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 If your existing kitchen is very old, worn or out of date, then a brand new kitchen may well add 5 to 10 per cent to your home’s value.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.
Increasing home value 101
- How much can I borrow for a home improvement loan?
- How much can home improvements add to the value of your property? Which home improvements pay for themselves?
- Home Improvement Loan vs. Remortgage
- Financing Your Green Improvements with Renewable Energy Loans
- Get the Financing You Need to Make Your Home Greener with Energy Efficiency Loans
- How an Adverse Credit Home Improvement Loan Can Help You Refurbish Your Home
- Cheap Financing for Home Refurbishing – Home Improvement Loans
- A Home Improvement Loan Can Help with Remodeling Your Home at a Low Interest Rate
- Bad Credit Home Improvement Loan – Funds to Renovate Your House
- Home Improvement Loan – the Low Cost Finance You Need to Renovate Your Home
- Repair Your Home with a Secured Home Improvement Loan
- Does it reduce the value of a house if you convert a bedroom into a bathroom?
- How much can I expect to spend on a kitchen extension?
- How much value does a new kitchen add to a house?
- How much will a conservatory add to the value of a home?
- How much would a £42,000 extension put onto the value of a house?
- What does the value of a loft conversion add?
- How much does a garage add to the value of a property?
- How much does a garden increase the value of a house by?
Costs and tips
- Finance Your New Bathroom with a Home Improvement Loan
- How a Home Improvement Loan Can Help You Finance Your New Kitchen
- Finance Your Dream Conservatory with a Home Improvement Loan
- A Home Improvement Loan Can Be the Perfect Way to Finance Your Extension
- Finance Your Dream Loft Conversion with a Home Improvement Loan
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- How much should a new decent kitchen cost?
- How much does a conservatory cost?
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- How much does a loft conversion cost?
- What is the cost of attic conversion?
- How much does it cost to put a new roof on a house in UK?
- How much does it cost to build a garage?
- How much does a garage conversion to a room cost?
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- How much does it cost to change from storage heating to new central heating?
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- How to work out cost of house repairs?