Will a Kitchen Renovation Add Value to Your Home?
Kitchen renovations for Ipswich homeowners definitely have the potential to increase your property value. But, “by how much?” is a question McColl Cabinetmakers – your local kitchen remodelling company – gets asked by many customers. We tell our customers that a renovation is a great way to improve the value of a property (a recent survey found almost 1 in 9 Australians agreed with this fact). When evaluating your kitchen renovation cost, it is a good idea to get an idea of your potential return on investment.
Ipswich Kitchen Renovations and Replacements
Will Kitchen Renovations in Ipswich Increase Property Values?
You may have heard the expression “kitchens and bathrooms sell houses”. Well, according to The Block judge Neale Whitaker, this statement is true. “They are the big-ticket items,” he confirmed in an interview with Realestate.com.au. “And the kitchen and bathrooms are the spaces people will be most concerned about spending on when considering buying a house.”
Many real estate agents agree that kitchen renovations offer one of the best returns on investment when it comes to increasing property values. Brian Capp, a real estate agent with over 44 years of industry experience, says “the kitchen is probably the most important room in the house from a buyer’s point of view.” Not only can a fantastic looking kitchen improve the value of a property, but it can also help to ensure a quick sale. “A really good new or renovated kitchen makes a huge difference to not only the price, but the saleability of the house.”
And it’s not just the experts who believe kitchen renovations are important. In a recent survey commissioned by financial counsellor Dave Ramsey, 80% of buyers said the kitchen was one of their top three most significant rooms in a home.
Kitchen Renovation Cost Vs Return on Investment
To maximise your potential return on investment (ROI) it’s important to establish a realistic budget and then make smart choices about finishes and fixtures. Home improvement experts often recommend spending 5-10% of the total property value when renovating a kitchen. For a home valued at $600,000, this gives you a kitchen renovation budget of $30,000-$60,000.
So, what is the potential ROI for a kitchen renovation in Ipswich? According to Open Agent, an online real estate platform, the average return on investment for a kitchen renovation is about 90%. This represents an excellent ROI figure, particularly for homeowners who aren’t planning to sell for a few years. You get a stunning new kitchen that you can enjoy while you continue to live in the home, and you could get the majority of that money back when the time comes to sell.
How a Kitchen Remodelling Company Can Help Maximise Your ROI
An experienced kitchen remodelling company can help you to plan your kitchen renovation in a way that will maximise your potential ROI. For example, opting for a neutral colour palette and timeless features can help to ensure your kitchen remains appealing to a broad range of future buyers. Kitchen hardware can also play an important role in helping to sell a home. When a prospective buyer opens a kitchen drawer and feels the high-quality, soft-close mechanism in action, this can leave a lasting impression, and add to the perceived value of your home.
The allocation of your budget can also impact your future ROI. In the above-mentioned survey, Mr Ramsey found that 69% of buyers would have paid more for a kitchen with new appliances, and 55% would be willing to increase their offer for granite benchtops. This shows that it could very well be worth spending more on certain big-ticket items.
To find out more about how a kitchen renovation could help to increase your property value, contact the expert team at McColl Cabinetmakers.
