One of the most frequently-asked questions by homeowners is: Does a new kitchen add value to my property? There is good news. Although there is an element of ‘how long’s a piece of string’ to all of this, there does seem to be a general consensus on the topic.
Most experts agree when it comes to adding value to your home. There are two rooms that stand out the most: the bathroom and the kitchen. So, how much value will a new kitchen add to your property? How much should you spend on a new kitchen? What are the pitfalls to avoid when trying to add value?
Find out the answers to these questions and more right here.
How much value will a new kitchen add?
There are a number of factors – which we’ll deal with later – that can affect the actual amount of value that a new kitchen adds to a property. But in plain and simple numbers and as a rough guide, a new kitchen can add between 5% and 15% to the value of your home. That’s a fairly broad range, admittedly. But, but by most conservative estimates, you are typically looking at a figure of around 6%-8% ‘added value’ from a new kitchen.
Kitchens and bathrooms: Key rooms for housebuyers
Estate agents are in agreement that kitchens and bathrooms are key rooms in the home. Ensuite bathrooms are firm favourites but the clear winner in terms of securing a sale is the kitchen. A light and airy kitchen really makes a difference when it comes to first impressions. According to Which? Kitchens and ensuites are the most desirable home improvements to add value and influence sales.
Keeping things in proportion: Don’t overspend
As with most things to do with house buying, everything to do with adding value to your property is relative. For example, if house prices go up, the good news is that you should be able to demand a higher asking price for your property. The not so good news is that owners of the properties that you are interested in moving to will do exactly the same.
However, the cost of the work you have done on your kitchen, the state of the existing kitchen, and the overall value of your home are all crucial factors. It’s really important that you don’t overspend on a kitchen.
For example, if your existing kitchen is tired, outdated or in poor condition, a brand new kitchen may well add 10%+ to your home’s value. However, if your current kitchen is already clean, tidy and neutral, splashing out a massive amount on a replacement may not add much value, if any at all.
It’s also important to keep any spend on a new kitchen in proportion to the overall value of your property. For instance, if your home is worth £100,000 and you spend £25,000 on a kitchen refit, it’s highly unlikely that you’ll be able to recoup anywhere near that figure in added value. As a rough ballpark figure, a budget of around 8% of your property’s overall value is about right for a kitchen renovation. So, on a £100,000 home, your budget for a new kitchen shouldn’t really be going above £8,000.
What to consider before renovating your kitchen
If you want to add value to your property but your budget only stretches to renovating one room, that room should definitely be the kitchen. The kitchen is the heart of any home, so it stands to reason that singling it out for special attention makes good sense.
Just as overspending should be avoided, trying to scrimp on the kitchen renovation costs should be avoided too. DIY is a cost-effective approach, but its certainly not without its risk. A full kitchen refit is really the type of job that requires the skills of a professional.
Spending proportionately is really important and there are always ways to can keep costs down and still add value to your property. For example, if a totally new kitchen isn’t a viable option, replacement doors are a far less expensive alternative.
How to get the best out of a new kitchen
A key design principle is that you should carefully consider the style and age of your property when designing a new kitchen. It’s got to be in keeping with the rest of your home. As a general rule of thumb, go for something that is simple and stylish. Pick neutral colours and looks, as anything that’s too garish or ‘out there’ might put potential buyers off.
Of course, there are no hard and fast rules. Stainless steel appliances are perhaps easier to maintain and have become more popular with buyers. Wooden worktops tend to be a winner too. However, the bottom line is that you try to make the most of the space you have. You need to create a look that is pleasing on the eye and adds character to the kitchen space.
Bear in mind that there are plenty of ways to add value to your home. But when it comes to kitchens, get in touch to discover how to add value to your property with a new kitchen that is perfect for the space you have.
Be sure to get in touch with our team of experts today if you would like to know more about how much does a new kitchen add to a house value in the UK, we will happily discuss this with you!