If you’re planning on selling your home soon, you’re probably considering small improvements to make it look more desirable for buyers. Of course, a new kitchen will be desirable, but how much value does a new kitchen add to your home? Here, we explore the different aspects of kitchen remodelling and its potential for return on investment.
Understanding home value
When we talk about home value, we are referring to the market price of a property, i.e., the price it will be listed at when it goes up for sale. Various factors, such as location, size, condition, and recent improvements, determine this price. Upgrading your home will, of course, add to its value, and removing a kitchen will certainly enhance its appeal, hopefully increasing its value as a result.
How much value does a new kitchen add?
Kitchens, often referred to as the heart of the home, become a central hub for cooking, eating, and socialising. So when a potential buyer looks at your home, they’ll see a kitchen where they’ll live and enjoy. A modern, open-plan kitchen that has been well-designed and thought out will instantly make your home more attractive.
Magnet reports that a new kitchen can increase the sale price of your home by 5-6%, and Checkatrade expects that a new kitchen could increase your house price by up to 10%. The average house price in the UK is £283,000, so a new kitchen could potentially increase your home by £14,150 to £28,300.
Return on investment
If you’re considering installing a new kitchen to boost the sale price of your home, the biggest factor you want to consider is the return on investment. ROI is a crucial factor in home improvements, representing the percentage of the investment recouped through increased home value.
Basically, you don’t want to spend a huge sum of money on a kitchen you’re not really going to get much use out of and then not see it add any value to your home when it comes time to sell it. So, what else might you consider? While you might not opt for a full remodel of your current kitchen, you can make certain updates that will add value to your home.
Kitchen upgrades that will add value
If a whole new kitchen isn’t the best choice for you, smaller upgrades can still have a positive impact on your house price. Here are some ways that you can update your kitchen and boost the value of your home.
Modern Appliances
Upgrading to modern, energy-efficient appliances will improve the functionality of your kitchen and appeal to eco-conscious buyers. Look for appliances with the latest technology, such as smart refrigerators, induction cooktops, and energy-saving dishwashers.
High-Quality Worktops
If your kitchen cabinets still look fresh, installing a new quality worktop could drastically transform your kitchen. Look to quality materials like quartz, granite, and marble that will last for years and offer unique finishes. However, consider the high costs of these against the potential for added value to your home.
Custom Cabinetry
Custom cabinets can make a kitchen look bespoke and tailored to the space. Opt for solid wood or high-quality laminate options that offer both style and durability. Features like soft-close hinges, pull-out shelves, and integrated lighting can further enhance the appeal.
If the shell of your kitchen cabinets, however, is perfectly fine, replacing the door front can be a great choice. This will give your kitchen a new look without the need for a whole replacement.
Simply spray painting the existing kitchen cabinets can give the space a new lease of life, too. If you’re not experienced with this type of DIY, it’s probably best to call in the experts for these types of jobs.
Functional Layout
A well-thought-out kitchen layout can greatly improve the space's usability. Consider the work triangle concept, whereby you consider the placement of the sink, cooker and fridge to ensure a well-working kitchen space.
Stylish Backsplashes
Give your kitchen a fresh and modern update with a new backsplash. Subway tiles are certainly having a moment, but you could be a bit more dramatic with printed tiles or go down the modern route with glass.
Lighting Upgrades
Proper lighting is crucial in a kitchen. Upgrading to LED lighting, under-cabinet lights, and stylish pendant lights can brighten the space and create a welcoming atmosphere. Consider adding dimmable lights to adjust the mood.
Fresh Paint
A fresh coat of paint can do wonders for any room, and the kitchen is no exception. Choose neutral colours that appeal to a broad range of buyers.
Small updates
Changing the handles on cabinets, installing a new tap, or simply changing the light fixtures can all give your kitchen a modern, updated touch without the cost of a major renovation.
Upgraded Flooring
Consider updating your kitchen flooring with durable and stylish materials. Options like hardwood, tile, or luxury vinyl can enhance the kitchen's overall look and feel.
Adding an Island
If space allows, adding a kitchen island can provide additional workspace, storage, and a casual dining area. Islands can serve as a focal point in the kitchen and offer practical benefits that enhance everyday use.
What not to do when renovating your kitchen to sell your property
Avoid Cutting Corners
While taking on some DIY tasks can save money and potentially increase profit, it's crucial not to compromise the overall quality of the kitchen. Prospective buyers will quickly notice any shortcuts taken, which can undermine the renovation and potentially harm the property's overall appeal and saleability. Ensuring that tasks like plumbing, tiling, fitting doors and worktops, and painting are done to a high standard is essential to maintaining confidence in the property's quality.
Be Cautious with Bold Colours
A fresh coat of paint can rejuvenate your kitchen, making it more appealing to buyers. However, it's important to avoid choosing overly bold or unique colours that might not appeal to a wide audience. While you don't need to stick strictly to neutrals, opting for popular shades like green, blue, neutral tones, and white can help make your kitchen more attractive to potential buyers.
Don’t Overspend Relative to Your Location
Although a luxury kitchen remodel can increase a property's value, it's important to consider the price cap for homes in your area. Overspending on a high-end renovation in a location that doesn't support it can lead to a minimal return on investment. In more premium areas, a luxurious kitchen may be justified and appreciated by buyers, whereas in other areas, costly upgrades may go unnoticed by buyers.
How much value does a new kitchen add? Unfortunately, it’s hard to give a definitive answer, but using a percentage of roughly 5-10% increase in your home’s property is a good place to start. Things like open-plan living, a kitchen island and a high-quality worktop will all work in your favour to take it up to the higher end of that percentage. By understanding the different types of remodels, key features that add value and what not to do when it comes to a kitchen renovation for sale value, you can make informed decisions on the best option for you and your home.
