Why investing in a kitchen makes everyone happy?
Guest post by Benjamin Reid, Director of Happy Kitchens
Whether you are looking to sell or rent out a property, spending money to make it look appealing is a necessary and clever investment. One area of the home that buyers and tenants alike really look out for is the kitchen, and without having to invest serious money there are simple and cost-effective ways to freshen up a tired, run down kitchen.
A makeover could be all you need to give your home that modern look people are searching for.
Shirley Bonnett, Director at Pastures New Property Search said: “Today buyers are looking for a home they can readily move into and the kitchen can be the make or break of a sale with bathrooms coming a close second. A kitchen for families or couples to spend time together, which offers space to entertain where the host doesn't feel excluded, is generally high up on the wish list.”
The same can apply to landlords of rental properties, of course, they want a home tenants can enjoy spending time in. But splashing out thousands and thousands isn’t ideal. But you really don’t have to spend that much to ensure tenants are living somewhere they love and ensure your property stands out from the crowd.
Shirley also added: "Tenants of rental properties love a well-designed, modern kitchen, with space, that is easy to keep clean. It doesn't necessarily have to be fitted with the latest gadgets and appliances to command a higher than average rent but will be a worthwhile investment".
Look at it this way, on average having an unattractive and outdated kitchen can devalue your property anywhere between 15k and 20k. Not only this, it gives potential buyers a chance to negotiate even lower on the asking price. However, a kitchen makeover on average costs between 3k and 5k and you wouldn’t be able to recognise that it’s not a brand new kitchen.
By doing this, everyone really does get the best of both worlds. Shirley added: “The kitchen has always been regarded as the heart of the home and with the modern lifestyle in mind, families spend an increasing amount of time together in the kitchen, with kitchen diners being more popular than ever.”
Simple steps such as changing the doors and worktops, will instantly breathe new life into a tired, lifeless kitchen. Giving it the look and feel of a fully fitted kitchen. Not only does a kitchen makeover save you a lot of money, it saves you the time and hassle of having your kitchen pulled apart and put back together.
Often there isn’t even the need for an entire new kitchen to be fitted. Most kitchen cupboards are still in great condition. What we can do for you is change the doors, worktops, panel faces lighting pelmet and cornice to match the existing colours in your kitchen. You will achieve the same outcome as a brand new kitchen but without the extra time, costs and hassle.
Shirley also said -“Having all the "mod cons" is also appealing, anything that makes our increasingly busy lifestyles easier will always be looked upon favourably i.e. a quick cooking induction hob, convenient pop up electric sockets, eye level integrated appliances, self-cleaning ovens to name but a few.”
Not only does giving your kitchen a makeover improve the value of the property, but a more attractive home has a greater chance of enticing buyers to come and view it. The more people who view your home, the more likely you are to receive an offer on your property.
It really is up to how much or how little you wish to spend. Whether you are aiming to add the latest kitchen accessories like the ‘hot tap’, or just simply change the doors and worktops, we can do it for you.
The Property Voice Insight from Richard Brown
As the old adage goes: kitchens & bathrooms sell houses!
An upgraded kitchen is probably on most people list in terms of 'must dos' when undertaking an investment property refurb project. The reason is that it is quite simple to do and will make a big impression with the intended future occupants - be they a tenant for a rental property or an owner occupier for a flip project.
A full on kitchen replacement can also be a hefty expense, but it only needs to be 'fit for the purpose' in terms of the intended exit strategy and target market.
For example, if the property is intended to be sold to break a ceiling price in a high-end area, then a high-end kitchen is definitely going to be needed. However, if the property is intended to be a hard-wearing one best suited to a young family renting, then it need not be specified to the same degree.
This is why I like the idea of a kitchen makeover, as Benjamin highlights in his article. As long as the cupboard carcasses are in reasonable condition, then a more cost-effective solution could be to simply replace the visible features like doors, handles and light units say.
In addition to knowing your exit strategy and target market, the other big consideration that I always factor in with any upgrade or refurb project is: 'ROWI' or return on works investment. This is a variation of return on investment (ROI) that compares the costs of undertaking the works involved against the likely returns. The main returns will be the incremental rental income for a tenanted property or the resale value uplift for a flip project. Note that I said 'incremental' and 'uplift' there. Don't let yourself be fooled into thinking that a full-on upgrade will always produce the best possible return...it is still all about the numbers!
So, have your exit strategy, target market and 'ROWI' calculations very much in mind when specifying your next kitchen project. Thank you, Benjamin Reid, for your valuable contribution...do any of our readers have experience of kitchen remodelling successes or failures that they are will to share? As for what's in vogue these days, the current kitchen trend seems to be black (counters & tops) and white (doors & frames)...would you agree? Do let us know...