With the fear of a double dip recession constantly threatening property values, as well as the availability of mortgages, it is hard to imagine property owners and investors considering investing time and money into home improvements.
According to a survey by the leading UK windows supplier Everest, 18 million people had home improvement plans at the end of 2010. These improvements had an average cost of around £2831 and were considered to be only minor home renovations. Spending upwards of £3000 would only be appropriate for those moving home in the short term and would not add any long term value to a property – smaller home improvements can become dated and worn within months of installation.
If a property owner is looking to invest in their property and expect to see a sizeable return on investment then they should consider investing in a brand new modern kitchen. The kitchen is the most used room in the home, according to Phil Spencer in The Telegraph, the kitchen “has now become the showpiece area of the home”. He further claims that adding an up to date kitchen will typically add “4.6 per cent onto the value”.
If property owners do decide to invest in a new kitchen then they should consider the style of their property, the current cost of their property and their overall budget. The Time Online explains that there is no point spending £50,000 on a new kitchen if your house is worth less than £500,000. If a property is old-fashioned, rather than modern, it would be in-keeping with the style to invest in a country style kitchen rather than a modern kitchen, and vice versa.
If a brand new kitchen doesn’t add value above the cost of the kitchen installation then thekitchendirectory.co.uk points out that “it will increase the sale-ability of your home”. When a home is on the property ladder, especially during a recession, home comforts such as brand new kitchen and redecorated rooms add to the probability of your home being sold rather quickly. Home buyers will always be on the lookout for a home that needs little improvements once they move in.