Kitchen Renovations – Adding Value

September 19, 2011

Interior Renovation

Kitchens are the focal point of a residential property and function as multi-purpose dens, where the family sits to eat, talk and even read.

Property values are closely linked to the state of the kitchen and it is widely believed that renovating kitchens definitely adds value to the property.

A run down, old kitchen pushed down its value while a renovated one definitely enhances it. Most people stepping into a property first head for the kitchen, women even more so.

A plush, new kitchen has the potential of clinching the sale, since it contributes manifold to the overall appeal of the property.

Renovations of the kitchen can be superficial and cosmetic or more detailed with an impact on its functionality. While the former may involve a change of flooring and a fresh coat of paint, the latter will involve changing the cooking stove, refrigerator, ovens etc, and replacing them with the latest models that are energy saving and more efficient.

Whatever the renovations, experts believe the kitchen renovation bill must stay under 5% of the total value of the house. Beyond that, the expense would not bring profitable returns, and overcapitalization does not bring equivalent returns.

How kitchen renovations increase value

  • Give an appealing, new look – this is important since home buyers do not like to use other people’s old bathrooms and kitchens
  • New equipment and gadgets are preferred by all – people like efficient kitchens with devices that assist in getting faster results.
  • New windows add security – stronger, new windows that do not need to be scrubbed add to the brightness and appeal of the kitchen.
  • Additional storage space – kitchen renovation can also incorporate creation of additional storage space-which most people need.
  •  Modern appearance – A new, modern appearance is preferred to the old. This can be achieved by removing a non-structural wall, adding an island with storage beneath, clearing cluttered shelves to give an open feeling.
  • Helps to bargain for higher price of property – a new kitchen gives the impression that no additional expense is warranted, and hence no discounts or scaling down of the property sale price is necessary.
  • Kitchen comparisons – Prospective property buyers always look at multiple properties. A beautiful, modern and renovated kitchen may help to clinch the deal, even if there are other trivial issues in the rest of the property.
  • New kitchens make homes easier to sell – a quick sale is possible if the kitchens are state of the art-with new fittings and fixtures, new gadgets and working spaces looking pristinely clean. Such a kitchen would appeal to women, who often have the final word in property purchase.

Thus kitchen renovations definitely add value to the property being sold. Even if the kitchen is not used much, everyone wants a good looking kitchen, and it is also the first part of the property to get a worn out look. A new look, brightness and trendy fittings, all add to the appeal of the kitchen and hence the property.

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