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Additions

J Mc
10 years ago

Hello - I'm thinking of expanding my kitchen and was wondering how much I should spend without loosing if I should decide to sell down the road. Is there a rule of thumb to follow? Thank You?!

Comments (4)

  • PRO
    Windows on Washington Ltd
    10 years ago

    Every application is different.

    Can you post up some pictures of the kitchen and the area outside?

  • kirkhall
    10 years ago

    Every situation is different, and I would recommend you talk with a REA to see what your home would sell for NOW, and what it would sell for with the addition you are considering. Then, you'll have an idea (but will not "know").

  • live_wire_oak
    10 years ago

    HGTV is the prime evil convincing homeowners that money spent on their homes is "recoverable" as an "investment". That's a total lie. All renovations are money losers if you look at it from a purely financial aspect. In the best possible scenario, with a 500K home, and you spend 100K on a kitchen, you'll only get 70K of that as "added value" to the home. Which is a complete misnomer, as you only could sell that home for 570 during the first year that the kitchen was brand new. After that first year, the new car smell is gone, and all of that shiny and new starts to depreciate. In 10 years time, your new kitchen is 10 years out of date and has 10 years of wear. Your home is still probably worth 570 because of market creep, but then, so is your neighbor's home who didn't put in a new kitchen.

    Now, you will get 10 years of use and enjoyment out of that remodel, but you will NEVER get a "return". It's an expense, pure and simple. Just like buying a car. You've bought it's utilitity and your enjoyment. Which is a perfectly valid reason for an expenditure without any expecations on "return" for that expenditure. Just don't lie to yourself to say that it's "worth" doing from an "investment" aspect. It's not.

  • klem1
    10 years ago

    I want to say X2 on what live wire had to say. Those Jelly Bean house flippers on HGTV are to home buyers what guys wearing bright colored plaid pants are to automobile buyers. Both find somthing that is priced low because the present owner,insurance company or bank doesn't want to pound sand into a rat hole so they sell it as is. The car/house is patched up and major problems are hidden beneath new paint then sold to unsuspecting buyers. Shows where a homeowner spends $50k on a $200k home and sells it for $325k is sponsered by material suppliers on their advertising budget for the same reasons all companies advertise. So more people will buy their products.