“It’s unwise to pay too much, but it’s worse to pay too little . . . “
In the context of kitchen renovations, the difference between an expense and an investment can often be just a few thousand dollars. Your kitchen will cost you some money – how well that money is spent depends on how much enjoyment and benefit you get and for how long.
Ultimately it depends on what you are renovating – your home, a holiday house or investment properties all have different requirements and criteria. And of course the shape and size of your kitchen.
The golden rule is to know when and how much is too much. Professional developers recommend between 3% and 6% of the property value should go into your kitchen. If you spend less than this you risk devaluing your resale price as potential buyers will expect to make improvements. Spend more and you may have to accept you are choosing to temporarily over-capitalise to suit your tastes. Subject to the size, a $500,000 home can get a great looking kitchen for $15,000 but will be improved with higher quality fittings and can give a return on a $30,000 budget.
Our suggested kitchen renovation budget figures are based on home value ratios, what we know good quality kitchens can cost, and what customers have decided is appropriate to spend when renovating their kitchens.
Whilst we aim for it to be accurate, all budget choices are personal and we encourage customers to invest what is best for them and their situation. Whilst we know that sometimes a little bit more budget makes a much bigger difference, we also think it’s bad karma to suggest taking on unhealthy debt. We’d rather you be happy – and we will always do our best to help you get what’s right for you.
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