 3-5%
If you have found this useful then there is plenty more this is an extract from our in-depth bespoke kitchen buyers guide.
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