There is a well-known saying that “An Englishman’s home is his castle.” Referring to the majesty a homeowner bestows upon their property rather than its size, it demonstrates how we all like to feel houseproud and demonstrate a level of grandeur to the place we call home. This might stem from the furnishings to the layout and from the functionality to the kerb appeal. One such area that often gets a fair degree of attention is the kitchen.
A hub of activity, a meeting point for the family and often a showcase of your culinary ability, the kitchen stands to tell a lot about you, and also the value of your home. And it’s the value of your home that we are talking about today. Could a new kitchen help add value to your home? Well, according to many, it can. Whilst figures vary, it’s generally assumed that a new kitchen could add as much as 10% to the value of your home!
In this edition of our blog, we look at how you could gain that increase and then sell your home for more than you may have first thought possible. If you’ve already upgraded your kitchen and think an extension could be next, why not head on over to our guide to find out how much a new extension could add to your home?
Does a new kitchen add value to a home?
It’s widely accepted that a new kitchen will add value to your home. How much it adds depends largely on the changes you make; how much you spend and whether you are adding to the functionality or purely looking at cosmetics.
In general, it is estimated that you could see as much as 10% added to the value of your home. Considering the current average house price in the UK is £292,000, you could see as much as £29,000 added to the asking price. Of course, property prices fluctuate across the country, meaning the markup could easily top £50,000 in some areas but be lower than £17,000 in others.
How much should you spend on a new kitchen?
This is perhaps the most important question. If you were to spend vast sums on upgrading your kitchen in the hope of not only improving your cooking skills but also the value of the home, you could be fighting a losing battle. Taking the assumption that 10% is the average increase in value, if you were to spend £20,000 on a new kitchen, in a home worth £100,000, you may see the house reach £110,000 when it comes to selling. That puts you at a £10k loss.
As a rule, up to 8% of the value of the home is often recommended for a kitchen upgrade in a home. However, if you are not planning to sell, and want to just add something new to your home, you don’t need to apply a ceiling to your spending.
How much does a new kitchen cost?
Depending on how far you want to go, there can be no limit to your spending but there comes a point where spending certainly won’t add any additional value to your home. The experts at Check a Trade say that a new kitchen in a typical house could set you back anything from £4,000-£10,000. This figure can shoot up significantly if you have a penchant for the finer things and only want premium furnishings and décor. Should you go for a more high-end kitchen, the final bill can be closer to £50,000. Now align that spending with the current value of your home and you’ll have a good idea of what kind of budget may be realistic for your property.
Can you save money on upgrading your kitchen and still increase your house value?
It is certainly possible to lower the cost of upgrading your kitchen but only if you plan to make simple upgrades. If, for example, you are painting the walls, adding new handles or swapping out an old appliance for a new one, you could do all these jobs yourself quickly and easily. The saving on labour will be brilliant but the upshot in house value will be minimal, if anything at all.
This is because it’s not a “new” kitchen as such. If the entire kitchen is reinstalled, you are more likely to see the upshot in value, but this should only be done by a professional team. Dodgy DIY could actually see your home value plummet rather than rise, so it’s best to let the experts tackle it.
How to increase your house value with a new kitchen
Before turning your grand ideas into reality, it is first worth considering whether a kitchen makeover is beneficial. Whilst you could see an increase in your house value, you could see things go the other way if the new, modern kitchen doesn’t fit with the general aesthetic of the home. For example, if you have an older property that still exhibits some of its classic character, adding a more contemporary kitchen could see your home exhibit two very different styles which could be awkward for potential buyers to handle.
We’ve compiled a selection of kitchen design tips you could implement to help you drive up the value.
Consider layout
You want functionality and space. Make sure your kitchen triangle (sink, fridge and cooker) is easily accessible and allows for a smooth work area when preparing meals.
In addition, look at the positioning of drawers, cupboards and appliances. You don’t want doors and drawers jamming against one another or restricting access.
Lighting
Getting the lighting right plays a huge part in the kitchen ambience as well as its functionality. Having a poorly lit work surface for example is not going to help when you are trying to fashion your next dish.
Likewise, you’ll want the lighting to create a warm cosy feel too. Look to incorporate a mixture of light types to help create the right feel for the kitchen when they are used.
New paint job
With all new worktops and appliances getting installed, a fresh lick of paint can help elevate your kitchen to a new level. Source the colours that compliment the kitchen style you’ve chosen. You may even want to go all out with tiling but just be prepared to spend a lot of time and money to add this to your décor.
Factor in storage
Clear floors and uncluttered worktops are a fundamental part of helping improve a kitchen aesthetic. Investigate corner units, floating shelves, and folding or collapsible storage.
New flooring
Some may say a floor should be clean enough to eat off and whilst we do not recommend you test that theory out; a new floor can do wonders for helping improve the value of your home and the look of your kitchen. Gone are the scuff marks, dents, chips and stains. Instead, something visually stunning can give an instant impression of freshness and cleanliness.
Kitchen appliance upgrade
With new worktops, flooring and lighting, plus an abundance of storage, don’t neglect the opportunity to upgrade the appliances. Look for those exhibiting great energy efficiency and if you want to be extra focused on the details, look for all the same brand. This uniform look will add more to your kitchen than you might think. Integrated appliances are always a good idea too.
If you have previously upgraded your kitchen and are now looking to reap the rewards, speak to our team at Cairds. We are independent estate agents specialising in property for sale in Epsom and the surrounding areas. We can help you sell your home and find you a new one. Should rental property also be a consideration, we can assist landlords and tenants in finding the perfect match for their needs. Contact our team today to find out how we can help you with your Epsom property needs.