Of all the rooms in your home, your kitchen may very well get the most use, so if you’re going to renovate, it pays to focus on your kitchen in particular. Similarly, if you’re flipping a house to sell, updating its kitchen could help not only attract buyers but allow you to command top dollar.
In the course of remodeling a kitchen, you may be inclined to install an island. But is that a smart investment?
What does a kitchen island cost?
Kitchen islands range from $3,000 to $5,000, reports HomeAdvisor (NASDAQ: ANGI). However, it’s possible to spend less or more. An oversized, custom-built island with high-end stone like quartz or granite could easily cost $10,000.
Pros and cons of a kitchen island
The upside of a kitchen island is getting to enjoy more storage and counter space. Some islands have drawers built in that provide you with more space to stash your dishes or cookware. Others can include bonus features like built-in wine fridges or sinks. Also, your kitchen island may be able to take the place of a table, freeing up space in that room.
But kitchen islands have their drawbacks, too. Visually, they can make an otherwise reasonably sized kitchen look and feel cramped. And sometimes, they can limit access to a fridge or oven, making food prep more of a hassle.
Is a kitchen island a good investment?
The extent to which you’ll add resale value by installing a kitchen island will depend on the model you choose. According to Remodeling Magazine’s 2020 Cost vs. Value Report, a minor, midrange kitchen remodel has a cost replacement value of 77.6% — meaning you’ll get that much of your investment back. The cost replacement value for a major upscale kitchen remodel is much lower: 53.9%.
As such, if you’re going to get an island, you may want to opt for a modest one and skip the fancy features unless you’re making that investment for a home you plan to live in and know the high-end island will improve your quality of life.
That leads to an important point: If you’re thinking of adding an island for your own enjoyment, it could pay to move forward even if you don’t end up getting much of your money back. That island could serve as your gathering spot when you host friends, or it could simply make your life easier by giving you extra room to work in your kitchen.
If you’re flipping a house, it’s a different story. Here, you’ll need to consider whether a kitchen island will give you a better return on investment than other features you might choose to incorporate into your remodel. But if the home you’re flipping includes a larger, higher-end kitchen, it could pay to include an island, since many potential buyers will probably expect one.
The one scenario where you shouldn’t install an island is if your kitchen isn’t very large to begin with. If you move forward, you may find an island makes that space less comfortable instead of achieving the opposite goal.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
