Hi Just had a client ask me the following question:
If we put around $6,000 into our kitchen. Which would include re-facing cabinets, new counter tops and re-tile. Would we get that back or more if/when we sell. Or is the rule adding square footage is the only way to add value?
There is a great source of information regarding the cost of making these repairs and the value you would expect to get back when you sell. Here is a link to the report from 2007 for the Mid-Atlantic region: http://www.costvsvalue.com/middleatlantic.html
This report lists many renovation and home improvement projects and the percentage that you would expect to get back when you sell. According to the report you would expect to get about 77% of your money back when you sell. However the report estimates for a minor kitchen remodel costs were $21,908. If you are only spending $6,000 you may get a better return.
If you take a look at the report you'll see that non of the projects will return more than what you pay on average. However, they may help your home sell faster when you do decide to sell. And if these improvements make the home more enjoyable while you live there then go for it.
If you are thinking about selling your home and are not sure what repairs to make please call us at 609-916-7342 ext. 704. We will come to your home and conduct a free Room By Room Review of your home. We'll give you a guide including what to do and what not do. We will also give you suggestions of what you need to do to get your home to show like a model. Many home sellers tend to overspend on repairs. Please call us first to get the most money back when you sell.
Hope that helps. Best wishes,