Kitchen Renovations Can Boost Property Value Amidst a Struggling Market

While Covid-19 has impacted the UK property market in many ways, kitchen renovations can boost property value amidst a struggling market.

One of the greatest impacts of Covid-19 can be seen in house prices, which are expected to decrease by approximately 7.5% during 2020, according to National estate agency Savills.

Thankfully, there are a number of effective ways to counter the general decrease in house prices. This includes engaging in renovations that can increase the market value of a property. Remodelling a kitchen can be of particular benefit, as consumer body Which? has found that a new kitchen can add as much as 6% to a property’s value.

Home-buyers like new kitchens

The kitchen has long ceased being just a room to cook in. Today, home buyers recognise the fact that the kitchen is used for dining, working and socialising in. Couple this with the fact the many buyers want to move into a home that requires minimal fuss, and it’s easy to see why renovations are so valuable. Buyers who are looking for a project might find an out-dated kitchen to be a welcome challenge. To others, however, this may be a deal-breaker, as they just do not have the time or inspiration to action renovations of any sort. A large-scale remodel that includes the replacement of worktops, flooring, cabinets and major appliances can cost anywhere between £10,000 and £50,000 but will likely enjoy an impressive return on investment (ROI).

Even small renovations can boost value

Vendors who choose not to engage in a full-scale remodel can focus their attention on smaller projects that can also have a discernible impact. A fresh coat of paint on the walls and new cabinet doors will not set you back thousands of pounds but can give the property a significant boost in value. Upgrading a kitchen backsplash is another way to freshen up the room while adding value. Natural stone mosaic tiles are budget-friendly and are perfect to give a kitchen a rustic look. Other smaller remodelling projects to consider include upgrading lighting and replacing the taps, both of which can do wonders for your ROI. An open living area can also be created by removing an internal wall between the kitchen and lounge. This costs in the region of £3,500 but can add as much as £48,417 to the value of a property in a sought-after area.

There are numerous things to keep in mind

There are a number of things a vendor has to contemplate before spending money on kitchen renovations. The current value of the property should be taken into consideration when drawing up a budget for renovations. Investing £25, 000 in a new kitchen for a house that is worth £200,000 may not be viable. Investing the same amount on renovations on a house that is worth more than half a million pounds may, however, not be enough. Although DIY renovations may be tempting, this does carry increased risks, and it often works out cheaper to hire a professional to do the job from the onset. Before any renovations are undertaken, it is also important to consider the age of the property and its location to avoid it sticking out like a sore thumb.

Vendors should always put themselves in the position of a buyer when considering what renovation projects to tackle. As the kitchen is an integral part of any home, it is not surprising that it tops many lists pertaining to pre-sale renovation projects.

Kindly shared by Jane Saunders