With the rising costs in what seems to be every direction from interest rates, to fuel costs, to energy bills tripling in some cases, it's more important than ever to spend your money wisely.
A kitchen renovation or kitchen extension is a commonly asked question that homeowners ask at the moment. Most would immediately say yes, however, it's important to weigh up both options to see if it's a good investment or worth waiting for.
Without debate, the kitchen is the heart of the home. It's vital to any house and often is a key selling point for any homeowner or renter. Homeowners look past small rooms, dated decor, and garden issues but what they are not likely to budge on is the kitchen space or potential. And with rising costs throughout the home, homeowners are wanting a functional and great-looking kitchen with the house purchase instead of the stress of doing the renovation themselves.
With covid, there is an argument that the kitchen is more important than ever. Lockdown meant that people were forced to spend more time at home. Therefore, we realised, even if we hadn’t before, how important it is to have a comfortable home.
Whenever you spend money on the fixtures and fittings of a home, it's important to get a second opinion on the likely value after the work has been done. You can either go to a local estate agent for advice or you can troll Rightmove and research similar-sized houses with kitchens etc...
In most cases, renovating your kitchen will increase the value of your home and appeal to potential homeowners if you decide to sell. There are countless surveys and articles proving a modern kitchen can add as much as 30 % ROI on the value of your home.
When thinking about renovating your existing kitchen, it's important to think about costs. Over the past two years fuel costs, material costs, and supply chain issues have increased considerably. Previously if you were thinking about a budget kitchen you'd be looking at the £10,000 mark. However, now this has increased to £15,000 - £20,000 for a budget kitchen. With this in mind, you've got to weigh up the options to see if spending £20,000 will add at least £20,000 to the price of the property if you did sell. If not, with the current property price increases, when would you estimate to breakeven or make money.
Get in touch with your local Wharfedale showroom on 01943 817477