“How much value will I add if I remodel my kitchen?
***ANSWER:
Great question. The answer depends on:
1. Hows 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 didnt 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Assuming her kitchen was outdated/ugly/damaged before remodel #1, she probably got a 50% to 150% return.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. Whatll it be like when youre 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 youre in Rancho Santa Fe, youll get a much higher return for your nice new kitchen than if you live in Boulevard (not that theres 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.
