Kitchen Renovation & Remodelling Ideas | Boost Home Value with Loan
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04 JANUARY, 2023

well-designed kitchen is not only a property's focal point but also a great selling feature when you put your house for sale. However, before rushing off to the nearest showroom to browse the enticing kitchen renovation options, it’s important to figure out the financing options. If you plan to renovate your kitchen before selling out the property, you can take a home renovation loan to make way for kitchen upgrades that add value and provide the best returns on investment.

Importance of Kitchen Remodelling

Do you plan to sell your property soon? If yes, a kitchen renovation will definitely increase its value and fetch a better price. Many homeowners renovate their properties before selling, but a complete renovation is not always feasible. A mere kitchen modification will be a practical option if you aim to increase the property's value. However, remember that the changes should be significant enough to improve the property's value.

Significant Changes That Make a Difference

Here are a few kitchen upgrade ideas that can increase the home value:

1. Add a Kitchen Island

A kitchen island always adds substantial value to a kitchen. It gives more counter space, a place for appliances, a showpiece, more storage room, and an eating space where the family can spend quality time together.

Here are a few things to consider while installing a kitchen island in the house:

  • There is no regular size for a kitchen island. Homeowners can design it the way they want. The island's size depends on the purpose it will serve in the space. The standard size is 1,200 mm, which also includes an additional sink. If that's not desired, 600 mm is also appropriate.
  • A gap of at least one metre on each side of the island is necessary for easy movement. A gap of 850 mm will be adequate if the kitchen lacks that much space. However, anything less than that will make the room too cramped.
  • If the kitchen lacks storage, add open shelves to enhance the space's display function. Adding more drawers is also a good idea. Try getting customised drawers from cabinet makers to save space and accommodate all plates and cutlery.

All this changes the space significantly, especially if the kitchen is in the dining or open living area. Fund the project with a kitchen loan and get the kitchen island you want without worrying about the finances. The more you spend, the more value you create.

2. Widen the Current Storage

Having enough storage space in the home is vital, especially in the kitchen. The bigger the storage space, the more value it adds to the house. While planning for a complete kitchen home improvement, redesign the storage and maximise the storage space by taking it from floor to ceiling. Remember, opting for open shelves will need regular styling and cleaning and should be placed only in areas within easy reach. For higher spots, opt for closed cupboards that contain items of occasional use only.

3. Level Up the Benchtop

The benchtop is the focal point of the kitchen. Potential homebuyers will immediately notice it as they enter the area. So ensure making the benchtop looks as impressive as possible. Those who want to reduce the kitchen renovation cost may opt for a hard-wearing laminate, but ensure it is a heat-resistant and robust material. Several options in the market mimic high-end materials like timber and marble. If budget is not a constraint, invest in lush and durable materials such as quartz and granite. Whichever material you choose, ensure it is easy to clean and resistant to common kitchen elements like heat, water, and stains.

4. Install Smart Lighting Systems

Smart lighting systems will make the kitchen work easier and more enjoyable. Apart from setting the mood and illuminating the kitchen, the kitchen lights should also be responsive and energy-efficient. However, here are a few things to consider while installing new lights:

  • Ensure adequately illuminating different kitchen areas people use for washing, chopping and cooking.
  • Install the lights on the front side, not behind or above, as it will cast unwanted shadows on the workstation.
  • Installing pendant lights and down lights on separate circuits will give more control in setting the room’s mood and light levels.

Invest in smart lights that consume less energy and respond according to the family’s requirements.

5. Upgrade Appliances

Poorly functioning, old, and outdated kitchen appliances are major repellents for prospective homebuyers. Homeowners spend much of their time in the kitchen and want reliable, fully functional, safe appliances. Installing high-performance, latest-design, quality kitchen appliances will become a major selling point for prospective buyers. Stainless steel appliances are the go-to option for most homeowners. So, they remain the best bet to increase the home's value.

However, avoid going overboard while selecting kitchen appliances. There are several price points for new dishwashers, refrigerators and microwaves. While it's best to have the latest kitchen features, installing top-of-the-line products is unnecessary. Not splurging on luxe brands will help ensure more return on investment.

Read Also: Difference Between Carpet Area Vs Built-up Area Vs Super Built-up Area

Where to Get the Funding From?

A home renovation loan would be the most reliable funding source for kitchen renovations before putting the house for sale. These are unsecured loans with no end-use restrictions. Borrowers can use the loan the way they like to redesign the kitchen and add value to it. Homeowners do not need to pay the entire kitchen renovation cost from their pockets as they can fund the project now with a loan and repay it in easy EMIs spread across the loan tenure. The interest rates are competitive, and repayment terms are flexible and do not burden the borrower's finances.

A kitchen modification is always the best idea to increase the home value when selling it. Since the kitchen is one of the most significant areas in a property, improving its functionality and looks will make it a valuable investment for prospective buyers. Are you worried about the required funding? Take a home renovation loan from a reliable loan provider and head out to the worthwhile investment without a second thought.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.