The Burrow
Jun 8, 2021
When you add value to your home by way of a kitchen renovation or similar, it’s a good idea to consider updating your home and contents insurance policy. By revising the updated rebuilding value of your home, you could reduce your risk of underinsurance, which is what happens when the amount you are insured for is not enough to pay for the cost of a replacement, repair or rebuild.
To better understand any particular policy, including what it covers and what limits, restrictions and exclusions it could be subject to, check the Product Disclosure Statement (PDS) issued by your insurer.
As home insurance experts, we wanted to get a better understanding of how much kitchen renovations can cost, to help you better gauge how much sale value you could be adding to your home by completing one. As it turns out, it can be quite a lot!
Renovating your kitchen can make cooking more fun, comfortable, and efficient; plus it can also add some serious value to your home as well.
But what’s the average cost of renovating a kitchen, and how does it compare to other parts of the world? In this article, we’ll examine some average costs for kitchen renovations in several countries, and how they compare to the average income in each country.
We looked at kitchen renovation costs from across the globe, sourcing data from professional construction associations, government agencies and renovation experts. All of them agree on one thing: the cost of remodelling your kitchen will differ for everybody.
A simple kitchen renovation may involve a new paintjob and a cheap countertop, which could cost you between a few hundred to a couple thousand dollars, such as USD$900 to USD$5,000.
Lavish kitchen renovations, however, are much move involved and could include brand new cabinets, tile splashbacks, sinks and basins, state-of-the-art appliances and new flooring. Large-scale renovations will cost a lot more, and prices can reach over USD$30,000.32
It all depends on what you want to do. Generally, the cost of a kitchen renovation can be affected by factors such as:
Recently renovated your kitchen? You may need to adjust your level of home insurance and contents insurance to ensure you’re covered.
Prices from different currencies and previous years were converted into USD$ and Euro€ on 02/11/20 to provide a clearer comparison. Where a range of prices was given, these figures were used to calculate an average.
Wages are based on figures from before the COVID-19 pandemic and are rounded up to the nearest dollar.
The table below shows the average kitchen renovation costs and average annual income figures which were used in the currency conversions above.
| Local currency figures | ||
| Country | Average kitchen renovation cost | Average annual income |
| Australia | AUD$26,280 | AUD$84,845 |
| USA | USD$25,000 | USD$68,703 |
| UK | UK£10,000 | UK£29,600 |
| New Zealand | NZ$32,500 | NZ$102,613 |
| Canada | CAD$22,145 | CAD$48,000 |
| Hong Kong | HK$29,050 | HK$218,400 |
| Singapore | SGD$10,216 | SGD$54,756 |
| South Africa | R$84,000 | R$270,000 |
| Italy | €6,500 | €19,287 |
| Portugal | €3,500 | €14,640 |
| France | €7,000 | €36,887 |
| Germany | €5,000 | €47,928 |
| Ireland | €9,000 | €40,889 |
| Denmark | DKK275,000 | DKK326,048 |
| Switzerland | CHf32,500 | CHf78,456 |