What is the payback for remodeling my kitchen?  There are average numbers thrown around like 85% – well averages are great if you are studying statistics but for you and me what IS OUR payback?

 

A good article covers the topic

“In other words, people are willing to pay more to get the apartment, or kitchen, they want. In percentage terms, kitchens with basic renovations will likely nudge the value up 5 to 10 percent—so if it’s a $1 million apartment, the kitchen could be worth $50,000 to $100,000—while posh revamps could raise it 15 percent.”

http://nymag.com/realestate/features/renovated-kitchens-2013-11/

 

I comes down to IGNORE the averages to figure out your payback and return on investment.  What you do have to consider is…

1. the improvement as a % of the home value.  It is easier to get another 2% for your home from an improvement than 20%

2. Is the before and after pictures really compelling for a buyer to spend more money?  How compelling?  This is a good question for a real estate agent.

 

With research and a bit of effort you too can figure out a realistic return on your remodeling investment  Try our remodeling cost calculators to get an estimate.