Americans are spending more time in the kitchen – cooking, eating and socializing – than ever before. According to realtor.com, “the kitchen has become the most valuable room in real estate.” Below is some interesting information realtor.com put together based on their data:
A trophy kitchen sells your home better than anything else.
The kitchen is the room most mentioned in real estate listings. “It’s almost not worth calling a kitchen anymore – it’s a living room that you can cook in.”
Small homes no longer mean small kitchens.
Homes in the Mid-Atlantic have the largest kitchens while homes in the Central region have the smallest. People with smaller homes have gotten clever with organization in their kitchens – racks attached to a drawer, rolling islands, etc.
Some features add big value, some don’t.
Kitchen renovations can be costly so it’s important to put your money where the big value is. The top four features in the kitchen that add the most value are: custom cabinetry, kitchen islands, creative lighting and granite counters.
The chef’s kitchen is growing in popularity.
7% of the homes on the market describe their kitchen as a “chef’s kitchen” or “gourmet kitchen.” When it comes to a chef’s kitchen, think big and bigger. Budget usually is not a concern. Key features in a chef’s kitchen are: wet bar, butler’s pantry, double ovens and wine fridge.
Open kitchen vs. formal dining room – the nation is split.
The nation is split when it comes to casual versus formal dining spaces. Sometimes it depends on the age of the home. Often times opening up a kitchen can create a feeling of space or add natural light.
As a contractor, helping your clients understand where the real value is when remodeling their kitchen is key. You can also use this to help your clients prioritize what rooms in their home to remodel first.
If the project comes with a larger price tag, close the sale with a small monthly payment or a deferred payment plan. Foundation Finance can help you offer flexible financing to your customers. Call us at 855.241.0024 ext. 5012 or email [email protected] for more program details or info on how to become a dealer.
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