How Much Does A New Kitchen Cost?
Many people dream of having a new kitchen fitted into their homes. As the heart of the house, this is where families can chat, socialise, cook and eat, making it one of the most important rooms to get right.
However, lots of homeowners are put off spending money on refurbishment, as they believe it will be over their budget.
According to recent findings from the AA Financial Services, however, installing new units or getting quality kitchen taps in the UK might not be as costly as you may initially believe.
– Brits Typically Budget £4k
The survey revealed the average amount people intended to spend on a new kitchen in the three months leading to September was £3,982. This came in as significantly cheaper than an extension, with an estimated cost of £11,104.
However, 43 per cent of Brits spent over £5,000 to do up their cooking space, and even seven per cent went over a £10,000 budget for theirs.
- How did they pay for it?
If you are worried you do not have thousands of pounds spare in the bank, then you’re not alone. In fact, according to the AA’s results, 29 per cent of people funded their new kitchen through borrowing, and more than half (55 per cent) took money out of their savings for the home renovation.
It was the DIY project most likely to be paid for from savings accounts, probably because of the scale of the upgrade and because homeowners typically plan for a new kitchen for several months or years. Comparatively, not as many (40 per cent) dig into their savings to make their home more environmentally friendly. However, this is much lower in price than fitting a new kitchen, coming in at an average expenditure of just £1,964.
- Who loves new kitchens the most?
It appears that installing a new kitchen is most popular in the West Midlands, compared with other areas of the country, with this region seemingly in love with state-of-the-art features and modern open-plan spaces.
The survey found 19 per cent of those living in the West Midlands were planning to upgrade their kitchen in the quarter leading to September this year, showing just how popular it is to keep up to date with kitchen crazes in this area of the UK.
- Is this a reflection of the overall economy?
It might seem like a superfluous thing to install new fixtures and fittings or completely renovate your house, but it is actually a good indication about our general confidence in the country’s economy.
This is according to AA’s director of financial services David Searle, who said: “Home improvements are expensive but they are a discretionary form of spend. People invest in them when they have underlying confidence.”
He went on to say the fact that many homeowners are pursuing DIY jobs and spending money on their homes shows “they have confidence in property, their jobs and their home”.
Therefore, this could be a great time to renovate your kitchen and turn it into a room your whole family love.