Despite the general air of austerity in the UK and its property market at the moment, new instructions and buyer enquiries are on the up after dropping in the second half of 2010, according to RICS. On the other hand, the figures also revealed that house prices continue to fall in most regions – with 26 per cent of surveyors reporting a drop. That said, this is good news for landlords and property developers who have been put off from making home improvements in a bid to increase their return on investment (ROI).
When most people think of sprucing up the kitchen of a property they wince at the expected costs and efforts associated with such a feat. This isn’t necessarily the case, however, and even landlords and developers who are tightening their belts in these turbulent times can make some effective improvements to increase property value.
Choosing a modern kitchen is key to this process. Be sure to choose a kitchen that is stylish but not overbearing, as this allows any potential buyers or tenants to picture themselves adding their own personal touch to the character of the room. Take a step back and consider what you like about your kitchen and what it is lacking. If necessary, replace tired cupboards and units and update appliances such as cookers and fridges. When carrying out your property development, bear in mind that a spacious kitchen is essential for many homebuyers, especially those with large families. Online retailers can offer advice on how to structure a kitchen to your requirements.
As the hub of a home, a quality kitchen can be the USP of a property. If the kitchen isn’t quite up to standard, kitchen redevelopment is well worth the investment and can result in a substantial increase in property value. Surveys suggest that up to 80 per cent of homebuyers would be prepared to spend more on a house with a newly renovated kitchen. What is more, independent surveys suggest that sellers can see up to a 93 per cent ROI they have made renovating a kitchen.