9 Aug 2010
With everyone a little more inspired to cook up a storm in the kitchen, thanks to Masterchef, many property owners are questioning whether or not they need to upgrade their kitchen.
So will a new kitchen help add to the value of your home? Well in most cases yes. The kitchen, as we all know, is the heart and soul of a home and it is often the room in the house where we spend the most time.
Many buyers will pay close attention to the layout of your kitchen, and if yours is spectacular and up-to-date it is likely to reinforce to buyers the value of your house.
The risk with all renovations though is overcapitalising. Don’t spend more on a kitchen than you are likely to get back. For a smaller and more modest home you can probably expect about an extra $5000 – $10000 on your home’s value, whereas for a more elaborate home and kitchen you might be able to expect as much as an extra $20000.
At the end of the day if you want a new kitchen to practise your Masterchef skills in then by all means go for it. But if you are interested in a new kitchen that will help add value to your home, then have a talk to your real estate agent, who will be able to guide you through which renovations are suitable for your home.