A study completed this year by financial services business Zopa confirms that homeowners will receive a massive return on the investment of a new kitchen.
The research concentrated on the home improvements which yield the best return on investment in the current market. After surveying 1,550 UK homeowners, the results discovered that around a quarter of British homeowners looking to improve their homes this sunny season are concentrating on remodelling the kitchen, and are seeing a 51% return on investment as a result – which, on average, showed that the addition of a new kitchen boosted the properties overall value by an average of 10%.
Interestingly, the company found that these renovations were not undertaken for financial profit, nor with the primary intention of increasing the value of the property. Instead, statistics show that homeowners are more focused on ‘living the dream’, creating a kitchen to suit their exact specifications and enjoying the use of it. 65% of the homeowners surveyed said that despite the extra value their home renovations would add, they plan to remain there for five years or more.Zopa | zopa.com