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“ Have your clients ever asked you the question, “Will I get my investment back if I decide to remodel?”
I sure have. I always answer that question cautiously: “Are you planning on living in the home for awhile after the remodeling process or are you going to sell it right away? In other words, are you remodeling just to sell it or to enjoy it?”
The best reason to remodel is to enjoy your efforts, frustration and labor. After all, a lot of hard work, energy and time go into a remodel, whether you are doing the work yourself or hiring it out. If you are planning on enjoying the fruits of your work, your budget may be a little more than if you are just going to sell the home. Let’s call it a labor of love, shall we?
According to REALTOR® Magazine, a minor kitchen remodel costs around $15,000 for our area and the resale value is around $17,000, so the actual cost is recouped. No extravagance: basics cabinets, laminate counters, new sink and faucet, and new linoleum flooring.
A midrange kitchen project costs around $45,000 and it is basically an even resale value. However, new, upgraded energy-efficient appliances are included in this remodel along with custom lighting and semi-custom cabinetry.
An upscale kitchen in our area can average around $83,000; however the resale on it averages around $77,000. This project would include commercial grade appliances, stone countertops, custom cabinetry with sliding shelves and accessories, several designer features, water filtration system, high end flooring & lighting.
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