Real estate has long been the go-to investment for those looking to build long-term wealth for generations. Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide.
Back when my husband and I bought our new-construction home, we were excited by the thought of getting to design a kitchen that would really serve our needs. One of the things I knew I wanted from the get-go was a double oven. Though it cost us a fair chunk of money to upgrade to that feature, years later, I can say without a doubt that it was a great investment -- for us.
But a double oven may not be the right choice for everyone. Here's what you need to know.
How much does a double oven cost?
For the purpose of this discussion, when we talk about a double oven, we're talking about wall ovens that are installed one on top of another. The amount you spend on a double oven will depend on the model you choose, its size, and its features. CostOwl reports that double ovens start at a price range of $1,250 to $2,500 but can cost as much as $4,000 to $5,000 -- or more. Clearly, that's a pretty wide range, and I can tell you that our double oven cost close to $3,000 -- and that was 10 years ago.
What are the benefits of having a double oven?
Our double oven has been a lifesaver during holidays, when there's tons of cooking happening in our kitchen. Even if you're not cooking for a crowd, a double oven can still make food prep more convenient. If you want to roast vegetables at 425 degrees and bake a cake at 350 degrees simultaneously, that option exists. And you'll no doubt appreciate a double oven if you need to keep lots of food warm during a gathering -- whether you cooked that food yourself or not.
A double oven can also add value to your home. Avid cooks will appreciate that second oven, and they may pay a premium for it when the time comes for you to sell.
What are the drawbacks of having a double oven?
Double ovens don't tend to come cheap. Not only do you have to pay for that second unit, but you need to pay for the electrical work involved. You may get some, most, or all of your money back when you sell your home, but there's no guarantee.
Furthermore, having a double oven generally means losing out on some amount of cabinet space. This wasn't an issue in our kitchen because we were left with plenty of storage. But if you're going to get a double oven, make sure you understand how much cabinet space you're giving up.
Is a double oven right for you?
If you're the type who barely cooks, and you only host large gatherings once or twice a year, then a double oven probably isn't worth the money or the lost cabinet space. On the other hand, if you tend to do a lot of cooking and baking, and yours is the house that everyone flocks to for holidays and major family events, then you may find that a double oven is just about the best investment you could make.
Got $1,000? The 10 Top Investments We’d Make Right Now
Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. By signing up to be a member of Real Estate Winners, you’ll get access to our 10 best ideas and new investment ideas every month.
Find out how you can get started with Real Estate Winners by clicking here.