The best reason to renovate any room in your home is because you want to make it more comfortable or in-keeping with your taste. However, it could also be because you want to improve the aesthetics of your home whilst you are living in it, absorb the costs of the renovation, and then when you are ready to sell, reap the rewards from having a more valuable home. That being said, when renovating, it is important to be smart about your investment. A new kitchen can add a lot of value to your home, but only if it is done correctly.
It’s the Heart – or stomach – of the home
The kitchen is one of the most used rooms in the home. It is the heart, or stomach! And designed well, the kitchen can become the true social hub of your property in the South West. That is why a well-designed kitchen is so critical. It is the personality of the home, and if a potential buyer falls in love with this personality, you will have them hooked.
It is also one of the trickiest renovations for buyers. Changing the colour of the walls is easy to do on their own, and arranging their furniture is all possible without the help of professionals, so if you can offer them a beautiful space that they want to keep exactly as is, then they may be willing to go above their budget because they no longer need to think about renovation costs.
It’s the preferred renovation of choice amongst buyers
Buyers want beautiful kitchens. In a survey conducted by MoneySuperMarket, it was discovered that kitchens were the most desired renovation at 22%. The second most preferred renovation? A garden makeover.
With the position of many kitchens being towards the back of the home towards the rear garden, this is your opportunity to really make a cohesive, stunning space that flows and enriches. A garden can be purely aesthetic, it could have an outdoor dining area for those sunny summer days, and it could even have elements of a kitchen garden. All of these features will sell your home faster, because you aren’t just selling a property, you’re selling a lifestyle.
It adds monetary value to your home
Kitchen renovations add, on average, 5.5% to the value of your property so it’s important to be careful and not overspend on a renovation. An overly expensive kitchen will not automatically mean that the cost is added to the value of your property.
To put this into perspective, consider you own a property valued at £300,000. Adding a kitchen renovation that costs £100,000 is not going to make your property worth £400,000. Instead, keep your renovation in line with the rest of your property.
Typically prices for a new kitchen start at £2000 and average out at around £12,000. It is in this range you will see the most value for your money.
It’s the fourth most worthwhile renovation
Kitchens are the fourth most worthwhile renovation in terms of value increase, coming in behind a new bedroom in the loft which offers approximately 10.8% increase in value, a rear extension which adds 8.8%, and a conservatory which adds 6%.
This means if you increase the size of your kitchen into an extension in your home, you can potentially see a huge increase in the value of your home and an improvement in both the functionality and design of your property.
It’s the most cost efficient renovation
Of all the renovations listed above, a kitchen renovation also happens to be the most cost-effective, meaning you’ll get more value added for your investment. The average kitchen renovation costs between £2000 to £12,000, and that money can add 5.5% value to your home.
There are also plenty of opportunities to bring the cost down. If you are moving plumbing or electrical wiring, then you will need professionals, but if you have some skill in tiling or laying flooring then you can reduce the cost substantially.
A great kitchen can result in achieving the asking price
If your home is beautiful, with a fabulous kitchen which welcomes you as a true hub of the home, plus it’s also in a great location and does not require any work then you potentially have the perfect property to bring in many interested buyers who will be happy to pay the asking price.
For a free valuation of your property in the South West, please contact our expert team here at BOP on 01237 479999.