You’ve been thinking about changing that dated, less than functional kitchen for a few months, maybe years. It’s time for a renovation, but you don’t know where to start. How about at the very beginning? What will it cost? Unfortunately, that’s a bit like asking, how long is a piece of string. Every kitchen has a different size, style and finish. Here are some cost indications to get you started on making a budget.
What should you spend on a kitchen?
Let’s start with what experts think you should spend on a kitchen. Consider the value of your house and home prices in your suburb, particularly if it is an investment property or you plan to sell in a few years. For instance, if your property is valued at $1.8 million you can spend more on your kitchen than you can if it is $800,000. Buyers for an expensive property in a better suburb will demand a mid to high-end, custom-built kitchen fit out. Buyers in more reasonably priced suburbs may not be willing to pay for an expensive kitchen. A general rule of thumb in real estate terms is to spend 10% of your home value on a renovation budget. For example if your home is worth $600,000 then you should spend $60,000 on renovations. This will ensure you don’t overcapitalise. Another good way to work out the ideal spend is to attend a few home inspections and see what sort of kitchens are more common in your area, given the home price. Remember, kitchens and bathrooms sell homes.
Having said that, you may be planning to live in the house for many years. While it is never wise to over capitalise, you have more room to make a choice based on your lifestyle, preferences and what you can afford. So, if you are in a suburb where a custom-built kitchen is an exception, but you want one and can afford it, by all means go for it.
What can you get for your money?
Without knowing the size of the kitchen, it is impossible to come up with estimates, but according to HIA Kitchens and Bathrooms Report 2016/17 the average value of a Kitchen Renovation in Victoria is $19,229. Following are further price points.
- A budget kitchen – $10,000-$20,000. Often this falls into the category of a flat pack kitchen which costs between 5,000-10,000. The cost of appliances, plumbing, electrical work and installation makes up the rest.
- Custom designed and built – $20,000-$45,000. For this price, you’d get a professional designer to develop your ideas, organise the execution and installation. It is handled as a complete project by the kitchen company. This does not include the cost of structural changes or prepping the area for installation.
- Luxury kitchen – $35,000 – $75,000. Besides design services and project management, these kitchens have high-end material, finishes and hi-tech appliances.
The difference between the price points is more than what meets the eye. The custom-built, more expensive kitchens are tailored to quality, built for durability, and will look good for many years. Also, don’t underestimate the value of the designer’s advice, drawings and project management offered by the kitchen supplier.
We’ve been in the industry for 45 years, and in the last decade, we have seen a preference for personalised kitchen designs. Two factors that have contributed – rising home prices (there is lower risk of overcapitalising) and changing lifestyle aspirations. A good kitchen for the family to gather and to entertain in is now the norm. There are also higher expectations of quality. Customers want the stone benchtops, the two-pack polyurethane paint finish and the works. It is no surprise that the fastest growing segment in kitchens has been in the custom-built $20,000-$40,000 price range.
What are the major factors that affect the cost of a kitchen?
The first set of factors determining the cost of the kitchen will be the dimensions – the size and the layout. If you have children who study in the kitchen, or you frequently entertain, you may want a large island bench. If you have downsized, but still love to cook, you could opt for a gourmet kitchen with every luxury mod-con, just smaller in size.
- Size: The larger the kitchen, the more it will cost.
- The layout: A good layout creates an efficient work triangle for you – the work triangle being the area created by the refrigerator, stove and sink. The most common layouts are the L-shape, the U-shape and the galley kitchen. The cost variation could be between $8,000-$15,200 for different layouts of different models, but of the same size. To get a better idea download our kitchen price guide.
Size and layout done, the cabinetry, appliances and accessories come next.
- The cabinetry: This is the most dominating element of a kitchen. The style, colour and finish you choose will determine the look and feel, and the cost of the kitchen. There are several styles to choose from, but the first step is deciding between traditional and modern. There are stunning models to choose from in both styles. Each style has several models available at different price points. For instance, in traditional kitchens, Hampton or Epicure is our most expensive model, while Kensington is cheaper. In contemporary styles, our top of the range is Qualia and Nouveau, but there are others like Viva or Mondo to choose from.
- The benchtop: These are as varied in cost as they are in style. Laminate, timber, engineered and natural stone are the more popular ones. The cost will depend entirely on thickness, quality and brand so best to speak with a professional kitchen company to obtain prices.
- The appliances: The quality of appliances impacts the efficiency and functionality of the kitchen. Most appliances are now made in Europe to meet European standards. As you will discover there is a wider range of appliances now on the market. The oven, dishwasher and refrigerator are supplemented by steam ovens, built-in coffee machines and wine chillers. What you finally choose will be determined by your lifestyle and budget. Packages vary from $6,000-$20,000 depending on your selection.
- The accessories: They are the small items, but they do give the kitchen that final finish – taps, waste-bin systems, drawer systems etc. It is a good idea to choose the best quality, so your kitchen will be functional for many years to come.
Hopefully this blog has given you plenty to think about. If you’ve got the big picture, it is time to fill in the details. Come visit one of our showrooms and see the quality you can get for your budget. Our staff can show you all the different options and organise an in-home design consultation.