As they say, “Kitchens sell houses”. Kitchens are the heart of a home. They are an important investment to your bricks and mortar and significantly influence your lifestyle. A beautiful, well-designed kitchen will not only add value, but will enhance your quality of life within your home.
“Buyers love a smartly renovated, modern kitchen and, done well, you’ll always get a good return on your investment.” (Barber, 2015. realestate.com.au)
Renovation programs like The Block have drawn people’s attention to the finer details of kitchen renovations, which has increased buyer knowledge and expectations. For those planning to remain in their homes, such programs have given homeowners an appreciation of the transformative effects a quality kitchen can have on their home environment and the way they live.
Experts agree that owners should consider spending approximately 2-6% of the current market value of their home on a kitchen renovation, (nab.com.au, rams.com.au, renovatingforprofit.com.au). Investing significantly more or less than this percentage could potentially devalue the property or risk overcapitalisation.
With the recent property boom in the Sydney market, home owners may now be in a position where the amount they are willing to invest in a kitchen renovation is less than the recommended percentage of the property’s value. In this case, smart planning, clever use of materials and finishes and prioritising features can assist in achieving an effective look for a more modest budget.
Most people tend to get a couple of quotes before choosing a kitchen builder. When analysing quotes, it is essential that you compare apples with apples. Not all quotes are the same. Whilst one may appear cheaper, it may be because it uses less expensive, lower quality materials and hardware. It is important that you get each builder to quote the same design, materials and hardware, then you can truly compare and make an educated decision.
How do I find out the current value of my home?
If you have bought the property recently, you will have a fair understanding of what it is worth. However, if you have lived in the house for some time, you may need to seek advice to attain its value. Websites such as realestate.com.au or onthehouse.com.au can give you price estimates based on suburb data. Alternatively, most real estate agents are happy to give you a free appraisal.