It's true! Kitchen's have become the IN room. Even more so today buyers will say the updated kitchen is the most important aspect in a house.

When asked which home improvement they would pay a premium for, 79 per cent of buyers indicated that they would be willing to pay more for a home with a renovated kitchen.  However, when asked if they would still pay a premium for a renovated kitchen if it was done in a style that was not to their taste, less than half of those (42%) who originally said they would pay a premium responded favourably (score of seven or higher on a scale of one to 10, with 10 meaning "very likely to still pay a premium").

 

Per cent of buyers that would pay a premium for the feature

Renovated kitchen

79%

Renovated bathroom

73%

New windows

70%

New flooring

62%

Updated décor

36%

 

 
This post has been included in British Columbia Information

4 Comments on Car Envy??? Now it's Kitchen Envy!

APR
07
2008
 It's kind of funny.  Consumers spend more money on their kitchens than ever before and at the same time, families actually go out to dinner more often.  I don't know the exact "stats" but we have more extravagant kitchens but eat in them less.  
7:26pm • #1
I agree with you Brian - families do out to eat more often. I think maybe it's due to greater economic affluence, two income families, younger generation with more money, a more pressurized and stressful lifestyle, more people spending more time in work than at home.
7:48pm • #2
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As long as there are still enough people who are willing to pay a premium for updated kitchens and baths, perhaps we'll yet be pulled out of the economic doldrums...
10:21pm • #3
Yeah Brian (Schulman) - you're right! I guess the restaurants are still doing ok anyway.
10:46pm • #4

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David Stevens

Victoria, BC

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Royal LePage Coast Capital Realty, Victoria BC Canada

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