The kitchen is one of the rooms which sees the most use in a house. Because it is used daily by all household members, it is obviously an important room when considering how your property will appeal to buyers. In addition to this, the condition of your kitchen can have an impact on the value of your property.
Here is how your kitchen impacts your property value, as well as a breakdown other things to consider about your kitchen improvements when selling:
Increases Home Value
A newly updated kitchen with modern appliances will increase the results of a property valuation. This is because valuers include features and fixtures when considering the value of a property.
The quality of these features has an impact, meaning a more expensive or higher quality kitchen will increase the value of a property more than a similar looking but cheaper quality kitchen.
If you are looking to add value to your home prior to selling, it is worth considering if you could make some updates to your kitchen. This is one of the areas in your home which affects the value most.
Recoup of Expenses
While renovating your kitchen will doubtless increase the value, and ultimately the sale price of your property, you still need to consider the amount you spend on these improvements.
These upgrades may not return your costs completely in the increase sale price of your property. This is especially true for full kitchen renovations which can be very expensive.
However, the increase in value from kitchen improvements can also come with additional benefits during the selling process.
Encourages Quicker Sale
Whether you are able to recoup the costs of renovation or upgrades done to your kitchen in the final sale, having a newer kitchen can help your property sell quicker.
An old, outdated kitchen can hold back the sale process. A kitchen that needs significant improvements gives an impression that the entire house will also need further work. This can turn a buyer off, as they anticipate having to undergo upgrades themselves in the future.
In cases when similar properties for sale in the area have newer kitchens, your property will naturally be the second choice in comparison.
If you are hoping for a quicker sale, or are wanting to take advantage of favourable market conditions, it may be advisable to invest in upgrading your kitchen.
Upgrades vs. Renovations
When deciding on improvements to make to your kitchen in order to increase the value of your property, there are more options that simply redoing the kitchen. Small, carefully chosen upgrades can have a positive impact to your property value while ensuring you pay less out of pocket.
However, a full remodel of your kitchen is sometimes needed. If you have a property with a kitchen that is in very bad shape and severely outdated it may be a better choice to opt for a more major renovation.
Here are some ideas of feature and fixtures which can be swapped out or upgraded to increase your property valuation:
- Hardware such as taps, drawer handles
- Counter tops
- Fixtures such as lighting
- Appliances such as stove, range hood, dishwasher or refrigerator
Updating even one or two of these items can have a far bigger impact on the overall impression and functionality of your kitchen than you may expect. In turn, these improvements will also improve your property valuation.
If you require a property valuation, at Melbourne Property Valuers we are able to provide you with expert and accurate service. Reach out to our team today with any enquiries or to receive a free quote.