Boost your property value with a new kitchen

In the last of our special articles with Frank Valentic from Advantage Property Consulting, a regular face on Channel Nine’s The Block, we discuss how a professional kitchen renovation can transform a home… and whether you should wait before undertaking it.

smarterBATHROOMS+
We’ve discussed the power of a bathroom renovation, but what about renovating kitchens, how does that compare when it comes to adding value to your home?

Frank Valentic
I’d say they’re about on par, you’re looking at about $100k+. Again, it will depend on what you do. We see a lot of nice kitchens on The Block every year and they’re all open-plan and multi-functional so it’s an entertaining area as well as a kitchen preparation area. I think if you can add a kitchen that has that dual-functionality, with the bench that doubles as an entertaining space for drinks or food, then that is definitely going to add more than $100k.

It’s always good to make the kitchen area feel more open – these days people want to pull walls down and open up the living spaces, unlike the old days when they had a separate kitchen area. Also having a good flow from inside to outside entertaining is a good idea. So I think if you’re putting in a high-end kitchen like a smarterBATHROOMS+ kitchen, your clients are less likely to be over-capitalising and can look at adding $100k-$150k in value to their property.

We’re also noticing a trend for putting in butler’s pantries. Those extra things can often create a lot of added value for people who like entertaining.

smarterBATHROOMS+
What are your thoughts on renovating sooner rather than later when you plan to sell?

Frank Valentic
I personally think that you want to be renovating and enjoying the new space yourself rather than just renovating before you sell. If you’re throwing $35k at the kitchen and $35k at the bathroom, you want to be able to enjoy the new spaces for a while.

I see people who live in an un-renovated house, and just before they sell, they renovate these two important spaces, never getting the chance to enjoy living there. You’ll still have the benefit of the added value when you eventually sell.

One of my other tips is to consider converting a laundry area into an additional bathroom, and not having to go through town planning for another room or extension. Laundry areas can be really good areas to renovate without amending the existing structure. They can be quite spacious in the older homes.

To discuss doing your kitchen renovation with smarterBATHROOMS+, get in touch with us today by calling us on 1300 662 838.