Best? loan or use savings?

tricky124

I need to replace my kitchen.
This will cost in the region of £18000.

I have about £10,000 in savings but feel reluctant to use this as I will have nothing left for that rainy day.

What would be the best option? use the savings or go for the unsecured loan.

Malky

Use your savings. I would have thought you'd be able to get a decent kitchen for 10K

[Deleted User]

you could extend the house and fit a new kitchen in it for 18 k!
shop around and use your savings.after all they`re earning sod all in interest.

immoral_angeluk

18k just on a kitchen??? Man alive! Why will it cost that much? Could you not get cheaper elsewhere?

Wutang_2

ok. similar boat. need to do up my porch - should I use my £475,000 savings or take out a loan?

fleagle21

Blimey, ten grand for a rainy day fund? That would be some rainy/stormy/hurricane/typhoon type weather coming your way! We try to have around £500 rainy day money, for any car repairs/boiler gone wrong and the like. Use as much as you can from savings, don't see the fun in paying someone interest when you've no need to - especially as you're earning practically nothing in the way of interest on your savings these days.

DizzleUK

If 18K is what you have been quoted by some sales rep who's come to your house, I suggest you shop around and get a few more.

That amount on a kitchen I would expect you to have a house worth around £2mil+?

Peelerfart

Is indeed a lot of money, unless of course the OP runs a restaraunt ?

Clive_Woody

Wutang wrote: »

ok. similar boat. need to do up my porch - should I use my £475,000 savings or take out a loan?

You could buy a new Porsche for far less than that, just don't get the ugly 4x4 thing, waste of money.

For that kind of cash I would get a fleet of Skodas.

Hope that is helpful.

Tixy

Wutang wrote: »

ok. similar boat. need to do up my porch - should I use my £475,000 savings or take out a loan?

How do you know your boat is similar to his boat? Are you sure your £475k porch won't sink your boat?

strictwithmoney

Blimey, £18k is a lot of money for a kitchen.

We knocked down our old kitchen and replace with a new one with an island; including rangemaster double ovens and extractor hood, build-in fridge/freezer and dishwasher, rewiring and replumbing, recess lightings, neon lights for base of cabinets and island and all the worktops are granite. All these for £10k.

My neighbour recently doing a new kitchen and some companies are pushing her to get more cabinets, so the price rocket to £19k after discount :rotfl:After I talk through with her about the practicality of the layout, then she realised that there is no need for so many cabinets.

I certainly think that you need to talk to more companies and compare prices. Do a radical thinking about the layout of your kitchen.