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Upgrading your kitchen can give an instant boost to your property’s value. According to Forbes, an updated kitchen ranks high on the list of the most sought-after home features that buyers want in 2020.
Since the start of the COVID-19 pandemic, kitchens have once more become the indisputable heart of the home. Statistics show that home cooking is more popular in 2020 than it has been in the past 50 years.
Considering the continued infection risk and harsher economic climate, it’s likely to stay that way. Dining out is both risky and expensive.
As a result, investing in kitchen upgrades will pay off in the short and long run.
But which kitchen features are the most desirable? Which will return the most value?
One way to find out is to contact trustworthy local real estate agents. Inquire which kitchen features home-hunters ask after most frequently in your area.
To get you started, though, here’s a closer look at the five most universally looked-for kitchen upgrades to boost your property’s value.
1- Smart Storage Space
Your property has a stunning kitchen – but nowhere to store staples, produce, pans, or pots? You have a problem.
Buyers value clutter-free kitchen space. The best way to ensure this is to add sufficient storage space for ingredients and equipment.
Tall cabinets with roll-out shelves, spice drawers, peg boards, rotating organizers, tuck-away platforms, and open shelving are all relatively easy and cheap to add. But these additions can easily double your storage space.
If you’re planning a larger-scale remodel and have enough space, consider adding a dedicated walk-in pantry. According to the National Association of Home Builders (NAHB), 83% of buyers want this feature.
2- More High-Quality Countertop Space
Installing smart storage has the side effect that you can also invest in more countertop space.
People are getting serious about cooking at home. That means sufficient prep space is in high demand. Installing extra countertop space and choosing high-quality materials will increase the appeal of your kitchen.
One way to go is to add pull-out or collapsible work surfaces. These can be lifesavers during large-scale cooking projects like Thanksgiving or Christmas dinner prep.
There’s a wide range of countertop materials available. Go for something durable yet aesthetic, like granite, soapstone, or marble.
3 – Energy-Efficient Appliances
Equip your kitchen with new, energy-saving appliances.
Elderly fridges, freezers, ovens, stove tops, and dishwashers gobble up power. With people cooking at home more, this can mean a painful increase in utility bills.
When choosing new appliances, pay attention to their Energy Star ratings. In terms of aesthetics, opt for timeless stainless steel or lightly colored designs.
Make sure to consider the needed dimensions for the appliances. In a single-bedroom apartment, there is probably no need for a separate fridge and freezer. An integrated fridge-freezer model will do the trick.
To make the kitchen of a four-bedroom house appealing, on the other hand, it may be worth investing not only in a large freezer, but maybe even in a sleek double oven. Anyone used to preparing dinner for a family with several kids will appreciate the values of these appliances.
4 – Large Single Sinks
According to a review among realtors, 98 percent of clients request a single-basin sink.
Typically, these sinks are around 30 to 33 inches wide and 9 inches deep. Traditional double sinks often cannot fit larger pots, pans, or baking trays – which makes washing up a complicated operation. Large single sinks shine in that regard.
Choose high-quality materials for both the sink and fixtures. The classic stainless steel is one way to go, though fireclay, granite, copper, and enameled cast-iron have also recently become popular as durable and aesthetic materials for kitchen sinks.
5 – A Multipurpose Kitchen Island
Kitchen islands are a trend that is here to stay.
Not only do they expand a kitchen’s functionality, they also contribute to smoother cooking workflows. They add both storage and prep space and conveniently divide the kitchen into work areas and areas for serving meals.
A particular favorite in 2020 and beyond are kitchen island dinner tables. These are space-savers and eliminate the separation between the areas for meal preparation, family time and socializing.
Calculating Value Increase
Kitchen remodels have the potential to significantly increase your property’s market value.
While planning the remodel, though, it’s crucial to keep an eye on the recoup percentage of expenses you’re likely to get. Depending on when you are planning to sell, this can have a major impact on the return on your investments. Remodeling Magazine’s 2020 Cost vs. Value report, for example, sets the cost for an average midrange kitchen remodel at $23,452. With an average resale value of $18,206, 77.6% of expenses are recouped. For a major kitchen remodel, the average costs lie at $68,490, with a resale value of $40,127. This gives a percentage of recouped expenses of only 58.6%.