Although the recession has hit everyone hard, there has never been a better time to add some value to your home in anticipation of the price rises that (hopefully!) will come about when we emerge from the recession.
I had a look at the Sunday Times guide to adding value to your property by Isable Unsworth (you can find it at http://www.sprout.uk.com/visuals/images/books/stguide/ST-property.pdf ). In it she says,
“The kitchen is the most important room in the house when it comes to adding value to a property. [..] Estate agents define success as a kitchen that succeeds both as a status symbol and a statement of lifestyle but is still practical and robust enough for the hard wear and tear of constant, daily use.They are unanimous that a good kitchen will often clinch a deal for the buyer and that many other faults in a property can be overlooked if this room is right.”
How much should you spend? “The general advice is that you should spend about 5% of the value of your house on the kitchen but it can add as much as 15% to the asking price of a property sale. If you do not have the 5% of the value of the house to spend, it is better to think creatively rather than spend money on a kitchen that is too cheap for the property.”
Isabel points out that although adding new doors to existing units can make a kitchen look better, “new doors on an old kitchen will not add a penny in value, as it is an obvious presentation trick, which anyone can see through as soon as they open the cupboard doors.”
Isabel also gives advice on planning: “The kitchen is the room in the house where there is greatest need for the careful integration of the essential services. Money spent on professional advice from architects, designers or kitchen planners is rarely wasted as they often prevent costly mistakes.”
Using Isabel’s calculations, you can see how much should be spent on a kitchen according to house value:
£500,000 value = £25,000 kitchen adds £75,000 value
£700,000 value = £37,500 kitchen adds £112,500 value
£1 million value = £50,000 kitchen adds £150,000
Add value to your home by investing in a Sola Swedish Kitchen.
