Posted 21st March

Overspending on kitchen revamps can negatively affect property value

21st March 2019 - 15:22pm
kitchen, bathroom, money matters, property, value, renovation, revamp, kbb, kbbdaily, d.w. nye, rex nye, builders merchant

A new study by online builders’ merchant D.W. Nye has found that overspending on a kitchen renovation can actually “end up wiping thousands of pounds” off of a property’s value as some homeowners end up “going makeover-mad and overdoing it” on high-end integrated products.

According to D.W. Nye owner Rex Nye, while having a “showstopper” kitchen can have buyers “battling to put in a bid”, buying high-end appliances, units and worktops “won’t make much difference to your property’s overall value unless you’re able to take white goods with you”.

Nye added: “Likewise, if your property doesn’t fall within the luxury property market, investing in expensive worktops and handmade cabinets will most likely be detrimental to your profit margins.”

Knocking down internal walls to cater to the open-plan living trend could also be a costly mistake homeowners make when looking to add value to their properties. If they don’t do proper research and ensure they’re not removing vital walls, this could cause “unforeseen hold-ups” when they come to sell, Nye said.

He added: “Often the issue is with the quality of work that has been undertaken. So, if it isn’t done to the correct and required standards or regulations, or the correct planning permission hasn’t been obtained, there could be major issues later down the line when you come to sell the property. It’s important to make sure you know what you’re doing before you start any major updates.”

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