This month we shine the spotlight on kitchens; after all, it’s the heart of a home is it not?
Annually Australian’s invest thousands of dollars into upgrading and renovating their kitchens. As with any building project, it’s really important that you understand what to expect in terms of cost.
The average value of a kitchen installed in new homes is $21,132. Installing a kitchen as part of a renovation costs slightly more, coming in at an average of $21,840.* Now obviously size will have a big impact on your final budget! Here is a rough guide for you to consider:
A small kitchen (say less than 8m2) will see you invest an average of $11,000 to $20,000.
With a medium-sized kitchen (8-20m2) expect to invest anywhere between $15,000 and $40,000.
Larger kitchens, 20m2 upwards, can cost anywhere from $40,000 to $70,000 and more!
The main costs are your cabinets, benchtops, backsplash and the finer design details such as lighting and appliances. On top of that, you need to factor in services (plumbing, tiling, flooring and electricals) plus labour costs!
There are a multitude of ways to save money and create a luxury look for a budget price. To do this you will have to spend time sourcing budget items and may have to roll up your sleeves to do some of the hard work yourself. Leaving your plumbing and electrical outlets where they currently are is also a good starting point to save money.
Ultimately always consider the resale value of your kitchen in relation to the overall value of your home. As a rule of thumb people in the industry suggest you should spend no more than between 2% and 8% of the total value of your property on major room upgrades such as kitchens and bathrooms.
Take the time to delve a little further and read our Special Kitchen TILT Edition.
YOUR COPY OF TILT HERE
*Source: 2017/2018 HIA GWA Kitchens and Bathrooms Renovations Report – Past Growth and Future Prospects