Monday, October 21, 2013

Dollars and Cents: What do you recoup after doing a remodel?

Almost anyone who is considering a remodeling project is also often considering how much this project will help with resale later as well as how much of the dollars they have spent on the project they will recoup. While the NKBA (National Kitchen & Bath Association) recommends spending 5-15% of the value of the house on a kitchen project, here in the DC area those prices can a moving target and don't often offer the concrete budget ranges my clients are really looking for. Instead, I have begun to use the Remodeling Magazine's fantastic tool which lays out, per year, the cost vs value of many different remodeling projects you may undertake.

http://www.remodeling.hw.net/2013/costvsvalue/division/south-atlantic/city/washington--dc.aspx

This can be a worthwhile site to look into and get a good gauge on what an "average" kitchen costs in the area, how much you can expect to recoup back and also can give you a good gauge if you may  be over or underpaying. Hope this helps you with your budgeting process for your remodel, until next time!

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