Millennials officially represent the largest share in the residential real estate buyers market in 2018 at a staggering 36% - 10% more than their elder Gen Xers.
This represents a distinct transition in the real estate market, and the shift in market share comes with its own unique behaviours relating to home ownership. So, we know millennials want to own homes, but most of them are even more interested in increasing the value of their homes - and they all typically start in the same place…
The kitchen isn’t just the heart of your home, it’s also one of the best ways to boost a home’s value, according to Realtor.com. But millennials take it one step further - and we can likely give credit to the vast amounts of marketing and visual stimuli they’re exposed to each day - millennials renovate specific parts of their kitchens according to impact as a way to boost the power of their dollar. They’re calculated in their approach, and we love them for it.
Granite or Quartz Countertops
High-quality countertops are a must-have in a modern kitchen remodel. Aside from being the literal work surface of your whole kitchen, they’re a massive focal point for the eye and help elevate value in the upgraded appearance and performance they offer.
There’s a plethora of options to choose from, but not all countertop materials are considered equal. Marble was the old guard, granite ushered in a fresh new outlook on the culinary sphere, but quartz now reigns as the most popular countertop material for 2018. In its polished form, quartz countertops are man-made products created from 90% ground quartz with 8-10% hard resin, colours/pigments, and polymers to form a very hard surface with either a speckled or smooth surface. It’s also strong. Quartz is twice as strong as granite, and retains an element of flexibility that allows it to adapt to changing environmental factors.
Quartz offers a custom aesthetic that helps potential buyers and investors feel as though the home is worthy of their hard-earned bucks, and can help fetch as much as a 25% increase beyond the cost of the countertop renovation itself.
A tired old electric range isn’t the impressive feature it was in the 1970’s. The coiled burners are dated, inefficient, and don’t do much in terms of increasing the value of your home. Investing in, and swapping out your old appliances for modern, showroom quality stainless steel appliances is a surefire way to elevate the appeal of your kitchen renovation and guarantee a decent increase to the value of your home.
For ages, stainless appliances have been linked to the industrial appeal of gourmet restaurant kitchens, as well as a custom identity that buyers adore.
Further to the finish, new appliances offer a variety of heat sources and fuel, like infrared and natural gas as an alternative to electric. These are the preferred heat sources of the modern chef, and help accentuate the perception of value in your home.
Classy, Modern Design
Long gone are the days of compartmentalized spaces, ample use of walls and barriers, and small windows. Renovating your kitchen to include larger, open spaces that allow for lots of natural light, ample workstation room for preparing and cooking food, and entertaining are incredible ways to increase the value of your home.
But, taking out a few walls isn’t enough - a smart kitchen layout adds to the efficiency of its workflow, and contributes to a kitchen people will actually want to use, rather than a pretty space that has trouble keeping up to the demands of a modern kitchen. Adding lots of storage to a new kitchen island/peninsula, for example, or being sure to optimize your kitchen triangle layout are important to modern design.
Swapping out small windows for larger, more energy efficient ones increases not only the energy-consciousness of the space, but also increases the flood of natural daylight, contributing to a more fresh and airy feel in the new customized space.
Soft-Close Drawers & Doors
There’s nothing that comes close to the simple luxury of a soft-close drawer or cabinet. The elegant touch is a necessity of modern kitchens, as a signal of quality, reliability, and of value - as does it trigger the sense that the kitchen is filled with all the minuscule features that comprise a complete, fully custom space that’s been cherished and cared for.
Blum® Soft-close hardware, used exclusively in Kitchen Art Design builds, takes your kitchen to the next level by contributing to a peaceful, zen-like space that reduces general wear and tear on your cabinetry, and prevents damage to the cabinetry boxes and frames thanks is part to slamming doors.
Modern Cabinetry & Under Cabinet Lighting
Think of modern cabinets as the pièce de ré·sis·tance of custom kitchen details that increase the home’s value. They’re the skin of the proverbial kitchen body - representing the largest focal point the eye sees, and they take centre stage for the overall aesthetic and perceived value of the space.
Custom cabinets are investments unto themselves, but to modern buyers and enthusiastic renovators, custom cabinetry is the big show. Upgrading your cabinetry provides a profound visual advantage to your kitchen renovation and dramatically elevates the value of the home, as it’s the suit that covers the applicant - cabinets are the first thing you see, and the last thing you’ll look at as you inspect a kitchen. They’re in the front of your minds’ eye when it comes to remembering the space, and likely the first thing your prospective buyers will mention when relaying the space to a friend or colleague.
Second to new custom cabinets, the icing on the cake are undermount cabinet lighting accents, which help create a sultry and elegant ambiance in the kitchen space that presents a meticulously curated room that thrives on first impressions. Undermount lights not only accentuate your cabinets, but also your new appliances and your new countertops, helping emphasize the other fantastic features you’ve invested in, turning your functional kitchen into a showpiece like no other.
While the goal of modern homebuyers is to enter the market and begin accruing value from their investment, the next - and quickest - step is to begin adding value to the home; custom detailed kitchens are always the first place eager millennial renovators begin their journey because of the value the buyers market places on a gourmet, custom space with character, charm, functionality, and style.