However, in the case of adding a modern kitchen, it definitely is worth it, because you could be adding some serious value to your home for when you come to sell it in the future.
Here we’re going to take a look at whether upgrading your kitchen could actually help to make you money in the long run.
Why the Kitchen?
Of course, there are plenty of areas of the house that you could look to renovate, but according to TV’s Phil Spencer: “If you are only going to improve one room, make it the kitchen.”
So why is this? Kitchens have become much more than a place to prepare meals these days, and are now real hubs of the home, and one of the first things potential buyers look at.
Kitchens are now spaces where we entertain guests, relax, work and study, so they’ve taken on a lot of extra significance.
What to Focus on
While it’s obviously important to make your new kitchen look nice, it’s ultimately all about practicality.
One of the first things that you should look at it ensuring that you have nice, big work surfaces for food preparation and easy access between the fridge, sink and cooker.
This being said though, try to make sure that the new kitchen fits in with the price bracket of the house, it’s no good splashing tens of thousands on a new kitchen if the rest of the house isn’t up to scratch!
Of course, it works the other way though, and if you don’t spend enough on the kitchen, it’ll drag the value of the house down.
If you want to go a step further and add a kitchen extension onto your home, this is almost guaranteed to give your value a boost, and usually won’t require planning permission (for a single-storey extension).
Of course, this is going to come at a fair cost (upwards of £20,000), but according to Lakeland Kitchens, it could add around 10% to the value of the house.
When it comes to choosing appliances, it’s important not to try and cut corners, because you need to consider whether they’re going to be outdated in say, ten years or so.
High-end appliances are usually one of the main things that buyers will expect, no matter what kind of market you’re targeting with your home.
How Much Value Can I Add?
As you can imagine, this is a bit of a “how long’s a piece of string?” question, but generally speaking, a good quality kitchen can add around 4 to 5% of value to a property.
This table from Move with Us estimates that a new kitchen adds 5.8% of value on average, which is the fourth highest addition on their list.
So far, we’ve only spoken about the financial value that a new kitchen can add to your home, but think about whether or not it could add value to your day to day life, especially if you’re not looking to sell the property anytime soon.
If you spend a lot of time in your kitchen, then new appliances and fittings could help bring you more satisfaction and convenience on a day to day basis, which definitely isn’t something to be overlooked!