“How much value will I add if I remodel my kitchen?”
***ANSWER:
Great question. The answer depends on:
1. How’s your kitchen now?
I know of a woman in Pacific Beach who had her kitchen remodeled. When it was done, though it was nice, she didn’t like it and remodeled it again. Then she did it one more time for good measure.
Assuming her kitchen was outdated/ugly/damaged before remodel #1, she probably got a 50% to 150% return. Remodel #2 fetched her about a 0% return. Ditto for #3.
Obvious point: your return is higher the more the work is needed.
2. What’ll it be like when you’re done?
…Refaced veneer cabinets, formica counters, and off-brand appliances?
…Or teak, granite, and Viking?
Obvious point: better quality done well raises value more than low quality done poorly.
3. Where do you live?
If you’re in Rancho Santa Fe, you’ll get a much higher return for your nice new kitchen than if you live in Boulevard (not that there’s anything wrong with that!)
….STILL want an easy round answer?
OK, then if you do it right, as a rule of thumb figure dollar-for-dollar return.
