I'd hate to see you over-improve your home. Why not visit some communities with houses in your price range and look at what kinds of kitchens they've installed? It's always a great place to get ideas, too.
When you do install your kitchen, make sure to buy a high-end appliance package including Wolf, Fisher-Paykal, Viking, Sub-Zero, Miele. Kitchens give you more bang for your buck than any other improvement except an addition, which = more space.
Scott Miller, Realty Associates, Boca Raton, FL
Unwavering Commitment to Service
Excellent question. There are no hard and fast rules regarding kitchen remodeling. Obviously, you want to remodel the kitchen in a manner that works for you from both an aesthetic and functional standpoint since you will be cooking and eating in the kitchen that you design.
If you are thinking about it from a purely financial perspective then you must also take into account the average price of homes on your street. You don't want to over-improve so that your home becomes one of the most expensive homes in the neighborhood.
As a very general rule of thumb, you don't want to invest more than 25% of your purchase price into a home for ALL renovations including kitchens, baths, additions, etc. Going above 25% will usually price you out of the neighborhood. Potential buyers will also look at what you paid for your home and will not usually want to pay a premium for the renovations you made.
The link below should be helpful. It lists the rate of return you can expect for different renovations - including kitchens.
Please call me at 201.906.3287 if you need more info or have an other questions.
Good luck with your renovation!
Partner | Marron Gildea & Donohue
The answer to your question will really depend on your income and your goal with the remodel. If you are going to stay in this home for the next 20 years and cherish the idea of cooking and spending time in this kitchen then the cost is less important. However, if you can see yourself selling in 5 years then you must be very prudent with your improvements as to not out pace the neighborhood. Think about your end goal and then work backwards. best
I would never spend that much on a kitchen unless you plan on enjoying it for a decade or more. You will never get it back if you were to sell the house. But if it's for your own enjoyment for many years, that's a more subjective decision.
On a kitchen in your price range in Bergen County the norm is $15,000 to $60,000.
People that provide you with percentage information such as this are always looking for the easy way out.....if you have money you don't mind burning you can apply this formula....otherwise, consider meeting with several contractors to get their recommendations and estimates.
IMO a kitchen that costs between 65 and 80k may be a bit excessive.
Elizabeth clayton, realtor Denver, Co
There are two rules of real estate that run in direct conflict with one another:
1. The majority of buyers want the winner of the beauty contest in this market. In other words, they don't understand sweat equity.
2. The cost of your improvements does not reflect in direct market value. If you put 100K in, the amount of return you might expect is 20K in market value
So your question might be...What should I do?
Here are the questions to ask yourself first, and be honest.....Is my home move-in ready? What are it's weaknesses? Are the weaknesses strong enough to keep buyer's fingers off the trigger?
If the answer is yes to question one, then you might want to hold off. But if the answers to the latter 2 questions would keep you away, then renovate but Spend Smart remembering rule #2 above. For ex. 30K for kitchens and bath's total might only get you 5K more in value, but the more important result is selling and losing less.
Selling your home is a game of Truth or Dare. The truth is honestly looking at the home you love with the buyers eyes. The dare is having the nerve to withstand buyers remarks and your agents honest evaluation of the process.
Good Luck with your choice and should you want an honest evaluation, I am reachable at 201-286-7206
The key here is to determine values of other homes on your street and near vicinity NOT a % of home value..
I find most buyers do not want to remodel and ones that are considering homes that need work want a deep discount. A remodeled kitchen is quite desirable and will bring you more in the sale price BUT you must be careful not to over-invest in your neighborhood.
Before you begin the job, investigate sale prices of Comp. homes..not listing prices. This should give you a guideline of what your home would sell for with the new kitchen. When proceeding with the job and while you make selections on materials keep to a strict budget if you think you might be selling in less than 5 years.
How long do plan to live in the house? If it is a long time, remember this is your home. You should be happy in it. Spend what you can afford to get what makes you happy. If you will not be in it a long time then pay more attention to marketability and return on investment.
As to what you should spend . . . well, Asid, it's like this. If you're going to live there for the next ten years, do whatever you want, because ten years is about the life-span of virtually all kitchen remodels.
Kitchen remodels rarely pay for themselves, mostly because the existing kitchen retains some functional value, and also because after you've done the kitchen, you now have the bathrooms to upgrade. It's never-ending, I tell ya!
If you know that you're not going to stay there for at least five years, then consider "making do" with what you've got. Maybe a new floor surface or countertop. But figure that the next buyer will probably want to redo the kitchen, and the baths, and whatever else is on the upgrade calendar.
Hope this helps,
When redoing a kitchen the consumer must juggle a few key components...Budget, Space Constraints, and Quality. It is not necessary to spend more than 15% to get a fantastic kitchen but with careful planning you could spend less than that. Today there are so many wonderful options available today. If you are planning on staying in your home for 7+ years the most important thing you can do is to make the Kitchen timeless by using Classic choices rather than being too trendy.
Good Luck with the Remodel!