If you plan to invest in your home but are concerned about what is happening with the economy, investing in a new kitchen or bath is your safest bet right now.
A number of our clients in the St. Louis area are doing kitchens and baths due to cost verses value, for resale. It’s not that our clients are planning to sell their houses any time in the near future, but everyone is looking at short term investments due to the instability of today’s economic atmosphere. What if, like so many others they know, they lose their job or are laid off until times are “better”? What if they have to sell their house? What is the best investment they can make in their house that will recoup the largest return if they would have to sell? The answer – kitchens and bathrooms.
Kitchen and bath remodeling are at the top of that list for a few reasons. First, most people would prefer to spend their money where they spend the most time – and that’s in their kitchen. Second, kitchens and bathrooms tend to become old and outdated rather quickly (in a bathroom, think of the moist environment and harsh chemicals such as hair spray and cleansers that are frequently in use). Also, technology tends to change and become more accessible to greater numbers of people, making the desire for things like modern appliances, durable countertops, green products, and custom cabinetry more common and attainable. Finally, when it comes to resale, the best bang for your buck tends to be in kitchens and baths. If you’ve got an old, outdated space, buyers take notice – and not in a good way.
RIGGS Company & Design has been fortunate that many of our past clients – and a large number of new clients – have decided to go ahead with their kitchen and bath projects as a big part of their quest to remake their existing house into the home of their dreams. We have done a higher percentage of kitchen and bath projects in the last two years than any time in our 50 year history. As we move out of this recession and the economy stabilizes, I’m sure we will see a resurgence of additions, master suites and pop-ups because families grow and need more space. But for now, kitchens and baths are king. So for those considering remodeling one or the other; or both, it’s a wise investment.
