Kitchen extensions are some of the most coveted home improvements: they add space to your home and can really transform the way you use your kitchen and/or dining space. But how much value does a kitchen extension add if and when you decide to sell?
With coronavirus effects on the housing market beginning to bite, many people are nervous about the prospect of selling. No one wants to find themselves in negative equity, and if you were hoping to move up the housing ladder, you'll want to make sure you make a bit of a profit on the sale of your current home.
This is where the amazing value-adding properties of kitchen extensions come in. Every extension is different – a surveyor or trusted builder will give you a solid estimate of costs. However, as a guide, the Royal Institution of Chartered Surveyors (RICS) estimates extensions should cost between £1,260 and £1,680 per square metre for an extension that has a plastered finish.
What will this add in terms of value? Again, you do need a local professional – either a trusted estate agent or surveyor – to tell you how much your proposed extension might add. However, according to figures from the Office for National Statistics, an average-sized extension of around 25 square metres will add a whopping £59,000 to a home's value – and that's outside London.
If you live in a prime area of London (think Kensington & Chelsea, Richmond, or trendy Hackney), where space is always at a premium, adding a kitchen extension will increase you home's value by – prepare yourself – £169,000.
That's an astonishing sum, especially considering that a kitchen extension can cost as little as £30,000 (closer to £50,000 and upwards if you're in London). If adding value to your home is a priority, then this home improvement is definitely worth considering.
Our top tip? Build double if you can. You'll only be paying once for the foundations, so you could really maximise the value-adding potential by adding more space and height.
So, while a single-storey kitchen extension can increase your home's market value anywhere from 5 to 10 per cent, a double storey extensions with an extra bedroom may add up to 20 per cent.
All these figures are dependent on the local market, the quality of the extension you add and many other factors – which is why it's worth speaking to a trusted local estate agent first to see how much value your plans could add.
- Use our free extension cost calculator for a more precise figure