How much $$ do I spend to renovate my kitchen in regards to the current value of the home.?

Asked by Kevin Carney, 02360 Wed Sep 26, 2007

I need professional advice on how much more money I should put into renovations. The house overlooks conservation land and Plymouth Harbor and is in a very nice, quite neighborhood. It's a cape style and I have already done 2 baths and HW floors as well as many other misc updates. We want to update the kitchen but not sure if we will get the $$ back if we sell in 5 yrs. Or, are there other things we should be doing. We need a professional advice/opinion and would need someone to actually see the house and advise us. Similar to the HGTV show - My House is Worth What? How do I go about finding this professional?

Help the community by answering this question:

+ web reference
Web reference:

Answers

10
Melissa Manc…, Agent, Plainville, MA
Wed Sep 26, 2007
Hi Kevin,

If you’re planning on staying for 5 years, it would definitely be worth your while to do this upgrade. A recent study I read says that your rate of return will be 85.8%, and additionally in your situation, 5 years worth of enjoyment and use!
1 vote
Katie Roach, , Saint Paul, MN
Wed Sep 26, 2007
10% of the value of the home
1 vote
Susan Hoffla…, Agent, Shoreview, MN
Fri Oct 12, 2012
Hi, Kevin!
I see you've received LOTS of answers about this inquiry. I'm surprised nobody has provided this link:
http://www.remodeling.hw.net/2011/costvsvalue/division/west-…

This is a collaborative effort every year between the National Association of Realtors and Remodeling Magazine. Please check the Minneapolis/St. Paul report to get the most accurate reflection of what your remodel would yield you in return over the next few years.

Good luck!
Web Reference:  http://www.homestosellmn.com
0 votes
Cathy Wildung, Agent, Maple Grove, MN
Sun Dec 12, 2010
Hi Kevin,
I agree with the other agent's response that I would not spend much more than 10% of the value of your home. That does not mean the tax value. If you are thinking about selling your home within the next 5 years, it would be to your benefit to get a current market appraisal, what we call a CMA as agents. Then, depending on what it needs, granite and marble countertops are very in right now, and so are the large tile floors, or hardwood or hardwood look floors. If your cabinets are still in good shape, you may wish to consider painting or refinishing them, or leaving them as they are and adding new hardware only.
Web Reference:  http://www.cathyabboud.com
0 votes
Todd Norsted, Agent, Maple Grove, MN
Thu Nov 29, 2007
Hi Kevin....

Below is a link to an interesting link to a study that was done on home remodeling projects and payback. After my review, I'd think on kitchen, bath, and deck, the payback would be up slightly from thier estimates. Given that you plan to enjoy these improvements for about 5 years, I can't see how you lose. I'd be happy to talk with you personally about it, if you get in touch with me. My website contains all my contact info and it is http://www.toddnorsted.com

I know you enjoy your home's new improvements!

Thanks, Todd
0 votes
Scott Baumga…, Agent, Maple Grove, MN
Thu Nov 29, 2007
Kevin:

Have you done this yet? I have a team of associates in my office that could come out and evaluate together and make all the suggestions you need! 5 years normally is good to get money out of kitchen. Old saying still holds true----"Kitchens and Baths"
0 votes
Jeanie Hohol…, Agent, Maple Grove, MN
Sun Oct 14, 2007
Kevin, updating kitchens and baths will always add value to your home. You will get your money back. Five years is just about perfect for the cost to catch up with the sales price. If you sold it tomorrow, you most likely would not fare as well. However, 10 years from now your kitchen may be outdated again! I have several contractors that I work with if you would like some referrals. I have personally used them myself for my rehabs that I have done and my clients have been very happy with them, too. From general contractors to painters to granite installers to plumbers and electricians, I have a nice list for you!
Web Reference:  http://www.JeanieHoholik.com
0 votes
Michael Doyle, Agent, Brooklyn Park, MN
Sun Oct 14, 2007
Kevin,
It sounds like you are on the right track; the bath remodeling and the hardwood floors should add value. The next place to put your money is the kitchen, without seeing the house it's hard to say how much is enough and how much is too much. I would be happy to stop over and take a look; I can bring a few colleges with so you get a few opinions. No obligation of course, visit my website for contact information.
Michael
0 votes
Angela Niece, Agent, Twin Cities, MN
Sun Sep 30, 2007
Since you are going to live in the home for five years, you can do more to the home. You will be getting five years of enjoyment out of the home which is worth something. Go to the website below to get your homes value. After they do a value for your home, you can have a live person come out free of charge.
Web Reference:  http://www.gethomevalues.com
0 votes
Dena Parker…, , Tennessee
Sat Sep 29, 2007
Kevin,
Kitchens are at the top of many buyers' lists when considering a home. However, replacing countertops and appliances are ways to renovate the kitchen without the costs of a full kitchen makeover. You can also upgrade hardware on cabinets, paint them, or even replace the door facings. Custom cabinets do win big with buyers, but you should be careful with the total amount of upgrades to not price yourself completely out of your market. When selling, the general rule is to not be priced over 20% of the highest price in your neighborhood.
Web Reference:  http://homenashvilletn.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more