Will it increase the value of my house significantly if I refit the kitchen getting it done professionally?
Question:I live in a 1 bed flat in Balham South London and have a small galley kitchen. At the moment the kitchen is ok a little 80s. I was thinking of paying to have it done to look quite sleek and modern with new appliances. I'm not good at DIY so was going to have the whole lot done professionally.I've been quoted around £6K. What I don't want to find is I pay all that to have a kitchen and don't really make that much more when I come to sell the house.
Answers:
You have to remember that your place will sell comfortably for the same amount as your neighbours. What I mean by that is that if his flat is worth £100K, then yours will be worth about the same. Putting in £6K however is not a large investment and it may raise the value of your flat by a little.
Two things it will definitely do for you:
1) Make you place easier to sell then your neighbours and maybe bump the value by £2K.
2) Provide you with a comfortable kitchen for the next while that you live there. Sometimes you have to do these things with you in mind and not what you will get out of it at a later date.
I am thinking of spending about $40K on my kitchen and the value of my home is about $300K. Will I get more if I sold it once the kitchen's redone...yeah, maybe $10K more! Will I get satisfaction amd enjoyment out of it...most definitely, and how will my wife feel about it...don't know but I am sure that that part will be priceless.
Cheers...Paul
In the U.S., kitchen and bath remodels are the highest ROI (return on investment) you can get. Both are in the 90% range.
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