Renovating that kitchen? Think again
Considering a high-end kitchen renovation? Maybe you shouldn’t.
According to the latest survey by the National Association of Realtors and Remodeling Magazine, upscale kitchen renovations in 2007 only returned about 74 percent of their value when a home is sold. Depending on how expensive that kitchen renovation is, that’s a lot of lost value.
Most high-end renovations, in fact, are now offering declining returns. For instance, high-end bathroom renovations in 2007 returned only 74.1 percent of their cost.
The lesson? In this struggling housing market, be careful about where you invest your money. You might do better to spend less money on sprucing up your home than on adding that brand-new kitchen.
One of the best ways to add value to your existing home is to extend. This can be outwards if the plot is big enough, but creating an additional room in the attic is also a good move.