2020 has brought changes a lot of us never expected, and one of those changes is that we are spending a lot more time at home. Home renovations have increased significantly as people divert funds they may have used for expensive trips and put them into their homes. Increased time at home also means that people are really learning what works and what doesn’t when it comes to space and functionality.
As far as I’m concerned, there are two main reasons to upgrade a kitchen. One is return on investment, the other is return on lifestyle. Right now – more than any time before – both are equally important.
Return on Investment (ROI)
When it comes to return on investment, kitchens are always at the top of the list. Updated kitchens catch buyers’ attention and are often a key feature – if not THE key feature in selling your home.
A beautiful kitchen increases the value of your home and, in the majority of cases, buyers are willing to spend more for high end finishes, storage details, and other stylish upgrades. In fact, many experts will tell you that kitchen renovations often see numbers like 75%-100% ROI, but I’ve seen with my own eyes that when a kitchen renovation is done right, and it’s in line with the market value of the property, it can bring as much as 200% ROI.
If you want to see these kinds of returns you have to think like a buyer. Cabinets take up the most real estate in kitchens, so that’s where you’re going to want to put the bulk of your focus. No matter what your style preference, clean lines and neutral colours will appeal to the highest number of people. However, remember that there are still tons of options within these parameters, so you can stick to the guidelines, express your personal style, and still achieve a high ROI. The same goes for countertops and backsplashes.
Return on Lifestyle (ROL)
If you’re not selling your home in the near future there are still plenty of reasons why now might be the right time to upgrade your kitchen.
Kitchen renovations score very high when it comes to return on lifestyle, and now, with more family members home at the same time – cooking, eating, working and congregating – this is more important than ever. Room to move around, increased storage, proper organization and functionality of space are paramount for reducing stress and creating a sense of calm in the home. So before you start renovating make sure you’ve considered all the activities that take place in this room, and plan accordingly.
Personally, I’m a fan of Wood Crest’s storage accessories because they’re not only functional but also ergonomically correct, meaning they slide in and out easily, providing comfort along with efficiency. In-cabinet and in-drawer storage can also do wonders for helping you stay organized and reduce stress, so don’t forget about these important elements. The right interior storage solutions will keep you from having to search in the back of your cabinets to find things – which can be stressful and cause discomfort.
Working from home might be with us for quite some time, so think about how you – and future buyers – will use the space for years to come.
The economy has certainly had its ups and downs this year, but one thing has remained constant. Kitchens renovated with quality materials and well-thought-out upgrades are still offering a very good return on investment and a great return on lifestyle. So if you’ve been considering making improvements to your kitchen, now is as great a time as any.