The heart of the home is the kitchen—and buyers are eager to fork over for a showpiece.
According to an analysis conducted recently by Zillow, adding commercial-grade features to the kitchen pays a premium. Evaluating 4.6 million home listings in the past year, Zillow discovered that the features garnered anywhere from 24-34 percent more at sale.
Of the 10 biggest moneymakers, six are common in custom, entertainer's kitchens—and restaurants:
Steam Oven – 34 percent premium
Professional Appliance – 32 percent premium
Wine Cellar – 31 percent premium
Pot Filler – 27 percent premium
Waterfall Countertop – 26 percent premium
Prep Sink – 24 percent premium
The boost comes with a caveat: longer timelines. Because these amenities appeal to specific tastes, and are common in higher-end homes—and homes in the luxury market move slower, typically—cashing in could take a while. Against comps, homes outfitted with a steam oven, for instance, were on the market for 22 days more than the others.
What about buyers at the entry level, not in the luxury market? They're also drawn to well-appointed kitchens, and prepared to spend on them:
Pot Filler – 49 percent premium
Wine Cellar – 47 percent premium
Pizza Oven – 46 percent premium
Prep Sink – 39 percent premium
Dual-Range Oven – 36 percent premium
"Having a steam oven, a heated floor or other luxury features in the home is a signal that there are more than the home's basic features at play," says Skylar Olsen, director of Economic Research at Zillow. "These homes are special. They likely come with an elevated design sense and the extra touches valued by home shoppers who are willing to pay.
"If you have these features, flaunt them," Olsen says.
For more information, please visit www.zillow.com.
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
