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Value of improvement work

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  • Value of improvement work

    Hi all,

    Newbie question please...

    Suppose my house is in a desirable area but needs some work, such as a new kitchen. It is valued at £500k. I then spend £10k on a new kitchen ie something neutral, nothing fancy or whacky.

    Other things being equal is there any general rule for how this affects the value of the house? For example after the kitchen work would the house be worth:

    £500k - ie the kitchen work makes no difference to the price - and so I have lost the £10K spent on the kitchen.

    £510k - so if it was sold I would get back (more or less) the money spent on the kitchen.

    More than £510k - so I would get back the £10k spent on the kitchen plus some markup.

    Thanks...

  • #2
    Re: Value of improvement work

    I'm not an agent so so can't confirm an answer but I know when we've had our house valued over the last 6 months, we've made the comment to the agent that our brother in law owns a window and conservatory company and can get us a £15k conservatory for £3k so what would that add to the value and all 3 agents said that yes, it does add to the appeal of more downstairs space but generally the expense of a new conservatory to the 'general' person, ie, not us who can get a £12k discount, isn't worth it and even a £15k conservatory may only add £5k to the overall value of the property.

    I'd assume that the existing kitchen is functional and general appearance is ok and it's not that you have cupboards missing, no worktop, holes in the ceilings, walls, etc?

    Therefore with my example of kitchen above in mind, I'd imagine that a £10k kicthen may add a little bit to the price but not the full amount you'd have spent out. The main positive I guess would be that potential buyers can't knock you down on price by saying "It needs a new kitchen" and therefore offer £10k less than the asking price.

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    • #3
      Re: Value of improvement work

      Hi Jimr,

      Welcome to the forum

      As estate agents dealing in sales and lettings i feel we are well placed to answer your question as we are asked daily.

      Barny above is right in what he is saying unless a terrible kitchen in at the moment wil probably not make a great deal of difference.

      If your property is valued at 500k at the moment if you spend 10k on a new kitchen i cannot promise to get the money back or more.

      It will make the property more sell able and reduce the number of low offers but not necessarily increase price.
      Jacks and Jones Estate Agents
      http://www.jacksandjones.co.uk

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      • #4
        Re: Value of improvement work

        Hi there,
        the money you spent on the kitchen means a lot, A kitchen is often the focal point of a home and can reflect the owner’s taste and personality.
        It may be the first thing a buyer looks to replace, so if you can provide a ready-made, attractive space, buyers may be willing to pay more to save themselves the hassle of arranging a new kitchen

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