Your kitchen could devalue your property by up to £20k - what homeowners need to know
The kitchen is one of the most important parts of a home, so it's no surprise that the quality of this room in particular could have a big impact on the value of your property.
New research from Magnet has revealed how much an inviting kitchen space could increase the value of your property, with a good kitchen adding up to £20,000.
More than half of the buyers Magnet spoke to said they would offer more money on a house if the kitchen had very recently been refurbished. On average, house hunters would offer an additional £4,486 for this reason.
Modern and sleek kitchens are highly desirable
Angela Wallace, Divisional Sales Director at estate agent Purplebricks, said, “The type of kitchen that adds more value to a property is modern, sleek and neutral in colour.
“It should have decent appliances with nice or no handles, which are integrated appliances and clever kitchen lighting. This type of kitchen can add an estimated £10k onto the value of a family sized home.
“When selling your home, a modern, bright and functional kitchen is very attractive to buyers. When properties are valued, the age and condition of the kitchen as well as the branded appliances, or lack of, is taken into account when pricing.
“There could be a £20k difference in the value of a home depending on the state of the kitchen, positive or negative.”
It was also found that 29 per cent of people would pay more for a property if the house had a separate kitchen, dining room and lounge area. This is in comparison to the 14 per cent of people who would pay more for an open plan layout.
The more space the better
According to Magnet, buyers in the UK would be willing to offer an extra £2,112 to have enough space for a big kitchen with plenty of storage and room for socialising.
Wallace said, “Buyers want plenty of storage - they want to see where they can keep the washing machine, all of their pots and pans and so on.
“A property with plenty of storage can increase the attractiveness of a home and therefore attract higher offers.”
In terms of colours, neutral hues are more desirable than brighter tones.
What else are buyers looking for?
These are the top 10 most desired kitchen characteristics, and how much extra UK buyers would be willing to pay, on average, for them:
- Larger than average size kitchen, £2,112
- Open plan kitchen, £1,777
- Fitted appliances (oven, cooker, dishwasher), £1,761
- Kitchen separate to dining/living rooms, £1,761
- Spacious and modern cabinets and cupboards, £1,716
- Kitchen facing the garden, £1,640
- Stylish and durable worktops, £1,585
- Bright space with windows and adequate ventilation, £1,534
- Luminous and stylish lighting, £1,410
- Neutral cabinet colours, £1,377