UK homeowners spent over $14 billion on home renovations, refurbishments, and additions during the past 12 months, and more than 75% of these individuals plan to spend at least the same amount on home improvements during the next year. However, it’s important to note that some people fared better than others, especially when taking into account the crucial aspect of ROI (return on investment). The Telegraph website has an interesting article on the benefits of renovating before selling which may help t inspire you to make the effort.
So, if you’d like to facilitate an impactful, lucrative home improvement sometime soon, it’s in your best interests to take a long, hard look at the benefits associated with refurbishing your kitchen.
Return on Investment
As one of the most integral, valuable areas of any property in this day and age, your kitchen represents a gold mine of sorts. In other words, even a minor kitchen renovation can add a significant amount of money to your home’s listing price upon resale. Shown below is the ROI matrix of a contemporary kitchen augmentation:
- In most cases, you can recoup upwards of 74% of your initial investment on labour, materials, and appliances.
- This means that a €25,000 renovation will allow you to boost your property’s resale value by more than €18,000 – the increase will take effect as soon as you schedule your next appraisal.
- According to a recent real estate study, you only have to spend about 6-10% of your home’s current value on a kitchen project to obtain a desirable return, which makes it one of the most remunerative home improvement options in today’s world.
Irrespective of the size or scope of your current kitchen, a refurbishment will allow you to redefine and reimagine the space from top to bottom, not to mention the fact that you’ll be able to considerably bolster your home’s intrinsic value along the way.
If you partner with a reputable local specialist and schedule a modernised kitchen installation in Hitchin, for instance, you’ll be able to implement a wide range of eco-friendly appliances such as the following, and can significantly boost your home’s functionality in the process:
- Fridge and freezer combos
- Humidity- and temperature-controlled wine chillers
- High-tech dishwashers
- Numerous extractors to fit your unique arrangement
- Custom created lighting solutions
- Coffee machines, microwaves, and toasters
- Water regulating sink taps
- And more
Based on a recent survey, replacing outdated appliances will allow you to decrease your annual utility bills by more than €1,000, especially if you haven’t updated your appliances in over ten years.
Regardless of whether you wish to opt for a vintage theme, a timber-oriented visage, or a contemporary layout, it’s worth mentioning the fact that 90% of today’s real estate professionals state that “properties with redesigned, remodelled kitchens are easier to sell. They also usually sell for a much higher asking price.”
On top of that, more than 41% of homebuyers believe that the kitchen is the most important staging element during the browsing and research phase – it can make or break a potential sale and significantly affect the odds of getting a fair return on your property.
Even if you aren’t planning to sell your home anytime soon, it’s easy to see how valuable a kitchen remodel can be, so be sure to visit a renowned local showroom as soon as possible to start evaluating your options.