How much value does a new kitchen add to a house?
A new kitchen can add between 5 and 15 per cent to the value of your home. However, the actual amount of value that you will add will depend on a number of factors including the cost of the work, the state of the existing kitchen and the overall value of your home.
A recent survey from Spicerhaart, the independent network of estate agents, revealed that a new kitchen is the most worthwhile home improvement. 71 per cent of agents questioned voted fitting a new kitchen as one of the three most worthwhile and value adding additions to your home.
Dean Sanderson, chairman of the Lancashire and Cheshire branch of the National Association of Estate Agents (NAEA) agrees: “Kitchens and bathrooms are key rooms in the home. First impressions count and a light and airy kitchen will definitely help towards securing a sale. A good kitchen could potentially add between five and 10 per cent to the value of a property.”
However, it is important not to overspend on a kitchen. If your existing kitchen is very old, worn or out of date, then a brand new kitchen may well add 5 to 10 per cent to your home’s value. If your existing kitchen is already clean and neutral, then spending a fortune on replacing it may not actually increase your home’s value at all.
In addition, any spend on your new kitchen should be proportional to the value of your home. If your home is worth £75,000 and you spend £20,000 on a kitchen refit, you are extremely unlikely to recoup that money in added value. The money website whatprice.co.uk suggests using a budget of around 8 per cent of your home’s value for a kitchen renovation. So, on a £100,000 property, you should be spending less than £8,000 to remodel your kitchen.
Finally, it is vital that your new kitchen is correctly fitted. Botched jobs and bad workmanship can actually damage the value of your home, so either use a professional or make sure you work is perfect.