While the uncertainty of Brexit is still looming over us, we thought it is a good idea to talk about why remodelling your kitchen shouldn’t strike fear into the hearts of consumers.
It is a well known fact that a kitchen is the heart of the home. Probably the most used area of the house, this room gets a lot of attention from all homeowners. The place where we cook, eat, entertain, relax, and even help kids with their homework – it is no wonder then that investing into a new kitchen if done right will increase your property value.
In order to understand why this is the case, you need to think as a home buyer, rather than a homeowner. When buying a property, we all want it to be ready for living, and done up to our personal tastes – however we all know that this is very rarely the case, but at the very least we would prefer if the property which we were buying had presentable furniture, working electrics, plumbing, and appliances, as well as being clean. This means that we do not need to heavily invest further to make the property fit for living.
You might not be planning to sell your property for many years to come, but changing the kitchen is still a wise idea for your finances, albeit for the long term! According to a survey carried out by Nationwide Building Society, a new kitchen can increase your house price by around 6%. This means that if you have a property which is currently valued at £500,000 you can increase the price by £30,000 by remodelling your kitchen. Sounds good right? But of course, this is to be expected – who wouldn’t want to move into their new property and have a solid kitchen, with working appliances and a sturdy worktop, all ready for meal preparation? It is obvious that property buyers are willing to pay extra for this. You do need to keep a few things in mind though: if you are planning to sell your property in the near future you should opt for neutral colours that will be to most people’s tastes. Think white, cream, magnolia, or light grey. Avoid statement colours, because while they might be attractive to you at the time of purchase, the buyer might not be so keen, and will want to replace the kitchen to suit their personal tastes.
Finally – be realistic about kitchen pricing, do not overspend as a £30,000 kitchen most likely won’t offer a good return on investment when fitted in a £250,000 property. However, on the flip side if you fit a £15,000 kitchen in a £750,000 property you might actually devalue your property. You need to find a golden middle.
Ready for your new kitchen? Contact us today, or give us a call on 020354444281 to see how we can help.