If we spend $6,000 to renovate our kitchen, will we get that back or more when we sell?

By
Real Estate Agent with Keller Williams Realty Atlantic Shore

Hi Just had a client ask me the following question:Cost Vs. Value report

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?

Answer:

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,

Matt

Posted by

Matthew Haviland ~ matthew@HavilandGroup.net  ~ 609-484-9890 ext. 132

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Rainer
23,013
Suzanne Champion
N.J. Realty - Westerville Ohio - Columbus, OH

This is important information that is a constant issue in real estate as you know.  It's a bit of a blind spot with sellers.

There are very few things in life that we expect to get all our money back on when we sell.   And nobody can tell you with true accuracy how much you can expect, these are only averages and estimates.

Aug 20, 2008 02:04 AM #1
Rainmaker
30,612
Matthew Haviland
Keller Williams Realty Atlantic Shore - Atlantic City, NJ

Thanks for your comment Suzanne.  One think that should get your money back when you sell is home staging.  It often doesn't cost much at all.

Aug 20, 2008 02:25 AM #2
Rainer
23,013
Suzanne Champion
N.J. Realty - Westerville Ohio - Columbus, OH

That's true Matthew - and the homeowner can choose different levels of service, from having the stager use the seller's own items on hand, on up to staging a vacant home with a set of items brought in just for the purpose. 

I have a stager who will start things off with a free consultation - that's another great value!

Aug 20, 2008 02:48 AM #3
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Rainmaker
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Matthew Haviland

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