Lynham, Both Buyer and Seller in Littleton, CO

Is there a rule of thumb of how much a square foot increase would be assessed for an updated kitchen/bath?

Asked by Lynham, Littleton, CO Sun Mar 15, 2009

property vs a nonupdated kitchen/bath property? barb

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James P. (Jim) Knight’s answer
I would have to say from my experience that the Taxing inities will not raise the value for remodeling as the square feet of the unit has not been changed/increased. I have remodeleed a number of units in various complexes and never experienced any increase higher than the other units in the complex! When I have increased the square feet (even a patio), they have been ALL OVER IT!
As for selling, I really feel such improvements will NOT increase the value enough to cover the expense at this time but with such improvements, it will most likely be the first to go under contract.
There is one recent example where a unit sold that was in horrible condition for "say" "150k" and another unit sold for "165k" with major upgrades. I doubt that the horrible unit could come up to the level of the other for 25k!!! The horrible unit went under contract before the great unit came on the market otherwise I am sure it would still be available!
0 votes Thank Flag Link Thu Jan 7, 2010
I suppose in today's current market, there is no rule of thumb. If your property is similar to other properties also for sale in the area, your value would be higher with a larger updated kitchen. If you plan on increasing the square footage in your kitchen, you will have a seller's advantage in comparison to the "like" properties in your area. The kitchen is definitely where you want to spend your money!
0 votes Thank Flag Link Sun Jul 26, 2009

Agreeing with Dp's comment "an updated will often sell for more than one that hasn't been updated, " understand that updating that kitchen or bath may not necessarily net you 100% return on your update investment (see NAHB's annual Cost vs Value reports), but help faciliate a quicker sale.
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0 votes Thank Flag Link Sun Mar 15, 2009
I'm not sure. Even if there were such a rule of thumb, I suspect many appraisers aren't using it, because there's so much volatility in the pricing of homes right now. Having stated that, an updated will often sell for more than one that hasn't been updated, and you'll get more bang for you bucks on updating a kitchen and bathroom than you will get on updating pretty much everything else.

An inspector, appraiser, and/or GC should be able to give you a good idea of what you need to spend, and they should also be able to help ensure that you don't overspend (on stuff that really won't add much value).
0 votes Thank Flag Link Sun Mar 15, 2009
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