At the start of a new year we all want to start afresh and wipe the slate clean to achieve our goals. This also applies to our living spaces and many people start to think about and plan long overdue changes to their home.
The kitchen has become the centre piece of the home in modern times and giving it a new lease of life can rejuvenate ourselves as much as our homes. However, you will need to work to a budget, so here is a short guide on how to prepare for this exciting new addition.
Set your maximum spending limit
This will allow you to save your money with a final goal in mind, giving you a budget to manage your ingoing and outgoings along the way. The rule is simple: if you know how much you have saved, you know how much you can afford. It can be easy to over commit to a host of new fixtures, fittings and appliances for your new kitchen and setting your boundaries early on is a must.
Alternatives to saving
If saving will take too long and you are thinking about taking out a loan for the kitchen then be sure to choose the right deal for you. For long-term mortgage owners’ equity loans, refinancing or personal loans are generally the most popular options. You may find that a low interest loan could work out better than taking a large sum of money from a long-terms savings account, which your bank will be able to advise. Also get a clear timeline on when the funds from your loan will become available so you can organise payments to the contractors working on your home.
Budgeting for each part of your kitchen
Once you know your overall spend, dividing the kitchen into separate parts will help you budget even better. This can be split into sections such as flooring, tiling, cabinets, appliances and worktops. You could be purchasing most of these items from separate suppliers who all have their different price ranges and this will keep you on top of your outgoings from start to finish.
Appliances are just as costly
Whether you are buying a new cooker, fridge or just smaller worktop appliances, then keep a close eye on their cost. Your list of ideal purchases should focus on which appliances are a priority ahead of those that are less important. If your budget is tight you may have to focus on practicality instead of buying a new kettle or toaster that fits in perfectly with the new aesthetic – especially if your older versions of these appliances are in good working order.
The cost of removing your old kitchen
This is something that many people forget to factor into their spending, as the removal of the old kitchen will add to the cost. However, you can still get a return and lower the expenditure here. If your old cabinets are in good condition then you may be able to sell them on second hand trading sites. Old cookers and fridges can be taken away by the company supplying your new purchases, saving a lot of time and money in the process.
Remember, once you have set your budget keep a constant eye on your outgoings to ensure you remain on top of things. A simple spreadsheet will allow you manage it with ease. On average a new kitchen can cost anywhere between £6,000 – £8,000 but if you want to get a better idea use Which’s online kitchen calculator. Once you have the money under control then it’s a case of waiting a few weeks for your amazing new kitchen to finally come together to transform your home.