A 2016 study of the National Association of Realtors found out that young professionals or the millennial generation have a big contribution to the housing industry. This type of homebuyers is budget-conscious, and they prefer homes where they could move in immediately. Like any prospective homebuyers or renters, the millennial generation prefers a home with an updated kitchen. Considering updating your apartment’s kitchen could be costly, but it is worth investing if you have plans for capturing young renters.
The importance of updating the kitchen
Gone are the days when the usual “formal dining rooms” highly appeal to homeowners. It could be a practical idea to avail of an apartment loan as kitchen updates could cost roughly between $21,000 – $50,000. Young families nowadays prefer to stay more in the kitchen, making it a place for conversation and snacks. A team of home sellers in New York noted millennials prefer a home where the TV room and kitchen are seamlessly connected. A real estate expert explained that millennials prefer an open space layout for people to flow freely when they have events at home. Remodeling your apartment kitchen could allow you to demand higher rent to prospect renters mostly if they find your kitchen trendy.
Things you may want to change in the kitchen
Cabinetry and hardware updates will often take a considerable part of your budget, so it’s essential that you ensure that the cupboards, pantry, and kitchen appliance you’ll choose will appeal younger buyers. Getting help from an interior designer is a smart move if you don’t trust your designing instincts, and it will prevent you from making costly mistakes. Consider choosing new appliance and light fixtures that are power efficient to help reduce renters’ utility bills.
Updating your apartment kitchen to what the market demands could help you increase income as they will easily feel that you know what renters are looking for a home.