A kitchen is often referred to as the heart of the home, but will updating it really add value to your property?
The kitchen is one of the busiest rooms in the house, and the bathroom is one that is eventually seen by most of your visitors. It is understandable that you want these rooms to look their very best, but fitting a new kitchen or bathroom can be a costly business that leaves many wondering whether it was really worth the investment.
Should I Overhaul?
Your property is probably the biggest single investment you will ever make, and ensuring it holds its value is the smart thing to do. The best way to do this is to improve gradually over time, or go for a complete overhaul from the start. As wear and tear starts to show over the years, you may find yourself needing to do it all over again.
Whilst most rooms can be freshened up with a new coat of paint and a change of furniture, the kitchen and bathroom is a different story. You need to consider why you want to update these rooms in order to decide whether it is a wise move. If you are preparing your property to go on the market then you need to keep the rooms devoid of personality, leaning towards neutral shades and simplistic design in order to appeal to the widest range of people, who are able to see how they can make it their own.
Make sure the rooms appear spacious by not overcrowding them with furniture and features, and fix and little things that may seem small but could leave a bad taste in a buyer’s mouth.
If your plan is to stay in your home, then this is the opportunity to put your own stamp on it. Identify what you dislike about your home and base your plan around putting this right. These rooms are not the types of places that can be left unfinished. Not only is this impractical, it is also sure to leave you feeling dissatisfied as there seems to be no real result. Make sure you see the project through to the end so there are no little jobs that you never quite round to finishing.
The impact of a new kitchen or bathroom on the value of your home is influenced by what was there before. If an old-fashioned and dilapidated kitchen is replaced by something slick and smart, it will have a much greater impact on the overall value than improving something that needed little work. If you are adding a completely new bathroom to your home then this will impact market value as it has a feature it did not have before.
Studies have shown that a new kitchen can add in the region of £5,000 to your property value, which is around half the cost of the average kitchen. The same is true of a bathroom which typically costs £5,000 and can add half of that onto your property value.
Whilst a 50% return on investment may not be what you were hoping for, it is worth conversely considering the damage a poor kitchen or bathroom could have on your house price and then think about the real value that it adds in simply making the house more saleable.