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Will a $20,000 kitchen remodel lead to a $20,000 increase in home value? |
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As I show my buyer clients properties, we'll often discuss improvements that they might choose to make if they buy the house we are touring. It's always a good idea to consider what projects you will undertake after purchasing a home, as the cost of those improvements (whether small or large) need to be factored in as you consider the overall financial move you are making. A common question, or area, that I explore with my clients is the potential return on dollars that they might invest in those projects. If they spend $20k on a kitchen remodel, will they increase the home's value by $20k? If they spend $8,000 adding a composite deck system, will they increase their home's value by $8k? Before starting to look into the data, I assumed that most of these projects would likely return all, or most of the cost of the investment. That is not the case. Remodeling Magazine recently released their annual report showing how the cost of these improvements affects the home's value, where the conduct extensive research to answer the questions posed above. Surprisingly (to me), nearly every project only has a partial return on the investment.
View the entire 2010-2011 Remodeling Magazine Cost vs Value Report by clicking here. Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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