Yep. You read that title correctly: buying a new kitchen can save you money.
Bear with us.
Of course, buying a new kitchen is going to cost you money in the short term. And it might be a while before you make that money back fully.
But if your kitchen is starting to look a bit sorry for itself and you’re thinking about replacing it – this should do be the little push you need.
How can buying a new kitchen save you money?
We’re not going to pull any tricks in this article.
We’re not going to say that buying a new kitchen will add money to the value of your house and earn you money in the long run (although it will).
We’re not going to say that having a brand-new kitchen will make you want to cook at home more and save you money (although it will).
And we’re not even going to consider saying that buying a new, bigger fridge and freezer will allow you to buy in bulk and save money (although, again, it will).
We’re going to tell you how buying a new kitchen can save you money in very real terms.
But be warned: it’s not particularly sexy.
Are you ready?
Energy bills. (We did warn you.)
The quickest way that a new kitchen can save you money is by significantly reducing your energy bills.
In the past decade and a half, manufacturers have improved the efficiency of white goods (in particular, fridges and freezers) by over 70%.
What does that mean? That new fridges and freezers use 70% less electricity to do the same job that your old appliance does. In other words, they cost 70% more to run than their newer models.
Here’s a quick rule of thumb: if you have bought a new fridge freezer in the last ten years or so, it’s probably not worth replacing it just yet. (Maybe in another three or four years, it might be time to upgrade.)
However, if you’ve got an older appliance, it might be worth shopping it in for a newer model.
According to The Green Age, older appliances cost around £160 a year to run. New A++ rated fridge-freezers cost only £25 a year to run.
That’s a saving of £135 in the first year alone. £270 in two years. And a whopping £2,025 over the lifetime of the appliance.
This is also one of those occasions that buying a more expensive item can save you money in the long run:
While you can get a A+ rated fridge freezer for around £200-£250, if you stretch to an extra £50-£100 for a A++ rated fridge freezer, you’ll save more than the extra you initially spend over the first few years of the appliance’s life.
But it’s not just the fridge freezer.
If you replace the hob when you’re buying a new kitchen, you can slash energy bills. Appliances Direct estimate that replacing your gas hob with an induction bob can reduce the energy used when cooking by 43%. (And that, as we know, equals money in the bank.)
How to fund buying a new kitchen?
This is a question we hear a lot, so we’ve put together a handy guide. It covers everything from remortgaging your house to credit cards and guarantor loans.
So, if you’re considering buying a new kitchen and starting to save money on your energy bills, but aren’t sure how you’d afford it, why not take a look?
At Bamboo, we offer personal loans and guarantor loans for anywhere between £1,000 and £8,000 – if you’re considering buying a new kitchen, why not see how much you could borrow? If you’re approved, you could be on your way to the kitchen designer within 24 hours. Representative APR 49.7%