A good kitchen adds value to your property while a bad one devalues it, according to the latest research from national kitchen chain Magnet.
The survey investigated how a kitchen can increase the value to a property and what buyers are looking for when buying a new home.
Results showed that, with the housing market currently very competitive, the average house-hunter is willing to offer £4,020 over the asking price for a property that has the right kitchen and that a good kitchen could add as much as £20,000 to its value.
The nationwide survey of 2,000 UK homeowners and prospective buyers aged over 16 found that almost two-thirds of buyers (61%) would pay more for a property if the kitchen had been refurbished or modernised. More women (65%) than men (56%) expressed this preference.
The poll also looked at homeowners’ attitudes to renovating the kitchen in their existing properties. It found that the average amount people were willing to spend was £3,835, but many said they were willing to spend much more. In Cardiff, 11% said they would spend £10,000 to £20,000, while in Southampton, 20% named a figure of £10,000.
The results also identified those kitchen characteristics that would persuade potential house buyers to offer more for a property. Most tempting was a larger than average kitchens space, for which they said they would shell out an extra £2,112, followed by an open-plan kitchen (£1,777), a fully functional kitchen with fitted appliances (£1,761) and then a kitchen that was separate from the living/dining area (£1,721).
When asked how much extra they would pay for a house that already had their dream kitchen, those in Bristol topped the list with an average sum of £7,050, followed by Liverpool at £5,533, Nottingham at £4,973 and London at £4,608. Lowest average offers were from those in Sheffield at £2,617 – although 36% said they’d only spend £1,000 to £3,000 – and Norwich at £2,370.
Surprisingly, given the current popularity of open-plan kitchens, more than a quarter (29%) of respondents said they would pay more for a property that had a separate kitchen, dining room and lounge over one where those elements were merged into one.
Purplebricks divisional sales director Angela Wallace commented: “[The type of kitchen that adds the most value to a property] is modern, sleek, and neutral in colour. It should have decent integrated appliances with nice or no handles and clever kitchen lighting. This type of kitchen can add an estimated £10k on to 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 them), is taken into account when pricing.”
She added: “There could be a £20k difference in the value of a home, depending on the state of the kitchen – positive or negative. The trick is to keep it simple. If someone is installing a kitchen, but plans to move within five years, then put in a neutral colour that will appeal to the mass audience.”