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Kitchen renovations Gold Coast

How much to spend on your new kitchen?

To establish a rule-of-thumb guide to setting a budget for building a new kitchen or renovating an existing kitchen, begin by trying to estimate the current sale value of your home (house-and-land, townhouse, or apartment).

 

Look at recent sales of similar homes in your area (refer to sold prices, not asking prices or price guides). If you’re still not sure, ask a local real estate agent for an opinion.

Kitchen renovations as a proportion of the overall home value

Kitchen renovations Gold CoastDepending on the specifics of each individual situation, it would be generally considered quite reasonable for your kitchen renovation budget to represent 5% of your home’s current value.

 

In other words, if your property’s current value is $500,000, you could probably invest up to $25,000 in a new kitchen (not including appliances) without much risk of over-capitalisation, whereas with a $1M property you might confidently allow up to $50,000 (plus appliances).

 

In some areas, such as where surrounding homes are renovated to a very high standard and have achieved significant gains in value, you could perhaps spend more than 5% of your home’s current value on a kitchen update – choosing the classiest finishes and top-of-the-line appliances – and still get a considerable return on your investment whenever it may come time to sell.

Budget kitchen renovations and cost-effective updates for property ‘flipping’

Not everyone is looking for a dream kitchen to enjoy for themselves and add value to their home over the long term.

 

Some kitchen renovations are being undertaken on a very slim budget, or with the intention to maximise short-term financial goals.

 

Practical advice from the experts at KISK can help you get the most value out of every dollar you invest in your kitchen renovations – just talk to us.