25 Aug Will a new kitchen and bathroom add value to my house?
I had a long conversation with a lady last week who was thinking about putting her house on the market. Decoratively the house was very nice. The garden was in need of some TLC but that was easy to fix with weeding and paving. The sticking point was the kitchen.
To upgrade or not to upgrade – that is the question.
So will a new kitchen and bathroom add value to your house?
Undoubtedly if you have a feature kitchen then this can be a real selling point. Clearly, this should be showcased when you list your house for sale on the property portals. A kitchen and a bathroom are generally the most expensive internal improvements that you make to a home. If yours are gorgeous, shout about it. As well as it being a feature of the house, a buyer will want to see immediately that these are costs that they won’t incur.
Most rooms around the house can be given a simple freshen up with a lick of paint or new furniture but when it comes to the kitchen and the bathroom you need to weigh up a much bigger investment to make a big difference.
While a brand new kitchen with the latest mod cons or a sparkling new bathroom suite may sound desirable, will they actually add value to a home?
What’s your motivation?
The first thing to consider is your motivation. If you’re simply looking to upgrade a kitchen or bathroom in order to sell your property, think neutral, flexible and simple. Make it easy for a buyer to be able to work with the kitchen or bathroom, regardless of their taste. Plain colours – such as wooden kitchen cupboards that are neither too dark, or light, or maybe even white – are the order of the day.
Also, make the best use of the space available and don’t overload the rooms. Make sure you focus, too, on ‘fixes’. A dodgy tap, scratched sink or wonky cupboard door could let down an otherwise flawless room. By ensuring that all these things are sorted you will help boost the value of your property.
If you’re not in a rush to move then perhaps be more creative.
Consider what you don’t like about the room. Are there not enough cupboards in the kitchen to store food for your hungry family? Is the toilet in an impractical space? Work with a designer to put these right for a start, before you start thinking about fancy taps and door handles.
Also, if it’s worth doing it’s worth doing well. Leaving some glaring things outstanding will mean you’re not satisfied with the room and that it’s unlikely to add much value to the house. Turning a functional room into a ‘showpiece’ will make you happier. Additionally, it will give you something to take plenty of pictures of when it comes to the sale.
So, on to the money. What’s the impact of a new kitchen or bathroom on the all-important valuation of the house? The simple answer is that it depends. It depends, firstly, on the condition of the room being replaced. If either the kitchen or bathroom is in a poor state they will eat away at the potential price of your property. At a bare minimum, you want these rooms to be a neutral factor.
If you can push beyond that though and invest in a desirable bathroom or kitchen that is seen as a strength of your property, then you will see the benefit. If you can get the appropriate permissions and have the space you could even install an extra bathroom. This will add a new dimension to your home.
What will it add?
HSBC found that a new kitchen can add at least £5,000 to the value of a property, meaning with an average kitchen costing up to £10,000, around half of your outlay could technically be returned upon the sale of your home. You can see the research by clicking here.
There are clearly positive ways in which you can add value to a home with a new kitchen or bathroom. There are also ways in which you can avoid losing value by replacing a poor room. Whichever way you approach it, these are important rooms. You need to consider getting the verdict of an estate agent and would-be buyers.
If you’d like advice on the value of your home and how best to get the most for your house, why not give us a call on 01325-776424