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Increasing value in my home

Can you tell me how much it would increase the value of our home to remodel the kitchen?  New cabinets, new counter top, dishwasher.  Also by adding new carpet and blinds?
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December 28 2009 - San Marcos
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I must again agree with Thomas Richard and his post from Dec 29th. Probably because we are both design-build contractors.
There are many elements determining value of any project for you, the consumer. Location and how long you are planning to stay are probably the most important ones.
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January 07 2010
It depends on the right design,quality product and workmanship.
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December 31 2009

Great info from all posts-
We work with house flippers (they buy homes, remodel them, and then sell them at a profit) - these people are in the business of maximizing profit and value. If in fact you are trying to sell your home, the cost to value report is a great place to start. With that said, your realtor will give you info on other homes in your neighborhood. You want to know: 1. Homes that recently sold- what they sold for, and their condition at time of sale. 2. Homes currently for sale- and the same info. Use this to determine what's best for you. I can tell you the pros remodel kitchens about 85% of the time in our area, and spend the absolute least amount of $ possible to maximize their profits. We often find that we can remodel kitchens for quite a bit less than the cost to value report's "minor" kitchen remodel.
Good luck!

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December 29 2009
You may want to check out the annual Cost vs. Value report at Realtor.org. There is good information by area that will give you a general idea of the return on your investment. There are many good articles on the site, just go to the homepage and search 'cost vs value report' or whatever topic you are interested in.
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December 29 2009
I agree with this latest post, and yes, it seems I did assume this was related to a sale, as seems to me the only reason someone would refer to a dollar "value".

Putting my designer hat on, with the kitchen being specifically discussed, it certainly makes sense to speak with a kitchen specialist. Still, perhaps an overview of the entire home... closet spaces by closet designers, landscape designers for the yard spaces - all could be consulted. Or, you could meet with a home designer or an architect before any of those specialists as well; someone who has the credentials to take a look at the overall home, not just the individual projects - to see where dollars really should be spent, and comparisons made, etc. - if dollar value is the issue.

I hope all goes well for you!
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December 29 2009
 The article does say it is a National Average...

 The one assumption that  everyone seems to infer from Zillow's posts is that all questions are related to selling a home... and while many of these questions are, I do not assume so unless it is stated in the info provided by the asker of the question.
 With this particular question... No one can say "how much" a kitchen remodel would increase the value of the home, but one could say that based on national averages that you may recoup 75% of what you spend...   
 Without knowing the area, the home, the exact reasons for the remodel, and many other variables that go into a remodel, it is impossible to predict the actual value. Add to this impossible equation the fact that your potential buyer pool at the time of this valuation is constantly fluctuating and who knows what you get?
 But remodeling almost any part of a home should add value to some degree. This value might be realized in the owners enjoyment through updates and/or functionality of the home, or increased aesthetic appeal. It may also be realized as a dollar value increase by an appraiser, or better saleability by your Realtor. There may be other ways a remodel could be perceived as adding value as well... there are simply too many variables present to say how much and to whom they will add value.
 When selling a home, the quality and style choices of remodeling materials will be different than if you are remodeling to upgrading, updating, or improving for yourself as if you are staying in the home. These choices will determine how much you spend and directly affect how much value you add as well as how you affect the home's marketability or saleability with the improvements
 Your local Realtor and Kitchen Design firm would be an great source of information that is more specific to your home and area.
 
 
 
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December 29 2009
Although this article shows me as a "confirmed lender", I am a real estate broker, with a degree in architecture. I have been involved in dozens and dozens of these type projects and decisions.

I respectfully disagree with the premise of the article quoted. I suggest that it is FAR more specific to your local neighborhood than to some generalized quotation of "recovery", and more particular to what else is currently selling that the appraiser has to base it on, i.e., if your kitchen is in really bad shape against the other sales, then you will make it more saleable, as I stated earlier. Ask an appraiser and actually look at an appraisal to see where and how things are compared. If your kitchen is upgraded it will be compared against other sales that are upgraded, and with similar square footages!

I would hate to see you spend alot of money upgrading something that you're not going to keep - even if the article is close to correlating - you'll still spend more than you'll recoup. If your home will simply not sell in your neighborhood because of the kitchen, etc... that is a completely different story. Your local realtor would have the best advice.
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December 29 2009
Hi Nanygaard,
Take a look at this report and specifically, the "national averages" on the right side of the page...(2008 Cost vs. Value). This is a great article and I refer clients to this resource all the time. Another thing to keep in mind is that where your home is located will play a factor in the value added to the home.

 The overall value of the home should increase, but you will probably not increase the value of the home enough to recoup all of the remodeling cost. According to the referenced article you should expect to recoup approximately 75% of your kitchen remodeling cost, but you will definitely increase your homes saleability as Mr. Ventura indicated.

 One final point is that, if you do not intent to sell immediately, you and your family also reap the reward of having a bright, shiny new kitchen to enjoy as long as you stay in the home.

Good Luck & Happy New Year!
 Thomas Richard
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December 29 2009
This is an often asked question.

Value these days is mostly concerned about square footage and location - that is proximity to other sales of similar size  / neighborhood / type. What you are actually increasing is your "saleability" - simply put, buyers, when comparing your property and your kitchen against others in the neighborhood should find your upgraded property more interesting. So the "value" added is possibly the difference between it selling or not! That is a big "value", but you can't put a number on it. Similarly, landscaping, curb appeal in paint, trim, etc., carpet, drapes... even reworking a dysfunctional floorplan - all add to your saleabilty, but not the amount the house will appraise for against similar upgraded properties. Unless you add space in a remodel, "value", per se... doesn't change.

Also needing to be said is that you should look hard at the new values when deciding to add square footage as well. You likely don't want to become the biggest house in the neighborhood either, which will not yield the best return for your money. After all, you're selling - you're not going to be benefitting from the changes specifically. Some even say that when selling a home, especially in the lower values, one may be best to leave remodeling / repairs to the next buyer - let them see their visions for their future home realized in their direction - not yours. If you are looking to add space, I can recommend design professionals in Southern California, email me.
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December 28 2009
 
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