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Friday, October 10, 2014

Kitchen Renovation - Budget Vs What It Actually Cost

I've realised in all the excitement of finishing the kitchen and dining room renovation last year that I didn't end up doing a final cost breakdown of this room and thought you guys might be interested to know what a kitchen renovation costs.
We installed a custom made quality kitchen with all cabinetry having soft closing doors and drawers and granite bench tops.

We also choose top brand appliances, although our only regret is we didn't pay the extra for the pyrolytic oven if we did it again we would so that the oven cleans itself!

My favourite feature in the kitchen is the bin drawer which is a huge double bin in a drawer that pulls out in one movement and then you close it and it's hidden away so nobody knows it's there - it cost $500 extra but it is worth every cent.
My other favourite thing is the pull out caddy under the sink for bottles and sprays etc, we liked it so much we installed one in our laundry renovation as well.
The reason we are renovating our home is to make it more livable and comfortable for us and also to increase the value of the property for when it comes time to sell it. We have not renovated this home just to sell it, if we did our budget would be a lot less so our profits would be higher.
Where we saved money was to do as much of the labour and DIY as we can ourselves and this enabled us to afford all the bells and whistles.
We stuck to the rule that you should not spend more than 5% of the purchase price on a kitchen renovation - our budget was $25,000 and we spent $22,526.25.
Kitchen cost breakdown:
Quote 1 Pro Form - Design fee $100
Quote 2 QN Designs - kitchen cabinets, granite benchtop, handles, installed  $14,000
QN Designs - Extras after quote double bin drawer  $500
QN Designs - Extras after quote bench top modification  $200
New ceiling installed, materials and labour  $1,000
Electrician, Nextec Electrical  $1011.45
Pendant light, Beacon Lighting  $129
LED spotlights (4), Beacon Lighting $219.80
Clark Sink single bowl, Bunnings $169
Oliver Kitchen tap mixer, Tradelink  $140
Splash back in frosted ice installed, WA Glasskote  $1500
Electrolux 4 gas burner cook top EHGC64AS, Kambos  $1049
Electrolux 12 function oven EOEE63CS, Kambos  $1,527
Euromaid glass canopy rangehood CG9BL, Harvey Norman  $350
LG 14 place dishwasher LD1452WFEN2, The Good Guys  $631
Total: $22,526.25
What isn't included in this budget because I keep it as a separate budget item is the cost of paint, new doors and handles, plumber and furniture.

I have a spreadsheet with a budget for all our renovations and projects - It's essential for keeping track of our expenses so we can rein them in when we need to, spend more on some rooms and make savings in others.

You can see our bathroom renovation budget break down here - we set ourselves a budget of $10,000 and it came in at $8,865.60.

The laundry renovation budget was $5,000 and so far we have spent just over $3,000 so there's a bit of a saving there as well which is great.

How do you manage the cost of renovating or projects around the home ...... Spreadsheets, lists, or something else?
 photo F0F68C01A59FABD46732FC15E1D8816D_zpsc6047f2f.png

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  1. The kitchen bin drawer and pull out caddy would be great in my kitchen! We are thinking about remodeling our kitchen this Spring and we don't want to spend a lot. We want to move in the next year or two and think we'll get more for the house if we update the kitchen (its the original kitchen, good shape... just old). We are so not DIY'ers like you! But, holy moly you saved SO much money. You guys need to start your own remodeling biz!

    1. You could probably just do a cosmetic reno if its in good shape - paint all the cabinets and put on new handles. You'd be amazed what a difference that can make! I would love to do another reno project, but not a home I'm living in while renovating something I could do up to sell or rent out would be great :)

  2. I'm just in love with your kitchen! It is just fabulous! Well done for coming in under budget, too. I hear kitchen can be the budget breaker in most remodels.

    1. It would be so easy to go overboard on the kitchen and get the best of everything but its not really needed, its a million times better than it was!

  3. Kudos on the great work and keeping to a budget. Love the pull-outs. I bet you are loving your new look.

    1. Thanks Linda, if only there was a world without budgets now that would be fun! I do love it, it was worth all the work!

  4. Aren't you a good budget manager! I'd love to see a snapshot of how you set out your spreadsheet for this sort of thing.

    1. I found an Excel template online which had tabs for every project and then you itemise everything and the total amounts link back to the main tab where your final budget is to show what was spent and what remains. Its great, I'll see if I can find it online to send to you

  5. My wife and I are also looking to remodel our home, but our budget does not allow it. However your blog has really inspired us to do it anyway and use the budget we do have to make it happen. Thank you for all the great pictures of the progress that was made, please keep going and we look forward.

    Essie Reed @ Valley Home Improvement


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