Have you been thinking about remodeling your kitchen? These days, it seems that everyone and their uncle is redoing kitchens and baths in an effort to enhance home values in anticipation of the re-emergence of a benign if not strong housing market. Kitchens in particular are a focal point, as the average remodel runs around $60k – almost ¼ the value of the average home – and the return on this investment is generally solid, and often approaching 400 or even 500% for a truly spectacular room. The big question these days, particularly for the real estate investor, is what the preferences of buyers or tenants will be going forward: are they looking for the classic gourmet “chef’s kitchens” of the 90’s, or something newer?
There are some pros and cons about contemporary kitchens that any real estate investor in New York needs to consider. The pros definitely outweigh the cons, but do not necessarily make them a better choice than a more traditional style. On the plus side, contemporary kitchen designs are relatively simple, very attractive, durable, easy to clean, a pleasure to cook in, and undoubtedly reflect the NYC aesthetic – modern, sleek, cool, sophisticated. They also generally install quicker than a traditional kitchen, preserve more floor space, and create an open feel. On the flip side, some find contemporary kitchens to be cold. Materials for contemporary kitchens are generally more expensive than their traditional counterparts, and cabinets and appliances are often significantly more expensive not only because of the materials but because of the thoughtful design that has gone into producing them. What’s more, since much of the work is custom (though it doesn’t have to be) modern kitchen cabinetry can have a long lead time, making projects last longer, translating into a vacancy for the investor – though this isn’t an issue if the project is part of a larger renovation. Lastly, contemporary kitchens generally require the enlistment of a qualified kitchen designer – not a problem in NY, where there are many, but an added cost.
In the end, whether or not to jump on the bandwagon of contemporary kitchen design is a matter of whether one believes that the benefits of the design will add enough value to cover the costs. In almost all cases of new construction, it seems these designs pay off; but in renovation, choosing a kitchen design is often a shot in the dark.