When planning and choosing your budget for a renovation, you first need to be comfortable that what you’re spending will add the value that you want from your project. Value can either be the obvious return on investment, adding value to the price of your property, or it can be adding value in the way that you enjoy and use your kitchen.
If the value in your renovation is more personal or intrinsic (i.e. for your enjoyment as much as adding value to your property), you might look to spending a little more on your renovation, and add more features and designer touches, to get that dream kitchen.
The standard rule of thumb, however, is to consider spending between 3-6% of the value of the property, to ensure you don’t over capitalise on your investment.
